Real Estate Information

November 2016 RE/MAX National Housing Report & Local Market Snapshot

October Sees Near-Record Sales

November 17, 2016

DENVER (Nov. 17, 2016) – Last month saw the second-most sales – and the smallest inventory – of any October in the 9-year history of the RE/MAX National Housing Report. Add to that combination the highest year-over-year price increase of 2016 thus far: 8.3%.
 
Although posting near-record sales, this October finished 1% below October 2015 sales, which posted the highest of any October dating back to 2008. Sales declined year-over-year in 28 of the 53 markets surveyed, including many New England markets.

The number of homes for sale was the lowest of any month since May, and also the lowest of any October dating back to 2008. Inventory declined in 48 of the 53 markets surveyed. The Months Supply of Inventory was 3.9.

Reflecting strong sales and shrinking inventory, last month’s Median Sales Price increased by 8.3% to $216,500. Fueling the hike were double-digit increases in Florida markets (Miami, Tampa, Orlando) and markets with very low inventory (San Francisco and Denver). 

“Although October sales weren’t quite as robust as what we've tracked so far in 2016, it's only the second month this year that didn’t exceed the strong levels set in 2015. But finishing just 1 percent below October 2015 sales is still a very solid performance,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “It’s the 13th consecutive month of double-digit decline in inventory year-over-year, and that appears to have pushed prices up in all but one market.”

Albuquerque, NM

As for the Great Albuquerque Area, Pete Veres wants to report that the median detached price rose 3.3 percent to $189,000, the number of new listings dropped 10.5 percent for single-family detached homes and 6.8 percent for condos, townhomes and other attached homes.  Overall inventory of detached homes for sale dropped 17.1 percent in October detached homes sold in an average of 54 days – which is 8.5 percent faster than in October 2015. These are all signs that our market has turned and is improving. 

National Closed Transactions
In the 53 metro areas surveyed in October, the average number of home sales decreased by 1.0% compared to one year ago, which marks the second month in 2016 with a decline. Despite a slight decrease in the number of transactions, this October is the second best in the history of the report. This month, less than half of the 53 metro areas surveyed experienced an increase in sales year-over-year with Providence, RI seeing home sales that were unchanged and only one market seeing a double-digit increase. The markets with the largest increase in sales include Phoenix, AZ +12.2%, Seattle, WA +7.7%, Nashville, TN +6.9%, Milwaukee, WI +6.2%, Boise, ID +5.8% and Raleigh & Durham, NC, +4.9%.
 
Median Sales Price – Median of 53 metro median prices
In October, the median of all 53 metro Median Sales Prices was $216,500, down 1.6% from last month and up 8.3% from October 2015. Of the 53 metro areas surveyed, all but one (Billings, MT) saw year-over-year increases with respect to Median Sales Price, with 14 rising by double-digit percentages. The largest double-digit increases were seen in Miami, FL +16.3%, Trenton, NJ +14.4%, Tampa, FL +14.3%, Portland, OR +13.7% and Orlando, FL +13.7%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in October was 58, up two days from the average in September 2016, but down four days from October 2015. October becomes the 43rd consecutive month with a Days on Market average of 80 or less. Similar to the past two months, the two metro areas with the lowest Days on Market are Omaha and Denver at 28 and 29 respectively. The highest Days on Market averages continue to be in Augusta, ME at 143, and Burlington, VT at 99. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. 
 
Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in October was down 6.7% from September, and down 15.9% from October 2015. Based on the rate of home sales in October, the Months Supply of Inventory was 3.9, compared to last month at 3.9 and last year at 4.5. A 6.0-month supply indicates a market balanced equally between buyers and sellers. This month, only five metro areas reported a balanced market at 6.0 or above. The markets with the lowest Months Supply of Inventory are San Francisco, CA 1.4, Denver, CO at 1.5 and Seattle, WA 1.6. 

As for the Great Albuquerque Area, Pete Veres wants to report that the median detached price rose 3.3 percent to $189,000, the number of new listings dropped 10.5 percent for single-family detached homes and 6.8 percent for condos, townhomes and other attached homes.  Overall inventory of detached homes for sale dropped 17.1 percent in October detached homes sold in an average of 54 days – which is 8.5 percent faster than in October 2015. These are all signs that our market has turned and is improving.

Are you thinking of buying a home anytime soon? Your FICO Score plays a very important role in qualifying for a loan and then the terms of the loan. The better the score the more you will benefit. Pete Veres would like to share the following quick video from one of our preferred lenders.

Sometimes you get weary of all the disastrous financial news about retirement savings shortfalls. And sometimes you just want a quick answer to the question, “Can I retire at 66?”

Marketwatch has a great retirement planning tool that lets you visualize retirement and tweak the inputs – what you have, how much you’ve save, and your target retirement age – and tells you whether or not you can afford to retire. Please click here to view: http://www.marketwatch.com/retirement/tools/retirement-planning-calculator

It gives you the answer straight up: “You cannot afford to retire at 66.”

That quick answer, especially if it’s a yes, may be just enough information for you.

Or maybe you want to tweak you inputs to see if you pump a little more cash into retirement accounts, you’ll be able to flee corporate America five years earlier.  The tool helps you make those calculations quickly.

Many people are thinking of downsizing to help make the retirement goal come even sooner. Pete Veres – Senior Real Estate Specialist with RE/MAX has an excellent downsizing program and team in place if you are considering downsizing.  You can start by going to www.ABQDownsize.com

Homebuyer Demand Remains Strong in September

DENVER (Oct. 17, 2016) – Though posting a typical seasonal dropoff from August, September’s U.S. home sales represented the most of any September in the 9-year history of the RE/MAX National Housing Report. Home sales dropped 11.7% from August to September – nearly the same as the 11.0% average decline over the previous eight years of the Report. But sales increased 2.0% over September 2015 which had previously been the best September.
 
The September Median Sales Price of $219,780 was 5.1% above a year ago. And in a rare occurrence, not a single metro posted a year-over-year price drop. The largest price gains were reported in Birmingham, AL (17.0%) and Miami (15.2%). The average Months Supply of Inventory rose from 3.4 in August to 3.9, the highest since February. But it is still far below the 6 months supply considered to be a market balanced equally between buyers and sellers. Eight markets, predominantly in the Northeast, have a 6 or more month supply. Meanwhile, 19 have 3 months or less, with the majority being in the West. 
 
“The market usually sees fewer home sales in September, as buyers make a seasonal transition from summer to fall,”said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Even so, sales were the highest of any September since we launched our Housing Report in 2008. Also, price increases continue to be in the moderate 5-percent year-over-year range. Overall, this is a market that most everyone can be satisfied with.”
 
Closed Transactions 
In the 52 metro areas surveyed in September, the average number of home sales increased by 2.0% compared to one year ago, which makes the eighth month this year with a year-over-year increase in sales. This marks the strongest September of sales since the Report’s inception in 2008. However, September showed a 11.7% decrease from August, but this is in line with decreases in previous years. This month, 34 markets experienced an increase in sales year-over-year with 6 markets seeing double-digit increases. Those markets include Trenton, NJ, +17.9%, Augusta, ME, +14.1%, Des Moines, IA +13.6%, Raleigh & Durham, NC, +11.6%, Boise, ID +11.3% and Seattle, WA 10.6%.
 
Median Sales Price – Median of 52 metro median prices
In September, the median of all 52 metro Median Sales Prices was $219,780, down slightly at -3.1% from August 2016 and up 5.1% from September 2015. The median price in Providence, RI was unchanged from last year, but every other metro area in the report saw year-over-year price increases, with 12 rising by double-digit percentages. The largest double-digit increases were seen in Birmingham, AL +17.0%, Miami, FL +15.2%, Tampa, FL +14.6%, Portland, OR +14.5%, Denver, CO +13.1% and Boise, ID +12.6%.

Days on Market – Average of 52 metro areas
The average Days on Market for homes sold in September was 56, up two days from the average in August 2016, but down five days from September 2015. September becomes the 42nd consecutive month with a Days on Market average of 80 or less. The three metro areas with the lowest Days on Market are Omaha, Denver and San Francisco at 25, 27 and 28 respectively. The highest Days on Market averages continue to be in Augusta, ME at 128, and Des Moines, IA at 98. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. 
 
Months Supply of Inventory – Average of 52 metro areas
The number of homes for sale in September was down 2.6% from August, and down 15.1% from September 2015. Based on the rate of home sales in September, the Months Supply of Inventory was 3.9, compared to both last month and last year at 3.4 and 4.5 respectively. A 6.0-month supply indicates a market balanced equally between buyers and sellers. This month, only six metro areas reported a Months Supply of Inventory at 6.0 or above. The markets with the lowest Months Supply of Inventory are San Francisco, CA 1.6, Seattle, WA 1.7 and Denver at 1.7.

If you’re selling your home then home staging may be one of the avenues you can take to help you sell your home quicker.

Julia Rolland of Tabula Rasa Home Staging, who has been working in the Albuquerque market for many years, says that “ buying a home is an emotional experience and the way your property is staged will determine whether it’s love at first sight”.  It is important to note that buyers will name your property as a way to sort all the houses they have visited. Staging will improve the chance the name will be “The One”.

Homebuyers are all different. They have their own preferences and tastes so making the home more neutral or matching what’s inside the home to the style of the home may help homebuyers see the home in a better light. Here’s what you need to know about home staging.

The Home Stager

Home stagers offer a range of services starting with a basic consultation to a fully staged home. Stagers check the home with the eye of a buyer and thinks of ways to improve the look of a space.

After the walkthrough of the homes, she gives the homeowners her detailed notes and sometimes this would be enough for the homeowners to get their homes organized. If the homeowners need more help in staging, she can help decorate the home for a price. She can also provide furniture and other accessories, like other home stagers, which can improve the overall look of the home.

Remember, homebuyers imagine themselves living in your home. They imagine their own stuff in your home and think of how they’ll be living in it. Having too much clutter may turn them off.

Do You Need A Home Stager?

It all depends on you and the market. Home stagers can help, with some of them claiming that people they help sell their homes faster and for more money. You can do the necessary adjustments yourself. If you have an eye for it, then go for it. If you have no time then it may be a good option.

The market also plays a role in it. In a bad market, your home can stand out. In a good market, your home will be compared to other homes around you.

Homebuyers can make a decision in the first 30 seconds of entering your home so presentation is key. Homebuyers these days search for homes online and make their decision based on the photos of your home. Having great photos of your home can greatly increase the chance of getting homebuyers interested.

You can search online for free advice, for photos of home designs and other sources of information about home staging. They will help you if you decide to stage your home yourself. If you’ve been having a hard time selling because of the way your home looks, then you may want to consider hiring a home stager. 

Home Sales Cool, Price Increases Moderate

DENVER (August 19, 2016) – Unlike the month’s temperatures, July home sales cooled off from June’s highest year-to-date level. In the RE/MAX National Housing Report analysis of 53 U.S. cities, July sales fell in 49 markets by 8.8% from July 2015 and by 13.1% from June. Over the last seven years, the average drop in sales from June to July has been 8.2%. The Median Sales Price dropped slightly from June to $225,000, which is still 4.7% higher than one year ago. At the same time, inventory continued to tighten by dropping 3.0% lower than June and 16.6% lower than a year ago, resulting in a Months Supply of just 3.5. Five metro areas reported an inventory supply of less than two months. Meanwhile, the average Days on Market dropped to 53 which is just one day less than the average in June and four days below last year.

“After a June jump in home sales, it's quite common to see July sales make a correction. This is a summertime pattern that we often see on a national level. Of course, one month doesn't make a trend and we still have a couple more months ahead in the traditional home-buying season. At the same time, it's important to note that, on a year-over-year basis, prices are rising at a moderate rate that's very much in line with historical averages," said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

“One of the most important things for consumers to realize is just how regionalized housing truly is. While those on the West coast are being surprised by their high appraisals, homeowners in the Northeast and Midwest are more likely to be shocked by their low values. If homeowners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance,” added Bob Walters, Quicken Loans, Chief Economist.

Closed Transactions – Year-over-year change

In the 53 metro areas surveyed in July, the average number of home sales was 8.8% lower than one year ago, and was 13.1% lower than the previous month. It’s not unusual to see a midsummer slowdown in sales. Over the last seven years, the average drop in sales from June to July has been 8.2%. Despite the trend, four metro areas surveyed reported sales higher than one year ago, including Providence, RI +3.7%, Boise, ID +2.1%, Raleigh-Durham, NC +1.4%, and Albuquerque, NM +0.2%.

Median Sales Price – Median of 53 metro median prices

In July, the median of all 53 metro Median Sales Prices was $225,000, down 1.3% from June 2016, but up 4.7% from the Median Sales Price in July 2015. July is the 54th consecutive month without a drop in price from the previous year. The 4.7% increase in prices continues this year’s trend of moderating price increases. Among the 53 metro areas surveyed in July, only three had a year-over-year drop in Median Sales Price. Two metro areas reported numbers that were unchanged and the remaining 48 metros reported higher prices than one year ago, with ten rising by double-digit percentages, including Honolulu, HI +14.8%, Orlando, FL +14.4%,  Nashville, TN +14.0%, Tampa, FL +13.0%, Denver, CO +12.2% and Portland, OR +11.3%.

Days on Market – Average of 53 metro areas

The average Days on Market for all homes sold in July was 53, down one day from the average of 54 in June 2016, and down four days from the average of 57 in July 2015. July 2016 was the 40th consecutive month with a Days on Market average of 80 or less. In the four markets with the lowest inventory supply, Denver, Seattle, San Francisco and Omaha, Days on Market was 21, 23, 24 and 24 respectively. The highest Days on Market averages were seen in Augusta, ME at 130, down from 142 in June, and Des Moines, IA at 90, down from 102 in June. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Month’s Supply of Inventory – Average of 53 metro areas

The number of homes for sale in July was 3.0% lower than in June, and 16.6% lower than in July 2015. Based on the rate of home sales in July, the Months Supply of Inventory was 3.5, which is close to last month and last year, 3.2 and 3.9 respectively. A six-month supply indicates a market balanced equally between buyers and sellers. The number of metros with a Months Supply of Inventory below 2.0 may also be stabilizing at five, down from eight in June. The five metros with less than a two-month supply include Denver, CO 1.4, Seattle, WA 1.4, San Francisco, CA 1.5, Portland, OR 1.8 and Omaha, NE 1.9.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.

And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker, CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

 Office: 505-798-1000

HOME SALES COOL, PRICE INCREASE MODERATE

DENVER (August 19, 2016) – Unlike the month’s temperatures, July home sales cooled off from June’s highest year-to-date level. In the RE/MAX National Housing Report analysis of 53 U.S. cities, July sales fell in 49 markets by 8.8% from July 2015 and by 13.1% from June. Over the last seven years, the average drop in sales from June to July has been 8.2%. The Median Sales Price dropped slightly from June to $225,000, which is still 4.7% higher than one year ago. At the same time, inventory continued to tighten by dropping 3.0% lower than June and 16.6% lower than a year ago, resulting in a Months Supply of just 3.5. Five metro areas reported an inventory supply of less than two months. Meanwhile, the average Days on Market dropped to 53 which is just one day less than the average in June and four days below last year. For this month’s housing report infographic, visit.  
 
“After a June jump in home sales, it's quite common to see July sales make a correction. This is a summertime pattern that we often see on a national level. Of course, one month doesn't make a trend and we still have a couple more months ahead in the traditional home-buying season. At the same time, it's important to note that, on a year-over-year basis, prices are rising at a moderate rate that's very much in line with historical averages," said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. 
 
“One of the most important things for consumers to realize is just how regionalized housing truly is. While those on the West coast are being surprised by their high appraisals, homeowners in the Northeast and Midwest are more likely to be shocked by their low values. If homeowners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance,” added Bob Walters, Quicken Loans, Chief Economist. 
 
Closed Transactions – Year-over-year change
In the 53 metro areas surveyed in July, the average number of home sales was 8.8% lower than one year ago, and was 13.1% lower than the previous month. It’s not unusual to see a midsummer slowdown in sales. Over the last seven years, the average drop in sales from June to July has been 8.2%. Despite the trend, four metro areas surveyed reported sales higher than one year ago, including Providence, RI +3.7%, Boise, ID +2.1%, Raleigh-Durham, NC +1.4%, and Albuquerque, NM +0.2%.
 
Median Sales Price – Median of 53 metro median prices
In July, the median of all 53 metro Median Sales Prices was $225,000, down 1.3% from June 2016, but up 4.7% from the Median Sales Price in July 2015. July is the 54th consecutive month without a drop in price from the previous year. The 4.7% increase in prices continues this year’s trend of moderating price increases. Among the 53 metro areas surveyed in July, only three had a year-over-year drop in Median Sales Price. Two metro areas reported numbers that were unchanged and the remaining 48 metros reported higher prices than one year ago, with ten rising by double-digit percentages, including Honolulu, HI +14.8%, Orlando, FL +14.4%,  Nashville, TN +14.0%, Tampa, FL +13.0%, Denver, CO +12.2% and Portland, OR +11.3%.

Days on Market – Average of 53 metro areas
The average Days on Market for all homes sold in July was 53, down one day from the average of 54 in June 2016, and down four days from the average of 57 in July 2015. July 2016 was the 40th consecutive month with a Days on Market average of 80 or less. In the four markets with the lowest inventory supply, Denver, Seattle, San Francisco and Omaha, Days on Market was 21, 23, 24 and 24 respectively. The highest Days on Market averages were seen in Augusta, ME at 130, down from 142 in June, and Des Moines, IA at 90, down from 102 in June. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. 
 
Month’s Supply of Inventory – Average of 53 metro areas
The number of homes for sale in July was 3.0% lower than in June, and 16.6% lower than in July 2015. Based on the rate of home sales in July, the Months Supply of Inventory was 3.5, which is close to last month and last year, 3.2 and 3.9 respectively. A six-month supply indicates a market balanced equally between buyers and sellers. The number of metros with a Months Supply of Inventory below 2.0 may also be stabilizing at five, down from eight in June. The five metros with less than a two-month supply include Denver, CO 1.4, Seattle, WA 1.4, San Francisco, CA 1.5, Portland, OR 1.8 and Omaha, NE 1.9.
 

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.

And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker, CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

 Office: 505-798-1000

Are you going to be retiring soon or staring to think of retiring? Then downsizing may be one of the things on your mind. If not, then it’s something to start thinking about. Downsizing your home can save you a lot of money. A smaller home could mean big savings on utility and home insurance just to name a few. It will also be easier to maintain and manage.

            It’s not an easy decision and like all other important decisions in your life, it’s something that you really have to think about and plan. The first thing you have to make sure of is what you want. Where do you see yourself retiring? Do you plan on travelling? What activities are you thinking of doing when you retire? Do you have hobbies which you want to spend more time on? What is your goal? Are you happy where you are now? These are very important questions that you need to answer so that you can create a good plan. It could be difficult to let go because of the memories you’ve built in your home but those memories will be with you forever. It may be time to create new ones.

            Here are some tips that can help you determine if you should downsize or not.

Current Real Estate Conditions

            You have to know whether it’s the right time to sell. If the current real estate market isn’t good and you decide to sell, you may end up losing a lot of money. Talk to a local real estate agent and get all the right information. For example SRES – Senior Residential Specialist Pete Veres with RE/MAX provides prospective clients a full consultation that includes an in depth market analysis and estimated net proceeds. Pete Veres has the right knowledge and experience that can help you attain your goals.

Pete Veres, an SRES® designee, has received extensive education on topics such as tax laws, probate, estate planning, equity conversion strategies, and can offer you relevant information on current market trends as well as valuable resources regarding real estate transactions.

He can provide you with a customized approach to your real estate needs. He has the knowledge and expertise to counsel you through the major financial and lifestyle transitions involved in relocating, refinancing, or selling your family’s home. He and his team can offer you the opportunity to complete a real estate transaction with the patience, professionalism, and expertise you deserve.

Visit http://www.abqseniors.com for more information.

Items in Your Home

            Another thing you have to do is to check on the items you have in your home. Your home could still be filled with your children’s possessions from when they were still living in your home. Take note of your personal possessions as well. Invite your children over and discuss your plans with them. Ask them to take what possessions they would like to keep and sell or donate the rest. Do this with your personal belongings as well. If you find it hard to let go of most, if not all, of your possessions then you may have to think hard if downsizing is something you really want. There may be no place for those items in your new home.

What are your plans?

            Downsizing would depend on what your plans are. You really have to know what you want to do after retiring. If you plan on travelling, downsizing is a smart move. You’ll have extra money to spend on your travels. Do you want to pursue your dream of starting your own business? Again, the money from downsizing can help.

If you, however, need space because of your hobbies or if you’re planning on just staying home and enjoy what you have now, then downsizing would have to wait. It’s always wise to be prepared when making such a big decision. Look around, research online and find out what it is that you really want. Explore your options. It’s all about you now.

If you need help downsizing start by visiting: http://www.abqseniors.com 

Learn how you can save thousands of dollars by taking part of our downsizing program.

Contact Pete Veres, SRES – RE/MAX Elite 505-362-2005. Email: [email protected]

Sellers may be slightly disappointed in the appraised value of their homes, unless they live out west, so agents should prepare sellers for possible disappointment. 

Appraisals on average are coming back nearly 2 percent lower than what homeowners expected, according to Quicken Loans National Home Price Perception Index. Western cities bucked this overall trend though, appraising significantly higher than homeowners thought they would. The highest difference between perception and reality was in Denver, where appraisals came back more than 3 percent higher than homeowners expected. San Francisco, Portland, Los Angeles, San Diego and Seattle all appraised out better-than-expected. Pete Veres local CRS Specialist states “We have seen two deals this year appraise under the sales price, the key is not to over price and place close attention to the comps. 

On the opposite end of the spectrum, homes in Detroit, Philadelphia and Baltimore all appraised more than 3 percent lower than what homeowners expected. 

“Perception is everything. It can make or break a home sale or mortgage refinance,” says Quicken Loans chief economist Bob Walters. “That’s why it’s so important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it. If the estimate is lower by just a few percentage points, the buyer could need to bring as much as another several thousand dollars to the table to avoid having to restructure the loan.” 

It’s not all bad news for homeowners and agents who find themselves outside the hot West. Nationally, appraised values are still growing, according to the Quicken Loans Home Value Index (which is based on appraisals, not sale prices). Home values rose more than .8 percent since spring, but have grown a healthy 4 percent year over year—though again there are regional discrepancies. The West saw more than 6 percent growth, while the Northeast had just 2 percent. 

“Demand for housing coupled with a lack of choice for buyers pushed home values up yet again,” Quicken Loans chief economist Bob Walters says. “This is a narrative we have heard for quite some time. Many owners aren’t moving on from their current homes, which is holding back available inventory for both first-time and move-up buyers. With values on the rise, this could prove to be an ideal time to sell – especially in the hot markets where owners could get more than they expected.” 

Home Sales Warm Up With Summer Temps

DENVER (July 14, 2016) – With the market now in the midst of the popular summer selling season, both home sales and prices are rising with the summer temperatures. Homebuyer demand in June kept sales levels above last year’s by 0.7%, with a strong increase of 9.4% over sales in May. The Median Sales Price in June was $229,900, which marks a 2.2% increase over prices seen in June 2015. As year-over-year price increases moderate, there’s a positive impact on home affordability. The number of homes for sale in June fell 15.6% from levels one year ago, making inventory supply a significant challenge, especially in West Coast metros. At the rate of home sales in June, the national Months Supply of Inventory was 3.2, a slight improvement from the 3.0 supply seen in May.
 
“Last year was the best we’d seen in a long time for home sales. So, it’s encouraging that sales this year are remaining above last year’s levels. Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. 
 
“Nationally, home value increases are well within the healthy range. Although, variances across the country can influence owners’ perception. It’s important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it, since it can make or break a home sale or mortgage refinance,” added Bob Walters, Quicken Loans, Chief Economist. 
 
Closed Transactions – Year-over-year change
In the 53 metro areas surveyed in June, the average number of home sales was 0.7% higher than one year ago, and was 9.4% higher than the previous month. Sales are slightly above the strong numbers seen last June and are also above the 6.7% average of month-to-month increases from May to June over the last eight years. Like previous months this year, June home sales continue to be strong in the Northeast. Across the nation, 31 of the 53 metro areas surveyed reported sales higher than one year ago, with six experiencing double-digit increases; Augusta, ME +22.7%, Las Vegas, NV +13.2%, New York, NY +13.1%, Trenton, NJ +11.1%, Cleveland, OH +11.1% and Hartford, CT +10.2%. 
 
Median Sales Price – Median of 53 metro median prices
In June, the median of all 53 metro Median Sales Prices was $229,900, up 3.0% from May, and up 2.2% from the Median Sales Price in June 2015. June is the 53rd consecutive month without a drop in price from the previous year.  In 2015, the monthly average of year-over-year price increase was 7.6%. The 2.2% rise in June appears to be signaling a moderation in price increases, which eases pressure on home affordability. Among the 53 metro areas surveyed in June, only four had a year-over-year drop in Median Sales Price. The remaining 49 metros reported higher prices than one year ago, with seven rising by double-digit percentages; Tampa, FL +14.1%, Orlando, FL +13.9%, Honolulu, HI +13.1%, Portland, OR +12.6%, Denver, CO +11.1% Boise, ID +10.1% and Augusta, ME +10.1%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for all homes sold in June was 54, down 4 days from the average of 58 in both May 2016 and June 2015. June becomes the 39th consecutive month with a Days on Market average of 80 or less. In the three markets with the lowest inventory supply, Seattle, Denver and San Francisco, Days on Market was 25, 23 and 21 respectively. The highest Days on Market averages were seen in Augusta, ME at 143, down from 174 in May, and Des Moines, IA unchanged at 103. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. 
 
Month’s Supply of Inventory – Average of 53 metro areas
The number of homes for sale in June was just 0.7% lower than in May, but 15.6% lower than in June 2015. Like May, June had a sequential inventory loss of less than 1%. The apparent stabilization of inventory on a month-to-month basis is a positive sign, especially during the summer selling season. Based on the rate of home sales in June, the Months Supply of Inventory was 3.2, which is nearly identical to last month and last year, 3.0 and 3.6 respectively. A 6.0 month supply indicates a market balanced equally between buyers and sellers. The number of metros with a Months Supply of Inventory below 2.0 may also be stabilizing at 8, down from 10 in May. The eight metros with less than a 2-month supply include Seattle, WA 1.2, Denver, CO 1.3, San Francisco, CA 1.3, Portland, OR 1.5, Boston, MA 1.5, Omaha, NE 1.8, Dallas-Ft. Worth, TX 1.9 and San Diego, CA 1.9 

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.
And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

And lastly, If you or anyone you know is thinking of buying or selling a home, please call or email me. I'm here to help!

Peter Veres

Associate Broker, CRS,ABR,CLHMS,SRES

Elite Asset Management Team"#1 RE/MAX Elite TeamRE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Office: 505-798-1000