To fully understand where the housing market is today. Home sales in April increased over March – in excess of 11% – and were happening faster too, in accordance with the latest RE/MAX National Housing Report. Instead of spending an average of 59 days on the market, as homes were doing in March, homes in April were selling a week quicker, in an average of 52 days. Stronger buyer interest in conjunction with realistic price expectations by sellers advanced the market’s move toward more balanced conditions.
3 Things to Understand about the Housing Market Now
Some highlights from data in the RE/MAX National Housing Report:
Home sales are up month-over-month but slightly down year-over-year.
There was a year-over-year sales decline of 1.1% in April, marking the ninth consecutive month of year-over-year decreases. However the April sales dip was the smallest during that time. It’s equally important to note an April-over-March increase of 11.2%, which happens to be an April-over-March record for the 10-year history of the report.
Prices keep increasing, but at a slower rate.
April’s median home price of $251,000 in the report’s 54 markets was up just 2.1% – the smallest year-over-year April increase in eight years. Four metro areas increased their median home price year-over-year by double-digit percentages, with the largest gains in Boise, Idaho, at +14.8% and Birmingham, Alabama, at +13.8%.
Inventory is improving.
The amount of homes for sale in April 2019 was up 3.3% from March 2019 and up 4.8% from April 2018. This marks the seventh consecutive month of year-over-year increase in number of homes for sale.
You can get more data in the latest National Housing Report
Have a questions or concern? 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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