Spring Selling Season

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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