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U.S. HOUSING UPDATE: SPRING MARKET IS BUSTLING

Home sales were up 9% in April 2024 compared to the same time last year, according to the latest RE/MAX National Housing Report.

Springtime is known for its annual ramp-up in housing market activity, and this year’s seasonal stir is no exception. Home sales increased by 11.2% from March to April in 2024 – and were up 9% from April 2023 – according to the latest RE/MAX National Housing Report. April marks the third consecutive month that sales have been on the rise this year.

The comprehensive monthly report, which unveils timely housing trends across 50 U.S. metro areas, confirms a bustling spring selling season.

“We’ve started the busy homebuying season on a very good note. Gains in home sales, new listings and the number of homes for sale are all signs of a more active, rebalancing market,” said Amy Lessinger, President of RE/MAX.

“This has happened without a significant drop in interest rates, suggesting that buyers and sellers may be less apt to delay their plans this year. More sellers have come into the market – and they’re finding buyers who are ready to go.”

How’s housing inventory looking?

The April RE/MAX report found there was a 28.8% increase in homes on the market from the same time last year. Inventory jumped up month-over-month as well, with 6.3% more homes on the market from March to April.

While national trends point to an overall increase in available housing inventory, local markets across the country have their own varying conditions. For instance, Bozeman, Montana; Omaha, Nebraska; and Phoenix, Arizona, saw the largest annual increases in April new listings, whereas Cleveland, Ohio, and Raleigh, North Carolina, experienced the largest annual decreases.

The inventory gains are fairly typical for this time of year. In fact, data from RE/MAX confirms that certain weeks in the spring and early summer usually have the most homes for sale.

Spring home sellers: Wondering how to price your place?

Likely driven by springtime buyer demand, the median price of homes for sale in April was $437,000, up 2.9% from the month prior.

If you’re a homeowner ready to sell, you might be wondering what your house is worth. Factors like location and condition play a key role in determining that price. Learn more about pricing a property, including how a new home valuation tool from RE/MAX provides helpful insights, comparable properties sold, and more.

What’s especially helpful is working with a trusted real estate agent to determine factors unique to your house, such as listing price, optimal timing, and staging needs.

Ready to buy or sell a home? Contact a local RE/MAX agent today.

Article originally appeared on RE/MAX.