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RE/MAX National Housing Report for December 2018

by Nate Martinez

RE/MAX National Housing Report for December 2018

December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes fifty-three metro areas.

December’s year-over-year decline in home sales of 12.1 percent set a December record in the 10-year history of the report and also marked the fifth consecutive month that home sales were lower than 2017.  December was 2018’s 10th month of year-over-year declines in home sales with only April and July topping 2017 sales.

Most telling was December’s 4.6 percent growth in inventory, which was also a report record. December’s year-over-year inventory increase marked the third consecutive month of growth – a trend reversing a decade-long streak of year-over-year inventory declines.

“December’s inventory gain, continuing the three-month growth trend, is welcome news,” said RE/MAX CEO Adam Contos. “The market remains choppy and there’s still a long way to go, but these gains represent steps toward a balanced market, which in the long run is healthy for both buyers and sellers.”

While fifty-four Days on Market was a record low for December sold listings, the 4.1 Months Supply of Inventory was higher than December 2017’s 3.7 months and ahead of November 2018’s 3.9 months supply.

Home buyers paid record amounts throughout 2018 as prices grew year-over-year in every month last year, led by June’s Median Sold Price of $258,500 – an all-time report high. Even so, December’s year-over-year increase of 2.1% was 2018’s smallest, and far lower than the 8.1 percent price growth from December 2016 to December 2017.

“Home sales have cooled, especially during the second half of 2018, but that was inevitable given the strong seller’s market that has persisted for nearly a decade,” Contos said. “We believe sales activity can pick back up if the pace of price escalation continues to moderate, interest rates tick further downward, and wage growth continues.”

Of the fifty-three metro areas surveyed in December 2018, the overall average number of home sales is down -8.5 percent compared to November 2018, and down -12.1 percent compared to December 2017. None of the fifty-three metro areas experienced an increase in sales year-over-year. In December 2018, the median of all fifty-three metro Median Sales Prices was $240,000, up 2.1 percent from November 2018, and up +2.1 percent from December 2017. The average Days on Market for homes sold in December 2018 was fifty-four, up three days from the average in November 2018, and down three days from the December 2017 average.

Click here to download your copy of the RE/MAX National Housing Report for December 2018. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Nate Martinez Team today! We offer over thirty years of unparalleled service to all clients in the Phoenix real estate market.

 

With Appreciation,

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

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RE/MAX National Housing Report September 2018

by Nate Martinez

RE/MAX National Housing Report September 2018

The RE/MAX National Housing Report for September 2018 showed the trends of fewer closings and stabilizing inventory continued through September, punctuated by a surprisingly big 11.6 percent year-over-year drop in home sales. At the same time, the RE/MAX National Housing Report for September 2018 posted a Median Sales Price of $241,000 that marked the 30th consecutive month of year-over-year price increases. It is the highest September price in the 10-year history of the report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

The decline in home sales year-over-year was the largest since May of 2011, as September became the seventh month of 2018 to record lower sales than 2017. Even so, year-to-date 2018 home sales resemble 2017’s.

“The big drop in September closings catches your attention. The market is clearly rebalancing as buyers and sellers continue to process the increasing interest rate environment and what that means to them,” said RE/MAX CEO Adam Contos. “The slower drop in inventory – a visible trend for nearly half a year – further illustrates the ongoing shift toward market equilibrium, and that’s healthy in the long-term.”

Active inventory dropped for the 119th consecutive month, the decline of 4.7 percent from September 2017 was the smallest year-over-year decrease since August 2014. In addition, the September year-over-year inventory drop was the fifth consecutive month in 2018 to post single-digit percent declines rather than the double-digit monthly drops consistently seen over the previous three years.

“It’s a little surprising to see prices staying so strong, but it’s hardly shocking in such a tight market,” said Contos. “The headwinds of rising prices and interest rates amid already tight inventory levels have been crimping affordability and slowing sales for most of the year, but it varies by geography.  In circumstances like these, where the market is tricky to navigate, both buyers and sellers can benefit by aligning themselves with a professional agent – a local expert who can cut through the noise and advocate on their behalf.”

Home prices rose by 5.6 percent over September 2017, more than twice the year-over-year price increase of 2.3 percent from September 2016 to September 2017. That reversed a trend seen in the previous three months, when year-over-year price increases trailed 2017’s rate of growth.

Months Supply of Inventory totaled 3.7, which is the second-lowest for September in report history, second only to 3.6 months in September 2017. Days on Market of 46 was a September record for the report – three days less than September 2017. Of the 54 metro areas surveyed in September 2018, the overall average number of home sales is down 1.1percent compared to August 2018, and down 11.6 percent compared to September 2017.

Click here to download your copy of the RE/MAX National Housing Report for September 2018. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Nate Martinez Team today! We offer unparalleled service to all clients in the Phoenix real estate market.

With Appreciation,

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

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RE/MAX National Housing Report for August 2018

by Nate Martinez

RE/MAX National Housing Report for August 2018

The RE/MAX National Housing Report for August 2018 shows increasing home prices, low inventory and a reduction in days on market. These combined factors made August 2018 the sixth time this year that home sales lagged behind last year’s pace—but only slightly at -1.1 percent. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

Home prices rose by 3.7 percent over August 2017, much lower than the year-over-year price increase of 5.4 percent from August 2016 to August 2017. In fact, the past three months of 2018 have trailed 2017’s rate of price growth year-over-year—compare that to four of the first five months of 2018 when year-over-year price increases easily topped those posted in 2017.

The Median Sales Price of $248,500 marked the twenty-ninth consecutive month of year-over-year price increases.

Even though active inventory dropped for the 118th consecutive month, the decline of 5.4 percent from August 2017 marked the smallest year-over-year decrease since August 2014. In addition, the August 2018 inventory drop marked the fourth consecutive month in 2018 to post single-digit percent declines, rather than the double-digit monthly drops consistently seen in early 2018 and over the previous three years.

“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic,” said RE/MAX CEO Adam Contos. “That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning. The economy is strong and potential buyers are out there—they just need more listings, at the right price points, to consider. We believe that balance will return, which will be good for everyone in the long run. It’s just a matter of when.”

Contos added that although the lack of inventory continues to be a challenge, the trends suggest that the market finally appears to be rebalancing.

“The moderation we are experiencing seems to be a bit more than the normal seasonal lull we’d expect this time of year,” said Contos.

Want to know more? Click here to download your copy of the August 2018 RE/MAX National Housing Report. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Nate Martinez Team today! We offer unparalleled service to all clients in the Phoenix, Arizona real estate market. Your complete satisfaction with our service and representation is our number one priority!

With Appreciation,

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

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July 2018 RE/MAX National Housing Report

by Nate Martinez

July 2018 RE/MAX National Housing Report

July home sales rose 1.8 percent year-over-year, making it the second month of 2018 to post a sales increase year-over-year, according to the RE/MAX National Housing Report. To access the housing report infographic, visit: https://rem.ax/2phKHWT.

In the July 2018 report, 37 of the report’s 54 metro areas posted sales increases over July 2017—April was the first month of 2018 where more homes were sold than the same month in 2017. The report also marks the 28th consecutive month of year-over-year price increases.

The Median Sales Price of $250,575 was up 4.4 percent from July 2017, and represents the third-highest price in report history—topped only by May and June of this year. Months Supply of Inventory was at 2.9 – the smallest total ever recorded for July.

Forty-two of the 54 metro areas reported a year-over-year drop in inventory. The Days on Market dropped to 41 – four days less than July 2017 and one day under the previous nine-year low set in June 2018.

“Because we’ve faced challenging inventories and increasing home prices for some time now, a seasonal slowdown that rebalances the market a bit might actually be a positive in the months ahead,” said RE/MAX CEO Adam Contos. “It could level affordability to some extent and create more opportunity for buyers who’ve been priced out of hot markets.”

The average Days on Market for homes sold in July 2018 was 41, down one day from the average in June 2018, and down 4 days from the July 2017 average. The number of homes for sale in July 2018 was down 0.3 percent from June 2018, and down 7.8 percent from July 2017. Based on the rate of home sales in July, the Months Supply of Inventory increased to 2.9 from 2.7 in June 2018, and decreased from 3.1 in July 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2018, all but one of 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market.

Want to know more? Click here to download your copy of the July 2018 RE/MAX National Housing Report. Looking to sell your Phoenix home or buy a home in Phoenix? Contact The Nate Martinez Team today! We offer unparalleled service to all clients in the Phoenix, Arizona real estate market. Your complete satisfaction with our service and representation is our number one priority!

With Appreciation,

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

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RE/MAX National Housing Report for April: What do the numbers mean for your home's value?

“March is marking a strong kick-off for this year’s home-selling season. After a long winter, demand for homes remains high, with large numbers of home buyers coming into the market. Last year was one of the best years in real estate in a long time, and March sales are pushing even higher. Low inventory is still a stubborn issue in many markets, but overall it doesn’t seem to be moving prices significantly higher.” – Dave Liniger, RE/MAX COE, Chairman of the Board and Co-Founder 

If you or anyone you know is interested in learning what your home values are currently, please give us a call today. We look forward to hearing from you soon. Nate

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

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RE/MAX National Housing Report - October 2015

by Nate Martinez

RE/MAX National Housing Report - October 2015

After a hot summer selling season, September home sales followed an expected seasonal trend and cooled off 8.6 percent lower than August, but were still 6.8 percent higher than September 2014. The number of completed transactions was the highest seen in the month of September since the RE/MAX National Housing Report began collecting data in 2008. Based on the report’s MLS data from 53 metropolitan areas, the Median Sales Price for homes sold in September was $209,000, which is 7.2 percent above the price one year ago. The inventory of homes for sale still challenges this market at a level 12.8 percent less than September 2014. At the rate of home sales in September, the Months Supply of inventory was 4.5, nearly the same as the 4.9 average last September.

“Home sales usually cool down in the fall and it looks like this year is no exception, but September is falling right in line with the summer months with sales much higher than last year. Prices are also moderating on a month-to-month basis, and mortgage rates remain low. This translates to more attractive home affordability.” Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

If you are interest in finding out what your home is worth, please contact Nate today. 

Nate Martinez, RE/MAX Professionals
www.NatesHomes.com
www.NatesLuxuryHomes.com
602-430-5226
Nate@NatesHomes.com

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RE/MAX National Housing Report - August 2014

by Nate Martinez

RE/MAX National Housing Report - August 2014

While 2014 sales have not been rising as rapidly as sales in 2013, this year remains well above the sales of the same period in 2012. Home prices continue to rise, but at a slower rate than in 2013. July home prices were 7.9 percent higher than prices last July.

“After a slow start to the year, 2014 home sales have been improving. Sales are following the expected seasonal pattern and are approaching the levels we saw last year.  As inventory continues to build the recovery continues at a more stable and sustainable rate.” Margaret Kelly, RE/MAX CEO.

On a year-over-year basis, the Median Sales Price has now risen for 30 consecutive months. Because inventory is improving, home prices are not rising as rapidly as last year, when the July Median Sales Price rose 11.5 percent. Among the 52 metro areas surveyed, 44 reported higher sales prices than one year ago. Click here to view the full National Housing report for August 2014.

If you or someone you know is interested in learning more about property values, please give me a call today. Nate

www.NatesHomes.coM
602-942-7000

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RE/MAX National Housing Report June 2014

by Nate Martinez

 

 

 

 

RE/MAX National Housing Report June 2014

For the third month in a row, national home sales have gone up from the previous month’s reports, according to the National Housing Report from RE/MAX. Home prices continue to push higher in May with a 7.7 percent increase over May 2013.

“The usually strong spring selling months appear to be following traditional growth patterns. We’ve now seen three straight months of increased sales over the previous month - although we may not match the growth rates we saw last year, we are seeing significant increases in both sales and prices and that’s a positive sign.” Margaret Kelly, RE/MAX CEO

Click here to read the RE/MAX National Housing Report for June 2014. If you or someone you know is interested in buying or selling a home in the Phoenix area, please give me a call today. Pricing and a strong marketing plan are a must in our market today. I look forward to hearing from you soon - Nate

www.NatesHomes.com
602-942-7000

Home Sales Rise, Market Finds Stability - RE/MAX Housing Report

by Nate Martinez

Home Sales Rise, Market Finds Stability - RE/MAX Housing Report

For the second month in a row, April home sales rose higher than sales in March. Only two of the fifty-two metro areas studied in the RE/MAX National Housing Report were found to have experienced lower sales than the previous month.

“After the disruptions to the market at the beginning of the year, it’s a good sign that sales have picked up and have now increased for two months in a row. While sales and prices aren’t growing at the rate they did last year, we still remain in a recovery with the market settling into a more sustainable growth pattern.” Margaret Kelly, RE/MAX CEO.

Click here to read the RE/MAX National Housing Report for May 2014. If you or someone you know is in the market to buy or sell a home, please contact me today. Our inventory has dramatically improved, and values have stabilized. Nate

www.NatesHomes.com
602-942-7000

RE/MAX National Housing Report April 2014

by Nate Martinez

RE/MAX National Housing Report April 2014 

For the first time in 2014, March saw home sales increase over the previous month. While sales were 10.1 percent below the levels of one year ago, they rose a significant 24.6 percent higher than February sales. Every one of the 52 metro areas surveyed for the March RE/MAX National Housing Report saw an increase in sales over February. The median price of homes sold in March was 8.8 percent higher than the median price in March 2013.

“Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer. Many potential homebuyers who weren’t able to get out and tour homes in January and February may still enter the market and impact sales in the next few months.” Margaret Kelly, RE/MAX CEO.

A continuing low inventory of homes for sale has pressured prices to rise, especially in markets that have experienced an accelerated recovery. On a year-to-year basis, March became the 12th consecutive month with fewer inventory losses than the previous month. At the rate of sales in March, the Months Supply of inventory fell to 4.1, where a supply of 6.0 indicates a market balanced equally between buyers and sellers. To read a full copy of the RE/MAX National Housing Report for April 2014, click here.

www.NatesHomes.com
602-942-7000

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