U.S. home sales increased by 2.3% year over year and 3.6% month over month in April, according to the April RE/MAX National Housing Report.
The U.S. median home sales price also jumped 7.5% year over year in April, and 3.0% month over month.
Inventory for April dipped 11.3% year over year, but rose 3.4% from March, remaining at a 2.5 months' supply, which is the lowest supply since the RE/MAX report began in 2011. All 53 surveyed metro areas reported a months' supply below six months, indicating a seller's market.
Las Vegas experienced the largest rise in home prices, at 18.0%, followed by Seattle at 17.0%. Trenton, N.J., registered the largest decrease, at 5.1%. Milwaukee, Wis., topped the metro areas that posted year-over-year sales increases, at 13.4%.
"If 2018 is like recent years, we're only two months away from home prices peaking — we're already seeing some impressive prices moving up in markets throughout the U.S.," RE/MAX CEO Adam Contos said in the report.
