Rising Prices, Fewer Sales Driven by Record-Breaking Low Inventory
If you are looking for a new home, chances are you’re not finding many homes on the market. If you’re a seller, you have likely noticed the value of your home is rising — no matter what part of the country you live in.
According to the April 2018 RE/MAX National Housing Report, home prices continued to climb year-over-year for the 24th consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it a seller’s market in most regions of the country. To access the housing report infographic, visit: https://rem.ax/2phKHWT.
“Homebuyers shouldn’t be discouraged by the record-breaking numbers — even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report,” said RE/MAX CEO Adam Contos. “It’s more important than ever to work with an experienced RE/MAX agent who is invested and involved in their community. They are dialed into the nuances of a neighborhood, making your home search or sale easier and quicker.”
When the Months Supply of Inventory falls below six months, it’s a seller’s market, and all 54 metro areas surveyed for the monthly housing reported under six months of inventory.
“We also look at the Days on Market as another indicator of tight inventory and the national average stands at 60 days,” said Contos. “That’s four days less than a year ago and another March record-breaker.”