Home sales up 2.3% amid inventory at all-time low

by Steve Randall18 May 2018

There may have been the tightest supply of available homes ever, but April still managed a year-over-year increase in home sales and the second-highest median sales price on record.

The RE/MAX National Housing Report reveals that the median sales price of $243,000 across 53 metros was second only to June 2017’s $245,000 in the report’s history and was the best April.

San Francisco reached a new benchmark surpassing $1 million for the metro area's median sales price. Eight other metro areas including Las Vegas, NV, Seattle, WA and Boise ID saw large double-digit price increases from just a year ago.

The month-over-month sales increase across the metros was 3.6% and on an annual basis 38 out of the 53 reported increased sales.

Meanwhile, inventory was unchanged from March with a record low of just 2.5 months of supply, further boosting prices.

“If 2018 is like recent years, we're only two months away from home prices peaking — we're already seeing some impressive prices moving up in markets throughout the U.S.," said RE/MAX CEO Adam Contos. "As we head into summer, we'll watch several housing markers like home starts, mortgage applications and sales price to gauge the effect they'll have on inventory across the country — the good news is that the rate of sales helps accommodate a shrinking inventory and buyers can still find opportunities."

The average Days on Market in April was 52 — that's five days less than April 2017 and a RE/MAX National Housing Report record for the month.

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