Following an un-seasonal decline in home sales in June, July home sales bounced back ending a nine month climb of year-over-year inventory growth, in accordance with the July 2019 RE/MAX National Housing Report. Low-interest rates seem to have brought more buyers into the mix resulting in cautious optimism in regards to the momentum for the remainder of 2019 as well as a strong finish to the year.
July Home Sales Fire up Strength for Back Half of 2019
“The housing market has been a bit uneven since the early spring, with each encouraging month seemingly followed by one with lukewarm results. It’s possible the housing market has finally shaken some mud off its boots and can maintain its momentum for the back half of the year,” said RE/MAX CEO Adam Contos.
While lower interest rates help affordability and could entice home-buyers to get started on their home search, accelerating price increases dampen choices for buyers and could leave sellers hanging onto their properties longer than expected. Home prices have risen, year over year, in 88 of the last 90 months going back to February 2012. Nevertheless, it’s encouraging that record prices have not yet hindered a strong summer selling season in July.
Ongoing demand and favorable mortgage rates will likely be an indicator of progress as we inch closer to year-close. Listed below are some highlights of the latest data located in the RE/MAX National Housing Report:
Home prices continue to soar.
Despite a 0.7% reduction in Median Sales Price from June 2019, the median of all 53 metro Median Sales Prices was up over 9% from July 2018. The fact is that, five metro areas increased year-over-year by double-digit percentages with the largest increases observed in Wichita, KS, Cleveland, OH and Cincinnati, OH.
Inventory Remains Constricted Despite Months of Growth.
The quantity of homes for sale in July 2019 was down 2.2% from June 2019 and down 1.4% from July 2018. Based on the rate of home sales in July 2019, the Months Supply of Inventory decreased to 2.7 in comparison with 2.9 in June 2019, and decreased compared to 3.3 in July 2018. A six months supply indicates a market balanced equally between buyers and sellers.
Home sales snapped back.
A drop in home sales from June to July is normal in the report’s 53 metro areas. However the 0.2% decline from June to July 2019 was by far the smallest month-over-month decline since July 2013. And even while June sales did not top May for only the second time in the report’s 10-year history, July sales set a report record for the month.
Prospective home-buyers, do you want to make your move?
Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.
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(all data current as of 1/18/2020)
Listing information deemed reliable but not guaranteed. Read full disclaimer.