April 2017 RE/MAX National Housing Report

March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys fifty-three metro areas. Last month, home sales were 6.6 percent higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the fifty-three metro areas in the report showed year-over-year increases.

Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market. Active inventory continued to decline, dropping 17 percent year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up eleven percent year-over-year. This was the twelth consecutive month of year-over-year price increases.

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”

Want to know more about the current real estate market? Click here to download your copy of the April 2017 RE/MAX National Housing Report. If you’re thinking of selling or buying a home in Avondale, Litchfield Park, or Goodyear we can help you navigate through each step of the process to assist you with making the best real estate investment decisions. Let the Bourland Team help you with your real estate investment goals.


 

Joe Bourland | RE/MAX Professionals
Team Leader JoeArizona.com
joe@joearizona.com
10320 W. McDowell Road Suite B2005, Avondale, AZ 85392
Phone: 623-322-8588

www.joearizona.com
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