RE/MAX, the Denver-based franchisor of real estate brokerage services, reported Tuesday that, based on its data from 53 metro areas, April home sales were up 7.5% from March and 3.2% higher than April last year.
The median sales price in April was $215,000, 5.4% higher than a year earlier and 7.5% above the median price in March. Meantime, the company said, inventory remains very tight in many markets, with the April inventory 15.2% lower than April 2015. At the rate of home sales in April, the national Months Supply of Inventory was 3.2, down from 3.7 in March.
In the 53 metro areas surveyed in April, the average number of home sales was 3.2% higher than a year earlier and up 7.5% higher than the previous month. Across the nation in April, 34 of the 53 metro areas surveyed reported home sales higher than one year ago, with 16 experiencing double-digit increases, including Hartford, CT +27.4%, Providence, RI +27.1%, Augusta, ME +23.4%, Manchester, NH +22.3%, Boston, MA +21.1% and Tulsa, OK +16.2%.
The median sales price in April was $215,000, up 7.5% from March and up 5.4% from April 2015. April was the 51st consecutive month without a drop in price from the previous year. However, RE/MAX said the monthly average of year-over-year price increases, which was 7.6% In 2015, fell to 5.4% in April, which, it said, "may mark a moderation in price increases, which would have a positive impact on home affordability."
Among the 53 metro areas surveyed in April, only two had a year-over-year drop in prices, Tulsa, OK -2.7% and Trenton, NJ -0.4%. The remaining 51 metros reported higher prices than last year, with 11 rising by double-digit percentages, including Providence, RI +17.5%, Portland, OR +15.5%, Boise, ID +13.5%, Fargo, ND +12.5%, Nashville, TN +11.7% and Burlington, VT +11.4%.
The number of homes for sale in April was just 0.2% lower than in March, but 15.2% lower than in April 2015.
The Report is based on MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions. Transactions are the total number of closed residential transactions during the given month. Month’s Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pended) during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey. MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices.