RE/MAX National Housing Report: May Home Sales and Prices Continue to Rise

Home sales in May were greater than in any other May since the RE/MAX National Housing Report began in 2008. This spring has now experienced a four–month trend in which sales were higher than both the previous month and the same month in the previous year. Completed transactions in May were 8.9% higher than in April and 3.5% higher than in May 2014. The Median Sales Price of a home sold in May was $212,910, which was 7.8% above the price seen in May 2014. The inventory of homes for sale also continued a positive trend‚ with a 0.4% increase from April’s inventory. With a growing rate of home sales, the resulting Months Supply of Inventory in May was 3.6 on a scale where 6.0 months indicates a market balanced equally between buyers and sellers.

"Many positive factors are contributing to a strong housing market this year. Job growth and wages are slowly improving, while rents are increasing rapidly and mortgages are becoming much more accessible. When these factors are coupled with continuing low interest rates, the result is a growing number of consumers with the confidence to buy or sell a home." Dave Liniger, RE/MAX, LLC CEO, Chairman and Co-Founder

If you or anyone you know is interested in learning more about real estate values in the Phoenix area, please contact Nate Martinez today. 

Nate Martinez, RE/MAX Professionals

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