RE/MAX Finds Sales Increase for Third Consecutive Month

(Illustration courtesy of RE/MAX)

April, the gateway to what are traditionally the busiest months for home sales, set the stage for summer with closings increasing 11.2% over March and 9.0% over last April, according to RE/MAX, Denver.

Sales have increased month-over-month since February, RE/MAX said in its monthly National Housing Report.

At the same time, new listings climbed 6.3% month-over-month and 18.2% from a year ago across the 50 metro areas RE/MAX surveyed. That boosted the number of homes for sale by 6.3% over March and a whopping 28.8% compared to last April.

The report said the median sale price increased 2.9% over March to $437,000–the highest price in more than two years–fueled by buyers’ willingness to pay 100% of the list price, compared to 99% last month and last April.

“Gains in home sales, new listings and the number of homes for sale are all signs of a more active, rebalancing market,” RE/MAX President Amy Lessinger said.

Other metrics of note, per the report:

Unlike this April’s 9% increase, the previous two Aprils saw sales drop year over year (2022: -11.2%, 2023: -29.5%).

Days on Market dropped by five days from March to 34 days–the same number as in April 2023. These were the fastest sales since July’s 30 days and May and June’s 31 days.

Months’ supply of inventory in April was 1.7, compared to 1.6 in March and 1.3 one year ago. April’s surge in inventory was the largest year-over-year increase in 13 months.