Housing Ends Summer Strong; Only Slight Inventory Relief
U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma.
The September 2017 RE/MAX National Housing Report shows August sales topping July by 2.8 percent, but finishing 0.84 percent below August 2016 which remains the best August in the report’s nine year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3 percent drop in sales from July and a 27.5 percent decline year-over-year. Other notable numbers include:
- Inventory in the report’s fifty-four markets declined 3.9 percent from July and 13.7 percent from a year ago
- Days on Market have dropped to forty-seven – the fastest listing-to-sale average for any August.
- The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.
- After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4 percent higher year-over-year.
“Overall, we’re still seeing home prices rise year-over-year at just above historical averages — even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”
Want to know more about the current real estate market? Click here to download your copy of the September 2017 RE/MAX National Housing Report. If you are looking to sell your Arizona home or are ready to buy a Phoenix home, please contact The Voss Team today.
The Voss Team
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Glendale, Arizona 85308
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