April Signs Point to Cooler Summer than Last Year

Following a release from Redfin indicating mixed strength in April's housing segment, RE/MAX has issued its own monthly report, echoing the theme of a cooling market compared to the last few years.

According to the company, April home sales were up an estimated 10.9 percent from March across 52 of the nation’s largest metros, fitting with the 12.4 percent increase Redfin recorded in its 30 surveyed markets. Only two markets in RE/MAX's monthly report posted lower sales on a monthly basis.

Year-over-year, however, the numbers played out differently, indicating a 7.8 percent decline.

Despite the yearly decrease, RE/MAX CEO Margaret Kelly took a positive view on April's statistics.

"While sales and prices aren't growing at the rate they did last year, we still remain in a recovery with the market settling into a more sustainable growth pattern," Kelly said.

According to RE/MAX, the median sales price of all homes sold last month was $190,000, an uptick of 1.9 percent month-over-month and 5.8 percent year-over-year—a little more than half the 10.7 percent push recorded in April 2013.

Of the 52 metro areas surveyed, 38 reported higher prices compared to a year ago. As has been the case through most of the recent recovery, the markets hit hardest in the recession topped the others in terms of growth, with Detroit leading the way at 22.2 percent appreciation. It was followed by Las Vegas (+18.7 percent), Orlando (+14.4 percent), Miami (+13.9 percent), and Atlanta (+12.9 percent).

For all homes sold in April, the average number of days on market was 74, marking the 23^rd straight month in which time on market came in below 90 days and demonstrating the market's high level of demand compared to its low supply.

Looking at inventory, RE/MAX reported a 5.0 percent annual decline. However, available stock did climb 1.9 percent month-over-month—the first monthly gain in the last year—hinting at possible relief to come as housing's usual busy season comes to its peak.