The month of June has set a new record high in terms of median sales price. According to the recent RE/MAX National Housing Report, the overall median sales price has reached $245,000 in the said month.
In over 53 metro areas RE/MAX has surveyed, June median sales price rose higher by 5.6 percent in May and up by 7.5 percent on a year-over-year measurement. The biggest increase was seen in the metro areas of Nashville and Las Vegas, both with 13.7 percent rise.
Overall Homes Sales Are Up as Well
Overall, June home sales are up for both monthly and yearly bases. Home sales are up by 7.5 percent from May 2017 and also 1.4 higher compared to the same month last year. According to the report, 30 out of the 53 metro areas showed an increase in year-over-year home sales. The metro area of Trenton, New Jersey had the highest increase with 14.9 percent. Only .3 percent behind Trenton is Fargo, North Dakota with 14.6 percent increase.
Homes Sell Fast, Inventory Remains Low Compared to a Year Ago
It is not surprising that homes do not stay in the market for long. With lesser homes on sale compared to last year, homebuyers brawl over properties. On average, properties on sale stay available on the market 4 days lesser in June 2017 compared to May, and 7 days lesser than in the same month in 2016.
Comparing it from a year ago, there has been a drastic decrease in the number of homes for sale. June 2017 had 15.3 percent lesser homes for sale than a year ago. However, there is a slight uptick in the supply inventory compared to May, up by 1.2 percent.
RE/MAX Co-CEO Adam Contos said, “Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high. But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”