Home Sales Increase 2.3% Despite Peaking Prices, Ever-Shrinking Inventory
Home sales increased 2.3% year-over-year in April 2018 in the face of record low inventory and the second-highest median sales price in the nine-year history of the RE/MAX National Housing Report.
In April, San Francisco, CA reached a new benchmark surpassing $1 million for the metro area’s median sales price. Eight other metro areas including Las Vegas, NV, Seattle, WA and Boise, ID saw large double-digit price increases from just a year ago.
The $243,000 Median Sales Price was a record for April and was second only in report history to $245,000 in June 2017. In each of the last five years, June has produced the year’s highest Median Sales Price, with July or August posting the second-highest monthly price each year.
Notable metrics from this month’s RE/MAX National Housing Report:
- Thirty-eight of the 53 markets in the report posted more sales than in April 2017, while the 2.5 months supply of inventory tied March as the lowest ever, in the history of the report
- The average Days on Market in April was 52 — that’s five days less than April 2017 and a RE/MAX National Housing Report record for the month.
Please note the name change to this month’s housing report. Beginning in May 2018, the title of the RE/MAX National Housing Report will reflect the month of MLS data being reported on in the report. For example, this April 2018 report reflects the April MLS data.
Read the full article in RE/MAX’s newsroom…
Watch the 40 second summary video on YouTube…