RE/MAX: Home Prices Skyrocket, While Inventory Shrinks

Jul 23, 2018

Home sales will inch up in 2019 while prices rise at a slower pace, according to a new forecast from the National Association of Realtors (NAR)

The national median sales price in June of $258,500, according to new data from RE/MAX. June’s price marked a new record high in nine years that RE/MAX has tracked the housing market.

The record high price came as sales during June dropped 5.5 percent from one year earlier. June was the seventh consecutive month of year-over-year declines in home sales.

More dismal data was connected to inventory: 42 of the 54 metro areas tracked a year-over-year inventory shrinkage. The months’ supply of inventory fell to 2.7, an 8.8 percent drop from one year earlier and the smallest inventory figure ever recorded for June. The lack of inventory helped to speed sales: home sold in an average of 42 days last month, only three days lower than the previous nine-year low of 45 days set in July 2017.

“Lack of inventory has become a theme for the year,” said RE/MAX CEO Adam Contos. “Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly.”

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Phil Hall

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Jul 23, 2018

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