Feb 2016 RE/MAX National Market Update
DENVER – Pete Veres wants to share the following National report from RE/MAX. As the popular home buying season approaches, February sales saw a jump from both January and last February. The year-over-year change was 4.8% and the increase over January was 5.8%, which is in line with the 5.2% average seen in each month of February since 2009. Over the last 12 months, the average year-over-year increase in home sales has been 5.8%, and only two months, November and October, experienced sales that were not above year-ago sales. The Median Sales Price of all homes sold in February was $198,000 or 5.9% higher than the price in February 2015. Price increases have moderated over several months, with month-over-month declines seen in 6 of the last 12 months. The inventory of homes for sale remains very tight in many markets across the country, with February seeing a level that is 13.3% lower than a year ago. At the rate of home sales in February, the national Month’s Supply of inventory was 4.0, down from 4.7 in February 2015. In the local Albuquerque market we are seeing similar trends, the median price of $178,000 is up 5.33% from 2015 and our Feb 2016 active listings are down 15% as our inventory is also shrinking. To see the Feb 2015 Albuquerque Market summary please click here: Feb 2016 ABQ Market summary.
So far in 2016, January and February have both seen home sales at a pace higher than one year ago, and last year was one of the best our industry has seen in quite some time. Consumers are benefiting from price increases that have been moderating, but many will still be dealing with an inventory lower than we’d like to see. Serious homebuyers who choose to work with an experienced agent will have a much easier time navigating this market,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.
“A lack of inventory continues to affect home values, as eager buyers compete for a small selection of homes. Home prices continue their long march back from the big price drops experienced in the financial crash. As more and more Americans gain equity, this increases the number of homeowners who are financially able to sell their home and buy another one. We’re seeing the benefits of this virtuous cycle in rising home prices, which are also being greatly aided by historically low mortgage rates,” added Bob Walters, Quicken Loans, Chief Economist.
