The RE/MAX National Housing Report Shows Spring Home Sales Are Back on Pace
RE/MAX is reporting that April home sales finished slightly more than one percent below the same time last year. The National Housing Report also states selling times shortened and tight inventory held steady. Meanwhile, April’s median home price of $251,000 in the report’s 54 markets, including Pittsburgh, was up a mere 2.1 percent, the smallest year-over-year April increase in eight years.
According to the report, “April’s year-over-year sales decline of 1.1 percent marked the ninth consecutive month of year-over-year decreases, but April’s sales dip was the smallest during that time. At the same time, inventory increased 4.8 percent and marked the seventh consecutive month of year-over-year growth in the number of homes for sale.”
Home sales in April took an average of 52 days, while the Months Supply of Inventory in April decreased year-over-year from 3.0 to 2.6.
“April’s home sales blossomed, suggesting the typical seasonal jump in spring sales arrived later than usual this year,” said RE/MAX CEO Adam Contos. “Solid buyer interest and sellers with realistic price expectations advanced the market’s march toward equilibrium last month. That said, inventory remains constricted, and prices continue to climb, albeit at a slower rate. All in all, April’s results were encouraging, and we continue to be cautiously optimistic about the prospects of a healthy spring selling season.”
There is a full breakdown of Closed Transactions, Median Sales Price, Days on Market, and the Months Supply of Inventory in the RE/MAX Newsroom.