The latest RE/MAX National Housing Report, Home Selling Season Closes Strong, has good news for both buyers and sellers. The report is a comprehensive monthly snapshot of the current state of housing across 52 metropolitan areas around the U.S. Here’s what the latest findings could mean for consumers:
Buyers: Good news! The number of homes for sale continues to improve, which means property values should start to stabilize, too. In fact, 11 metro areas reported inventory increases over July. The average home spends just 62 days on the market, so if you’re looking to buy in the near future, consider seeking loan pre-approval now. You don’t want to miss the perfect property when it becomes available or the chance to lock in a low interest rate.
Sellers: Homes sales in August remained strong, which indicates it’s still a seller’s market. Fifty-one of the 52 metro areas reported that home prices were higher year-over-year. And because homes are spending less time on the market, it’s a clear indication that inventory remains low and buyer demand remains high. If you’re considering selling your home, now might be a good time, as inventory is expected to continue its climb.
Whether you’re a buyer or a seller, keep in mind that all real estate is local. For more information on your local market, find a RE/MAX agent who is ready to help you find your perfect fit.