July 2018 RE/MAX National Housing Report: 3 Things to Know
In the July 2018 RE/MAX National Housing Report, 37 of the report’s 54 metro areas posted sales increases over July 2017-April was the first month of 2018 where more homes were sold than the same month in 2017 and marks the 28th consecutive month of year-over-year price increases.
“Because we’ve faced challenging inventories and increasing home prices for some time now, a seasonal slowdown that rebalances the market a bit might actually be a positive in the months ahead,” said RE/MAX CEO Adam Contos. “It could level affordability to some extent and create more opportunity for buyers who’ve been priced out of hot markets.”
- Sales Increase by Nearly 2 Percent.
July home sales rose 1.8 percent year-over-year, making it the second month of 2018 to post a sales increase year-over-year, according to the RE/MAX National Housing Report.
- Record Prices.
The Median Sales Price of $250,575 was up 4.4 percent from July 2017, and represents the third-highest price in report history — topped only by May and June of this year. Months Supply of Inventory was at 2.9 –the smallest total ever recorded for July.
- Sinking Inventory.
Forty-two of the 54 metro areas reported a year-over-year drop in inventory. The Days on Market dropped to 41 — four days less than July 2017 and one day under the previous nine-year low set in June 2018.