Yet the narrative of the ever-tightening inventory coupled with increased prices persisted, as the 53 metro area report saw the trends of a seller’s market continuing:
-The average number of Days on Market declined for the third consecutive month and April’s 57 days set a new low for April in the report’s nine-year history.
-The Median Sales Price of $226,000 was the highest price for any April and marked the 13th consecutive month of year-over-year price increases.
-Months Supply of Inventory, which dropped below 3 months in March for the first time in the report’s history, was 2.8. A months supply of less than 6.0 is considered a seller’s market.
-Inventory was down 17.6% from April 2016. This is the 102nd consecutive month of year-over-year declines dating back to October 2008.
More than three quarters of the report’s 53 metro areas saw April home sales decline year-over-year. By contrast, March posted a 6.6% year-over-year spike in sales. Even so, April saw homes sell for more than they did in March in 81% of the markets, while 92% of the markets saw higher year-over-year sale prices.
“We may be seeing some frustration from buyers,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Inventory is tighter than ever, while strong demand keeps driving up home prices. At the same time, many potential sellers may also be reluctant to list their homes because the tight inventory might impact them as buyers. Home buyers and sellers will need to work with experienced real estate agents to navigate this tough market.”