Summit Valuations, LLC, announced the release of its latest Residential Real Estate Market Overview that collected information, the most current available industry data collected, during April 2016.
In April, the month’s supply of housing, the federal unemployment rate and mortgage rates all decreased, on a year-over-year basis. Meanwhile, the median sales price, the seasonally adjusted annual number of homes sold and the pending home sales index all increased. The direction of the statistics from April mirror those from March, suggesting a coming increase in the number of homes sold over the next 30 to 60 days.
“This data shows that we are currently experiencing an increase in both number of homes sold and sales prices, as we would expect for the spring/summer buying season,” Summit Chief Valuation Officer Mark Melikian said in a news release. “The data is consistent with my observation that a home in top condition with a reasonable list price will sell relatively quickly and near its list price, regardless of whether the overall market is trending up, down or is stable.”
Melikian pointed out that the industry has considered the spring buying season to be the best time to sell a home, but added that his experience indicates that homes sell equally well in any season, if the home is a good value.
On a regional level the South had the highest number of existing home sales and the West had the highest median price. The Midwest experienced the largest percentage increases in both sales and median sales price, month-over-month.