April sales were 10.9% better than they were in a rather dismal March, but they were still slower than they were a year ago by 7.8%, according to RE/MAX’s monthly market report.
In March, all 52 surveyed metro areas reported monthly sales increases, a trend continued in April with 50 of the 52 metros experiencing sales increases from the previous month. Atlanta saw a monthly sales decrease of 0.4% and Miami fell 0.5%. The greatest increases were seen in metros from a variety of geographic regions.
Year-over-year home prices continued to push higher in April, with a 5.8% increase, a slackening from the 10.7% year-over-year rise in April 2013.
While both credit availability and inventory remain tight, April became the 13th consecutive month with fewer inventory losses than the previous month. At the rate of home sales in April, the Months Supply of inventory fell to 3.9, where a supply of 6.0 indicates a market balanced equally between buyers and sellers. Only two of the 52 metro areas included in the April report experienced lower sales than the previous month.
The April RE/MAX National Housing Report surveyed MLS data in 52 metropolitan areas and found the Median Sales Price of all homes sold during the month to be $190,000. This price was 1.9% higher than the median price in March and 5.8%, above the price seen last April. On a year-over-year basis, the Median Sales Price has now risen for 27 consecutive months on a year-over year basis, although price appreciation is not as rapid as it was in 2013. Among the 52 metro areas surveyed, 38 reported higher sales prices than one year ago. Of those, 11 reported double-digit increases.
For all the homes sold in April, the average Days on Market was 74, just 3 days lower than the average of 77 seen in March and in April last year. April becomes the 23rd consecutive month with an average Days on Market below 90. The low Days on Market average continues to be associated with a low inventory of homes for sale. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.
The rate of year-over-year inventory reductions continued to shrink in April, ending the month with a level that was just 5.0% lower than one year ago. However, with a 1.9% monthly increase, April was the first time in 12 months that there was an inventory increase from the previous month. At the rate of home sales in April, there was a 3.9 Months Supply of inventory, down from 4.1 in March.