RE/MAX has published its latest monthly report tracking updates to the national housing market (based on survey results of 50 metro areas). The report goes up to April 2024, which a press release noted is often the beginning of a summer pick-up for home sales. RE/MAX’s findings indicate this April won’t be any different.
RE/MAX President Amy Lessinger said:
“We’ve started the busy home-buying season on a very good note. Gains in home sales, new listings and the number of homes for sale are all signs of a more active, rebalancing market. This has happened without a significant drop in interest rates – suggesting that buyers and sellers may be less apt to delay their plans this year. More sellers have come into the market – and they’re finding buyers who are ready to go.”
Key details:
- Sales increased in April 2024 by 11.2% month-over-month and by 9% year-over-year from April 2023.
- Aprils 2022 and 2023 both saw sales decline year-over-year, making the 2024 increase all the more eye-catching.
- Median sale price increased 2.9% month-over-month to $437,000—homebuyers recorded new willingness to pay 100% of the listing price, compared to 99% in March and 2023.
- Manchester, New Hampshire had the highest increase in median sales price, with a recorded $475,000 in April 2024 compared to $410,000 in April 2023 (a 15.9% increase).
- New listings increased 6.3% since March 2024 and 18.2% since April 2023—the number of homes for sales is now 28.8% higher than the previous year.
- Of the metro areas surveyed: Bozeman, Montana experienced the highest increase in new listings (216 to 300, or 38.9%).
- Larger markets such as Miami (31.2%) and Atlanta (30.9%) experienced notable increases in their amount of new listings as well.
- April 2024 recorded the highest increase in inventory in the last 13 months. Current supply of inventory is 1.7 months’ worth.
- The surveyed market with the highest amount of inventory was Tampa, Florida (2.8 months’ worth, which is an 86.8% increase from 1.5 in April 2023).
- Listings are spending an average of 34 days on the market, which is 5 days lower than March 2024 and a return to days-on-the-market in April 2023.
- Washington D.C. experienced the lowest number of days on the market (12) of the metro areas surveyed.
For more information, visit https://www.remax.com/.
