Sales Up Despite Years of Rising Prices, Falling Inventory
November became the sixth month of 2017 to post an increase in year-over-year home sales, bucking prolonged trends of home price increases and inventory declines, according to the December RE/MAX National Housing Report.
The sales increase of 1.1 percent came on the strength of increased transaction closings in thirty-six of the report’s fifty-four markets. At the same time, buyers felt increasing headwinds as the Median Sales Price rose to $227,500 and marked the 20th consecutive month of year-over-year home price increases. In fact, the Median Sales Price has increased year-over-year in sixty-nine of the last seventy months dating back to February 2012.
“The end of the year is typically a slower selling season with low inventory, but our numbers are telling a different story,” said Adam Contos, RE/MAX Co-CEO. “We don’t see any sign of home buyers slowing down their house hunting. In fact, many are taking advantage of lower competition for available homes in the ‘slow season.’”
November’s inventory decline of 14.5 percent extended the streak of consecutive months of fewer homes on the market to 108. The current streak started nine years ago, in November 2008, shortly after the RE/MAX National Housing Report was introduced. Setting new report lows for November were Days on Market at 54 and Months Supply of Inventory at 3.6
In November 2017, the median of all 54 metro Median Sales Prices was $227,500, up 1.7 percent from October 2017 and up 3.7 percent from November 2016. Only five metro areas saw a year-over-year decrease in Median Sales Price. Download a copy of the December 2017 RE/MAX National Housing Report here.
Looking to sell your Phoenix home or buy a home in Phoenix? Contact The Voss Team today and receive a complimentary analysis of your home’s approximate present value on the market today. Your complete satisfaction with our service and representation is always our number one priority!
The Voss Team
7111 West Bell Road Ste 101
Glendale, Arizona 85308
Follow us on Facebook!