What you should Understand about the Housing Market! Good news, home-buyers and sellers! There’s plenty to smile about as the spring selling season, which saw an uptick in May home sales and an increase in inventory (representing the most units for sale since August 2016), transitions to the busiest real estate season of all: summer.
Spring Selling Season Blossoms Into Summer
Based on the RE/MAX National Housing Report, homes sold quickly in May – in an average of 47 days – making it the second-fastest May average in the 10 years of the report. Couple that with more homes for sale and moderating price increases, and it reveals a sign the market is operating more effectively right now.
Some highlights from data in the latest RE/MAX National Housing Report:
Home sales are up year-over-year, ending a 9-month streak of declines.
The average number of home sales has increased 15.3% in comparison to April 2019 and up 0.4% year-over-year – marking the first year-over-year gain since July 2018. As mentioned, homes aren’t sitting on the market long, meaning sellers trying to make a quick move may encounter faster results.
Price increases have started to moderate.
May’s median home price of $259,500 in the report’s 54 markets was up 3.4% year-over-year, representing the lowest May increase since 2011. Sellers continue to enjoy some price gains with a double-digit increase in median sales price in Milwaukee at 14.2%, Boise, Idaho, at 13.6% and Albuquerque, New Mexico, at 10.2%. Moderating price increases and a growth in home sales are the best of both worlds for buyers and sellers. Buyers feel a bit of relief, while sellers walk away with equity.
Inventory continues to improve.
The total number of homes for sale in May 2019 was up 4.5% from April 2019 and up 4.9% from May 2018. This sets a report record for the highest May growth. More homes on the market means buyers have a greater selection to pick from, which could ease some of the stiff competition and bidding wars that come with low inventory.
Nick & Cindy 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 speak with someone about financing your home purchase? You can contact our preferred lender Kyle Edwards with Iberia Bank. 813-495-5131 or simply click here to get started
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Lot Size6,099 sqft
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Home Size1,200 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1947
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Days on Market1
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Lot Size4,356 sqft
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Home Size1,100 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1981
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Days on Market1
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Lot Size6,099 sqft
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Home Size1,703 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built2005
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Days on Market1
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Lot Size8,277 sqft
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Home Size2,756 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2019
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Days on Market1
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Lot Size1.29 ac
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Home Size1,327 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1974
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Days on Market1
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Lot Size9,148 sqft
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Home Size1,432 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1982
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Days on Market1
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Lot Size5,663 sqft
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Home Size2,300 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built2004
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Days on Market1
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Lot Size34,413 sqft
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Home Size2,202 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2024
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Days on Market1
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Lot Size7,406 sqft
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Home Size983 sqft
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Beds3 Beds
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Baths1 Bath
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Year Built1950
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Days on Market1
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Lot Size43,560 sqft
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Home Size729 sqft
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Beds1 Bed
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Baths1 Bath
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Year Built1974
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Days on Market1
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Lot Size6,534 sqft
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Home Size1,360 sqft
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Beds2 Beds
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Baths3 Baths
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Year Built1976
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Days on Market1
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Lot Size1.51 ac
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Home Size1,060 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1980
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Days on Market1
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Lot Size4,356 sqft
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Home Size896 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1987
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Days on Market1
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Lot Size10,890 sqft
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Home Size1,688 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1983
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Days on Market1
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Lot Size6,099 sqft
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Home Size2,606 sqft
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Beds4 Beds
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Baths3 Baths
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Year Built2020
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Days on Market1
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Lot Size6,099 sqft
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Home Size1,416 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1961
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Days on Market1
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Lot Size12,633 sqft
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Home Size1,560 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1981
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Days on Market1
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Lot Size8,277 sqft
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Home Size1,008 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1935
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Days on Market1
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Lot Size5.36 ac
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Home Size2,329 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1984
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Days on Market1
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Lot Size11,762 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1950
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Days on Market1
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Lot Size6.81 ac
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Home Size1,029 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1981
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Days on Market1
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Lot Size
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Home Size1,250 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1972
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Days on Market1
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(all data current as of
4/25/2024)
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