Spring Selling Season Blossoms Into Summer

spring, summer, housing market, divito dream makers, remax, remax alliance, denver dream making, blossom, making dreams come true, homebuyer, homeownerGood news, homebuyers and sellers! There’s plenty to smile about as the spring selling season, which saw an uptick in May home sales and a growth in inventory (representing the most units for sale since August 2016), transitions to the busiest real estate season of all: summer.

According to the RE/MAX National Housing Report, homes sold quickly in May – in an average of 47 days – making it the second-fastest May average in the 10 years of the report. Couple that with more homes for sale and moderating price increases, and it reveals a sign the market is operating more efficiently right now.

Some highlights from data in the most recent RE/MAX National Housing Report:

Home sales are up year-over-year, ending a 9-month streak of declines.

The average number of home sales is up 15.3% compared to April 2019 and up 0.4% year-over-year – marking the first year-over-year gain since July 2018. As mentioned, homes aren’t sitting on the market long, meaning sellers looking to make a quick move may experience faster results.

Price increases are beginning to moderate.

May’s median home price of $259,500 in the report’s 54 markets was up 3.4% year-over-year, representing the lowest May increase since 2011. Sellers are still enjoying some price gains with a double-digit increase in median sales price in Milwaukee at 14.2%, Boise, Idaho, at 13.6% and Albuquerque, New Mexico, at 10.2%. Moderating price increases and a growth in home sales are the best of both worlds for buyers and sellers. Buyers feel a bit of relief, while sellers walk away with equity.

Inventory continues to improve.

The number of homes for sale in May 2019 was up 4.5% from April 2019 and up 4.9% from May 2018. This sets a report record for the highest May growth. More homes on the market means buyers have a greater selection to choose from, which may ease some of the stiff competition and bidding wars that come with low inventory.

If you need to buy or sell a home, then don’t hesitate to give us a call!

Article originally appeared on RE/MAX.

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