3 Things to Know About the Housing Market Right Now
Home sales in April increased over March – by more than 11% – and were happening faster too, according to 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 coupled with realistic price expectations by sellers advanced the market’s move toward more balanced conditions.
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. But the April sales dip was the smallest during that time. It’s also important to note an April-over-March increase of 11.2%, which is an April-over-March record for the 10-year history of the report.
Prices continue to climb, but at a slower rate.
April’s median home price of $251,000 in the report’s 54 markets was up a mere 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 number 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 growth in number of homes for sale.