DENVER, CO — In a robust start to the busiest months for the housing market, April witnessed a strong uptrend in home sales, according to the RE/MAX National Housing Report of April 2024. Closings were up by 11.2% from March and saw an impressive 9.0% increase over last April. This marks a steady increase in sales since February.
Simultaneously, new home listings rose 6.3% over the previous month and 18.2% over last year, witnessed across 50 metros surveyed. This influx led to a 6.3% monthly and a significant 28.8% annual surge in the number of homes for sale in comparison to last April.
Fueled by buyers’ willingness to meet sellers’ price expectations, the Median Sale Price hit a two-year high of $437,000, up 2.9% from March.
“This auspicious trend towards a more active housing market suggests a balance between eager buyers and sellers, and shows no sign of slowing down amidst stable interest rates,” commented RE/MAX President, Amy Lessinger. “With more sellers entering the market, and ready-to-buy customers on the other end, the real estate landscape has never been more vibrant.”
Bozeman, MT, experienced a significant 38.9% year-on-year surge in new listings, the highest among the surveyed metros. This growth indicates an ongoing seller’s market and a robust demand, as confirmed by RE/MAX Legacy Broker/Owner Shawn Gaugler.
Key performance indicators show:
- Despite a dip in sales during the same period for the past two years, April registered a 9% increase.
- The shortest selling period since July was recorded, with properties spending an average of 34 days on the market.
- An inventory supply of 1.7 months was available in April, a moderate increase from March and last year.
- April’s inventory surge marked the most significant year-on-year growth in 13 months.
In the surveyed metros in April, newly listed homes increased both monthly and annually, with the most significant growth seen in Bozeman, MT, Omaha, NE, and Phoenix, AZ. However, Cleveland, OH, and Raleigh, NC saw a reduction in new listings.
Interestingly, while the median sales price saw an upward trajectory in all markets, no single market experienced a dip. The most notable price increments were observed in Manchester, NH, Wichita, KS, and Trenton, NJ.
In April, all metros surveyed saw a 100% average close-to-list price ratio, implying that homes were sold for the listed price. The highest ratios were recorded in San Francisco, CA, and Hartford, CT. However, Miami, FL, and Coeur d’Alene, ID reported the lowest ratios.
Based on the robust sales velocity in April, the months’ supply of inventory was up at 1.7, a slight increase from March and the same period last year. The highest inventory supply was seen in Miami, FL, Bozeman, MT, and New Orleans, LA. On the contrary, Manchester, NH, and Seattle, WA shared the lowest inventory supplies.
This positive momentum at the start of the peak homebuying season bodes well for potential buyers and sellers alike, indicating a healthy, thriving real estate market.
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