Six straight months of declining home sales have resulted in one of the largest year–over–year inventory increases in at least 10 years, according to the most recent RE/MAX National Housing Report.
What does that mean to the average homebuyer and seller? If you’re a buyer, it’s good news — you potentially have more homes to choose from! It’s been a while since the National Housing Report has reflected a rise in inventory, especially in popular metro destinations.
If you’re a seller, there’s good news for you too. According to January data, the price of homes continues to rise across the country. That said, now more than ever, sellers must be in tune to their local housing market and aware of prices, along with trends that are selling homes faster. For guidance, turn your local professional real estate agent.
Here’s a simple breakdown of the latest data found in the RE/MAX National Housing Report:
Price is still king
The median sales price jumped to $234,000 — an increase of 4.6 percent over the same month last year and the record for a January report.
Inventory is on the rise
Inventory grew year-over-year by an average of 6.4 percent across the report’s 54 U.S. metro areas. January marked the fourth consecutive month of year-over-year inventory growth — reversing a decade-long trend of shrinking inventory.
Home sales are declining
Year-over-year home sales dropped 11 percent. As noted, that’s good news for buyers because inventory is growing. And for sellers, it’s a good idea to work with an expert agent to determine the best list price suited to your local housing market.