Re/MAX reports its national median home price rose for the third straight month in April. Median home prices were 3.2 percent higher than March and after 18 consecutive months of year-over-year price declines, February was the first month home prices to experience an increase. Months supply and days on market are all trending lower.
"It's encouraging to see several improving economic and housing indicators, which are pointing to a continuing real estate recovery," said Margaret Kelly, CEO of RE/MAX, LLC. "While home prices are still low and interest rates remain at historically low levels, it's likely that many more potential homebuyers will leave the sidelines and jump into this market."
Closed sales transactions in April were just 0.1% higher than March. Of the 53 metro areas surveyed in April, 39 saw higher sales than one year ago, and of those, 18 saw double-digit increases including: Milwaukee, WI +38.4 percent, Albuquerque, NM +30.2 percent, Nashville, TN +26.2 percent, Providence, RI +21.7 percent, Des Moines, IA +21.4 percent, and Chicago, IL +19.8 percent.
RE/MAX's median sales price of homes sold in April was $161,000. The April RE/MAX National Housing Report of 53 metro areas revealed that 43 metro areas saw price increases over last year, 12 posted double digit gains including: Phoenix, AZ +25.4 percent, Detroit, MI +25.4 percent, Miami, FL +24.0 percent, Denver, CO +15.0 percent, Omaha, NE 14.9 percent, and Tampa, FL +14.7 percent.