RE/MAX: April Home Sales Jump

RE/MAX, Denver said April home sales increased by 7.5 percent from March and by 3.2 percent from a year ago, matching the 4.3 percent rate so far in 2016.

RE/MAX reported the median sales price for 53 surveyed markets in April was $215,000, 5.4 percent higher than a year ago and 7.5 percent above March. Inventory of homes for sale remained tight in many markets across the country, 15.2 percent lower than a year ago. At the rate of home sales in April, the national months’ supply of inventory was 3.2, down from 3.7 in March.

“Even though inventory remained tight, April still saw a demand for homes at a level higher than one year ago,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Home buyers realize that interest rates are historically low and mortgage accessibility appears to be improving along with the overall economy. Price increases make it possible for homeowners to feel comfortable selling, but they aren’t at a level that keeps first-time buyers out of the market.”

RE/MAX said 34 of the 53 metro areas surveyed reported home sales higher than one year ago, with 16 experiencing double-digit increases, including Hartford (27.4 percent), Providence, R.I. (27.1 percent), Augusta, Maine (23.4 percent), Manchester, N.H. (22.3 percent), Boston (21.1 percent) and Tulsa, Okla. (16.2 percent).

April marked the 51st consecutive month without a drop in price from the previous year. In 2015, the monthly average of year-over-year price increases was 7.6 percent. Among the 53 metro areas surveyed in April, only two had a year-over-year drop in prices: Tulsa, (-2.7 percent) and Trenton, N.J. (-0.4 percent).

The report said average days on market fell to 64 in April from 71 in March and a year ago, the 37th consecutive month with a days on market average of 80 or less. In the three markets with the lowest inventory supply, San Francisco, Denver and Seattle, days on market was 23, 27 and 32 respectively. The highest averages were seen in Augusta (159), Des Moines, Iowa (110) and Burlington, Vt. (108).