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Spring Home Sales Back on Pace as Price Increases Moderate

by Nate Martinez

Spring Home Sales Back on Pace as Price Increases Moderate

April home sales finished just one percent below a year ago as selling times shortened and tight inventory held steady, according to the RE/MAX National Housing Report. Meanwhile, April's median home price of $255,000 in the report's 54 markets was up a mere 3.6 percent - the smallest year-over-year April increase in eight years.

April's year-over-year sales decline of one percent marked the ninth consecutive month of year-over-year decreases, but April's sales dip was the smallest during that time. At the same time, inventory increased 0.8 percent and marked the seventh consecutive month of year-over-year growth in number of homes for sale. Compared to March, home sales in April sped up by a full week, taking an average of 52 days instead of 59. The average in April 2018 was 51 days. The Months Supply of Inventory in April dropped year-over-year from 3.0 to 2.6.

While the March-over-February increase in home sales of 28.8 percent was the smallest in five years, the April-over-March increase of 10.5 percent was the largest in five years.

"April's home sales blossomed, suggesting the typical seasonal jump in spring sales arrived later than usual this year," said RE/MAX CEO Adam Contos. "Solid buyer interest and sellers with realistic price expectations advanced the market's march toward equilibrium last month. That said, inventory remains constricted, and prices continue to climb, albeit at a slower rate. All in all, April's results were encouraging, and we continue to be cautiously optimistic about the prospects of a healthy spring selling season."

Of the 54 metro areas surveyed in April 2019, the overall average number of home sales is up 10.5 percent compared to March 2019, and down 1.0 percent compared to April 2018. In April 2019, the median of all 54 metro Median Sales Prices was $255,000, up 2.0 percent March 2019, and up 3.6 percent from April 2018.

The average Days on Market for homes sold in April 2019 was 52, down seven days from the average in March 2019, and up one day from the April 2018 average. The metro areas with the lowest Days on Market were Omaha, NE, at 27, and Denver, CO, and San Francisco, CA, both at 30. The highest Days on Market averages were in Augusta, ME, at 116, Hartford, CT, at 89, and Miami, FL, at 86. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Looking to sell your Phoenix home? Searching for the perfect Phoenix home to buy? Contact the Nate Martinez Team today! Our commitment is to provide you the quality of service and communication you desire and deserve. Our goal is to leverage our knowledge and experience to help you get the best price the market will support while still selling your home in a reasonable period of time.

With Appreciation,

Nate Martinez, RE/MAX Professionals

602-430-5226
www.NatesHomes.com
www.NatesLuxuryHomes.com
Nate@NatesHomes.com

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March Sales Signal Slowest Start to Spring Homebuying Since 2014

by Nate Martinez

March Sales Signal Slowest Start to Spring Homebuying Since 2014

Kicking off the spring homebuying season, March sales climbed almost twenty-nine percent over February, according to the RE/MAX National Housing Report. But this remains the slowest start in five years, with March sales 8.6 percent lower than March 2018.

March was the eighth consecutive month of year-over-year sales declines and the sixth straight month of year-over-year inventory growth, with a 5.3 percent gain. Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 3.4 percent year-over-year – notably smaller than the year-over-year increases in February (5.5 percent) and January (4.6 percent).  However, the median sales price has risen by more than 3% year-over-year in 17 of the last 18 months.

From 2015 to 2018, the housing market’s spring sprang to life with an increase in sales from February to March averaging 37.0 percent. March 2019’s month-over-month increase of 28.8 percent was the smallest since 24.6 percent in 2014. Days on Market increased to 59 from 57 last March, while Months Supply of Inventory declined year-over-year to 2.7 from 3.0.

“It was encouraging to see month-over-month sales improve during March,” said RE/MAX CEO Adam Contos. “Although the seasonal bounce that typically ends the first quarter wasn’t as strong as in the past few years, conditions are in place for a healthy spring selling season. Falling interest rates, rising inventory and moderating price increases against the backdrop of a healthy overall economy are cause for optimism for buyers and sellers alike.”

The average Days on Market for homes sold in March 2019 was fifty-nine, down three days from the average in February 2019, and up two days from the March 2018 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The number of homes for sale in March 2019 was up 0.3 percent from February 2019. Based on the rate of home sales in March 2019, the Months Supply of Inventory decreased to 2.7 from 3.7 in February 2019, and from 3.0 in March 2018. A six-months supply indicates a market balanced equally between buyers and sellers.

Click here to download your copy of the RE/MAX National Housing Report for March 2019.  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

602-430-5226
www.NatesHomes.com
www.NatesLuxuryHomes.com
Nate@NatesHomes.com

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Nate Martinez
RE/MAX Professionals
20241 North 67th Avenue, Suite A1
Glendale AZ 85308
623-643-1010
602-430-5226
Fax: 602-532-7352

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