Real Estate Information Archive

Median Home Price Tops $300,000 as Speed of Sales Shrinks Inventory

DENVER, April 19, 2021 /PRNewswire/ -- March home sales jumped by one-third over February's total as demand from hordes of eager homebuyers pushed the Median Sales Price above $300,000 for the first time in the 13-year history of the report. Meanwhile, the pace of sales accelerated – to the fastest rate on record for the month of March – dropping an already strained housing inventory to nearly half of what it was a year ago.

"It's definitely a seller's market right now, and homes are selling at a feverish pitch, further crimping this historically low inventory situation," said Adam Contos, CEO of RE/MAX Holdings, Inc. "On average, homes that sold last month had been on the market just 38 days, nearly three weeks less than the March average of 59 days from the past four years."

Although year-over-year comparisons are skewed by the start of pandemic restrictions in mid-March 2020, housing activity in the report's 53 markets nationwide last month hit several notable milestones and barely missed another, including:

• The Median Sales Price of $303,000 rose 4.5% above the previous report record of $290,050 in February – and was 14.3% higher year over year.
• Inventory dropped to a new report low for the ninth consecutive month and was 45.2% lower year over year.
• Average Months Supply of Inventory set a report record of 1.1, eclipsing the previous low of 1.6 months in February. The figure for March 2020 was 3.2 months of available supply.
• The average Days on Market of 38 was 16 days less than March 2020 and just two days more than the report record of 36 set last November. March was only the fifth month in report history with average Days on Market under 40. All five times have occurred in the past seven months.

Contos continued: "New listings are coming onto the market, but because houses are selling so fast, the inventory total can't keep pace. The result is a constantly thinner range of options for buyers to consider. In many markets, buyers have to race to make an offer – often over listing price – to get the house they want, and that competition creates an attractive environment for sellers. It's tricky on both sides of the equation, and RE/MAX agents are using their industry-leading experience to help buyers and sellers achieve the best outcome."

Highlights and the local markets leading various metrics for March include:

Closed Transactions 
In the 53 metro areas surveyed in March 2021, the overall average number of home sales were up 34.3% compared to February 2021, and up 15.0% compared to March 2020 when pandemic restrictions began. Leading the year-over-year sales percentage increase were New York, NY at 62.6%, San Francisco, CA at 37.9%, and Miami, FL at 36.9%.

Median Sales Price – Median of 53 metro median prices
In March 2021, the median of all 53 metro Median Sales Prices was $303,000, up 4.5% from February 2021, and up 14.3% from March 2020. One metro area, Honolulu, HI, saw a 4.7% decrease year-over-year in Median Sales Price. Thirty-nine metro areas increased year-over-year by double-digit percentages, led by Boise, ID at 31.9%, Augusta, ME at 21.6%, and Pittsburgh, PA at 20.8%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in March 2021 was 38, down four days from the average in February 2021, and down 16 days from the average in March 2020. The metro areas with the lowest Days on Market were Salt Lake City, UT at 16, and a two-way tie between Boise, ID and Seattle, WA at 17. The highest Days on Market averages were in Des Moines, IA at 94, Miami, FL at 90, and New York, NY at 84. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in March 2021 was down 8.9% from February 2021 and down 45.2% from March 2020. Based on the rate of home sales in March 2021, the Months Supply of Inventory decreased to 1.1 compared to 1.7 in February 2021, and decreased compared to 3.2 in March 2020. A six-month supply indicates a market balanced equally between buyers and sellers. In March 2021, all 53 metro areas surveyed reported a months supply under six, which is typically considered a seller's market. The markets with the lowest Months Supply of Inventory were a four-way tie between Albuquerque, NM, Denver, CO, Boise, ID, and Seattle, WA at 0.4.

Prices Rise, Inventory Falls but Sales Stay High as Spring Approaches

DENVER, March 17, 2021 /PRNewswire/ -- The median home price reached $291,000 in February – the highest in the 13-year history of the report – while sales set a new high for the month and inventory continued to drop to record lows.

The record February home sales were up 5.7% year over year, but the increase over January was flat at 0.3%. The February-over-January average for the previous five years has been 5.4% in the ramp-up toward the seasonally higher sales of spring.

The Median Sales Price across the report's 53 metro areas topped the previous high of $290,000 reached in August and tied in October and December during last year's housing surge. In February of last year, the Median Sales Price was $260,000.

At the same time, February's Months Supply of Inventory was down 11.9% from January's and 42% year-over-year, as buyers continued to close on properties in greater numbers than sellers opted to list their homes. Inventory has declined month over month for 20 of the past 21 months.

"The shrinking inventory continued to fuel ongoing bidding wars, and our agents report some homes selling for well above listing price," said Adam Contos, CEO of RE/MAX Holdings, Inc. "It's a complicated, competitive market, with buyers having to act quickly and aggressively to get the home they want. Conditions seem to be keeping some potential sellers on the sidelines, but that could change if or when they see more move-up options on the market. With seasonality, still-low interest rates, and gains in new construction, we hope to see some relief in supply during the coming months. The expertise of a full-time, experienced real estate professional who can guide homebuyers and sellers through any environment has never been more valuable."

Amplifying the dearth of inventory, Months Supply of Inventory dropped to 1.6, which was lower than any previous month in report history and down from 3.4 in February 2020. Days on Market set a February record of 42 as homes sold on average 18 days faster than last February.

In all, five report records for February were rewritten: most home sales, highest price, lowest inventory, fewest Days on Market and fewest Months Supply of Inventory.

Highlights and the local markets leading various metrics for February 2021 include:

Closed Transactions 
Of the 53 metro areas surveyed in February 2021, the overall average number of home sales is up 0.3% compared to January 2021, and up 5.7% compared to February 2020.  Leading the year-over-year sales percentage increase were Augusta, ME at +39.7%, New York, NY at +28.6% and Honolulu, HI at +25.1%.

Median Sales Price – Median of 53 metro median prices
In February 2021, the median of all 53 metro Median Sales Prices was $291,000, up 2.1% from January 2021, and up 11.9% from February 2020. No metro area saw a year-over-year decrease in Median Sales Price. Forty-five metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +29.6%, Augusta, ME at +26.5% and Pittsburgh, PA at +25.8%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in February 2021 was 42, up two days from the average in January 2021, and down 18 days from the average in February 2020. The metro areas with the lowest Days on Market were Boise, ID at 17, Nashville, TN at 21 and Omaha, NE at 22. The highest Days on Market averages were in Des Moines, IA at 94, Miami, FL at 89 and Augusta, ME at 87. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in February 2021 was down 11.9% from January 2021 and down 42.0% from February 2020. Based on the rate of home sales in February 2021, the Months Supply of Inventory decreased to 1.6 compared to 1.9 in January 2021, and decreased compared to 3.4 in February 2020. A six months supply indicates a market balanced equally between buyers and sellers. In February 2021, of the 53 metro areas surveyed, one metro area reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory included a three-way tie at 0.5 months among Albuquerque, NM, Denver, CO, and Boise, ID and a four-way tie at 0.6 between Raleigh-Durham, NC, Charlotte, NC, Phoenix, AZ and Seattle, WA.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Sales Approach Pre-COVID Rate of Increase While Inventory, Days on Market Dwindle

DENVER, Feb. 17, 2021 /PRNewswire/ -- Despite record low inventory, January home sales posted a 13.5% increase over a year ago. That followed four consecutive months of year-over-year sales increases of 19% to 22% on the heels of pandemic lockdowns.

January's year-over-year increase in homes sold represented a sizable gain from the year before and was in line with the pre-COVID months of December 2019 (13.5%) and January 2020 (10.5%).  

"January home sales started the year off with a bang despite the current shortage of homes for sale," said Adam Contos, CEO of RE/MAX Holdings, Inc. "January's year-over-year sales increase wasn't as pronounced as what we saw in the back half of 2020, but it was solid by any objective measure – and it signals that 2021 could be an historically good year for housing. Uncommonly low interest rates, the ascent of the millennial homeowner and the prospect of working from anywhere are converging to shape a housing market unlike any other. We could see mortgage rates begin to inch up soon, so now might be an ideal time for homebuyers and sellers to make their move and take advantage of the favorable conditions."

Although the growth in sales moderated a bit, other key metrics showed the aftereffects of housing's 2020 record-setting, second-half recovery:

• January inventory dipped to the lowest level of any time in the 13-year history of the report. The 35.7% drop year over year was also a report record and marked the fifth consecutive month of year-over-year inventory declines over 30%.
• Months Supply of Inventory totaled 1.7 months and equaled the report low set in July 2020 and then tied in August and October.
• The Median Sales Price of $285,000 was a record for the month of January and 11.8% higher than January 2020. It was just 1.7% below the report record of $290,000 set in August 2020 and then tied in October and December.
• Days on Market averaged 40 – a January record and nearly three weeks less than the 59 days of a year ago. The report record for fewest average Days on Market is 36 days, set in November 2020.

Highlights and the local markets leading various metrics for January 2021 include:

Closed Transactions 
Of the 53 metro areas surveyed in January 2021, the overall average number of home sales is down 32.1% compared to December 2020, and up 13.5% compared to January 2020.  Leading the year-over-year sales percentage increases were San Francisco, CA at +38.5%, Anchorage, AK at +31.7%, and Wilmington/Dover, DE at +30.9%.

Median Sales Price – Median of 53 metro median prices
In January 2021, the median of all 53 metro Median Sales Prices was $285,000, down 1.7% from December 2020, and up +11.8% from January 2020. No metro area saw a year-over-year decrease in Median Sales Price. Forty-five metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +24.3%, Pittsburgh, PA at +21.3%, and Indianapolis, IN at +20.5%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in January 2021 was 40, up three days from the average in December 2020, and down 19 days from the average in January 2020. The metro areas with the lowest Days on Market were Omaha, NE at 18, Boise, ID at 19, and a two-way tie between Cincinnati, OH and Nashville, TN at 21. The highest Days on Market averages were in Des Moines, IA at 99, Miami, FL at 88, and Augusta, ME at 78. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in January 2021 was down 12.1% from December 2020 and down 35.7% from January 2020. Based on the rate of home sales in January 2021, the Months Supply of Inventory decreased to 1.7 compared to 1.9 in December 2020, and decreased compared to 3.5 in January 2020. A six months supply indicates a market balanced equally between buyers and sellers. In January 2021, of the 53 metro areas surveyed, only one metro area, Indianapolis, IN at 9.8, reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were a two-way tie between Albuquerque, NM and Boise, ID at 0.5, and a four-way tie between Phoenix, AZ, Denver, CO, Seattle, WA, and Salt Lake City, UT at 0.6.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Strong December Home Sales, Big Second Half of 2020 Set the Stage for Potentially Historic 2021

DENVER, Jan. 19, 2021 /PRNewswire/ -- December home sales increased 6.2% over November and 21.9% year-over-year, capping a record-breaking second half of 2020 that set new overall monthly benchmarks for most sales, highest price, lowest inventory and quickest closings.

Although December is typically a month with fewer sales, December 2020 ranked 5th in highest number of home sales for the year – and its sales exceeded all but two months of 2019.

"The very strong sales total in December – over 20% higher than a year earlier – reflects just how frenzied the market was as we entered 2021. And when you look at the entire last half of the year, you see sky-high demand for housing across the country," said Adam Contos, CEO of RE/MAX Holdings, Inc. "Buyers are dismissing the potential constraints of rising prices and limited inventory to boldly move ahead with their plans to purchase and own a home. We think that says a lot about the lasting appeal of homeownership.

"Many people want to own their home, not rent, and the low interest rate environment is helping them do it. We expect to see more sellers enter the market this year as they take advantage of the favorable conditions and the greater mobility of working remotely. That, along with gains in construction, would help create more options for buyers, leading to what could be a very big year for sales."

Down 17.9% from November 2020 and 33.0% from December 2019, December 2020 established a record low for inventory in the 13-year history of the report. It also set multiple new December records: 

• Average Days on Market of 37, over two weeks less than the 53 days a year ago.
• Median Sales Price of $290,000 – up 9.4% year-over-year.
• Months of Supply of Inventory at 1.8, which was less than half of December 2019's 3.9.

After the pandemic's initial impact on the housing market last spring and early summer, 2020 ultimately posted a number of highlights in the report's history:

• Home Sales: 5 of the top 10 months of sales since 2008 occurred in 2020 – July (the new record), August, September, October and December
• Inventory: 7 of the top 10 months with the lowest inventory; August through December became the five lowest months in report history, with each month's inventory lower than the previous month's  
• Days on Market: 5 of the top 10 months with the report's fewest Days on Market; September through December comprise the four months with the fastest average time for listing to sale
• Median Sales Price: 9 of the top 10 months with the highest Median Sales Price; at $290,000, August, November and December tied with the highest mark in report history

Highlights and the local markets leading various metrics for December 2020 include:

Closed Transactions 
Of the 53 metro areas surveyed in December 2020, the overall average number of home sales is up 6.2% compared to November 2020, and up 21.9% compared to December 2019.  Leading the year-over-year sales percentage increase were Los Angeles, CA at +42.7%, New York, NY at +40.6%, and Hartford, CT at +39.0%.

Median Sales Price – Median of 53 metro median prices
In December 2020, the median of all 53 metro Median Sales Prices was $290,000, flat from November 2020, and up 9.4% from December 2019. None of the metro areas saw a year-over-year decrease in Median Sales Price. Thirty-six metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +26.6%, Boise, ID at +23.8%, and Detroit, MI at +19.2%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in December 2020 was 37, up one day from the average in November 2020 and down 16 days from the average in December 2019. The metro areas with the lowest Days on Market were Omaha, NE at 17, and a two-way tie between Boise, ID and Cincinnati, OH at 19. The highest Days on Market averages were in Des Moines, IA at 93, Miami, FL at 84, and New York, NY at 71. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in December 2020 was down 17.9% from November 2020 and down 33.0% from December 2019. Based on the rate of home sales in December 2020, the Months Supply of Inventory decreased to 1.8 compared to 2.1 in November 2020 and decreased compared to 3.9 in December 2019. A six months supply indicates a market balanced equally between buyers and sellers. In December 2020, of the 53 metro areas surveyed, two metro areas, Miami, FL and Indianapolis, IN reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were a two-way tie between Albuquerque, NM and Boise, ID at 0.6, and Salt Lake City, UT at 0.7.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Monthly Home Sales Up Nearly 20 Percent from a Year Ago

DENVER, Dec. 17, 2020 /PRNewswire/ -- The housing market continued its extraordinary half-year run of high activity, with November 2020 home sales up almost 20% over November 2019 – establishing a new high for the month in the 13-year history of the report.

November did experience the normal seasonal decline from October, with home sales decreasing 14.5% month-to-month, but that drop was in line with the 12% average of the past five years. In fact, November 2020 broke several records for the RE/MAX National Housing Report, and inventory reached its lowest point since the report debuted in 2008.

In addition to Home Sales that eclipsed the previous high for November, set in 2017, new November records reflecting averages across 52 U.S. markets included:

• The Median Sales Price of $292,000 was up 13.8% from November 2019
• Days on Market was a mere 36 – down nearly two weeks from last year's 49
• Months Supply of Inventory totaled 1.8 – only slightly more than the report record low of 1.7 set in August

"The nearly 20% year-over-year gain in sales is another sign of the housing market's enduring strength and appeal. People are on the move, and we anticipate buyer demand staying high into next year," said Adam Contos, CEO of RE/MAX Holdings, Inc. "The low interest rate environment is driving opportunities for both buyers and sellers, so the upticks in price aren't slowing things down much at all. The primary headwind continues to be the severe lack of available inventory across the country."

"Eventually, generational factors, lifestyle choices and workplace flexibility should bring more sellers into the market, addressing the current imbalance. If that happens next year, 2021 could be one for the record books."

Home sales continued to far outnumber new listings. November was the fourth consecutive month of 2020 to set a new report record for fewest listings.

Highlights and the local markets leading various metrics include:

Closed Transactions 
Of the 52 metro areas surveyed in November 2020, the overall average number of home sales is up 19.7% compared to November 2019, and down 14.5% compared to October 2020.  Leading the year-over-year sales percentage increases were Little Rock, AR at +36.5%, Chicago, IL at +32.3%, and Hartford, CT at +30.6%.

Median Sales Price – Median of 52 metro median prices
In November 2020, the median of all 52 metro Median Sales Prices was $292,000, up 13.8% from November 2019 and down 1.0% from October 2020. No metro area saw a year-over-year decrease in Median Sales Price. Thirty-nine metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +26.4%, Tulsa, OK at +20.7%, and Boise, ID at +19.2%.

Days on Market – Average of 52 metro areas
The average Days on Market for homes sold in November 2020 was 36, down 13 days from the average in November 2019, and down one day from the average in October 2020. The metro areas with the lowest Days on Market were Omaha, NE at 16, Cincinnati, OH at 18, and Boise, ID at 19. The highest Days on Market averages were in Des Moines, IA at 91, Miami, FL at 83, and New York, NY at 74. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 52 metro areas
The number of homes for sale in November 2020 was down 31.8% from November 2019 and down 13.3% from October 2020. Based on the rate of home sales in November 2020, the Months Supply of Inventory was flat at 1.8 compared to October 2020, and decreased compared to 3.7 in November 2019. In November 2020, of the 52 metro areas surveyed, only two metro areas reported a months supply at or over six, which is typically considered a buyer's market. Those markets were Miami, FL at 6.7 and Indianapolis, IN at 6.2. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.6, and a three-way tie among Albuquerque, NM, Denver, CO, and Manchester, NH at 0.8.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Homes Sell at Fastest Pace in Over a Decade

DENVER, Nov. 17, 2020 /PRNewswire/ -- For the first time since 2009, homes sold faster in October than the preceding summer peak season, according to the RE/MAX National Housing Report. And across 52 markets, the average of 38 days from listing to contract marked the fastest pace of any month in the report's 13-year history.Defying seasonality in a year upended by the pandemic, October sales were the third-highest year-to-date. Home sales were slightly up compared to September 2020 (+0.1%), and 20.8% ahead of October 2019. The Median Sales Price of $295,000, which was 0.9% higher than September's median price and 15.4% higher year-over-year, set a report record for October.

"The housing market continued its remarkable run in October, driven by high demand and historically low interest rates. Buyers, many of them freed from the constraints of having to live close to work, are jumping into the market and looking for homes that have what they want – a home office, more outdoor space, or whatever else it might be," said Adam Contos, CEO of RE/MAX Holdings, Inc.

"The short turnaround times are telling, too. Buyers are ready to act as soon as they see the right home. Sellers who want to get through the process quickly, without having to move much on price, have a great opportunity to do so right now. That advantage should bring more listings into the market in the months ahead, but with inventory levels as low as they are, it will likely be a while before we see anything resembling a balanced market."

Reflecting an abundance of home buyers and a shortage of sellers, inventory fell 32.5% year-over-year to set another report record.

October's average Days on Market of 38 was one day less than September and down 11 days year-over-year. The average Months Supply of Inventory at 1.7 tied July and August for the smallest in report history, with a handful of markets reporting less than a one-month supply.

Highlights and the local markets leading various metrics include:

Closed Transactions 

Of the 52 metro areas surveyed in October 2020, the overall average number of home sales was up 0.1% compared to September 2020, and up 20.8% compared to October 2019.  Leading the year-over-year sales percentage increase were Hartford, CT at +41.3%, Wichita, KS at +33.9%, and Chicago, IL at +33.4%.

Median Sales Price – Median of 52 metro median prices

In October 2020, the median of all 52 metro Median Sales Prices was $295,000, up 0.9% from September 2020, and up 15.4% from October 2019. No metro area saw a year-over-year decrease in Median Sales Price. Forty-eight metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +29.1%, Tulsa, OK at +20.5%, and Cincinnati, OH at +20.4%.

Days on Market – Average of 52 metro areas

The average Days on Market for homes sold in October 2020 was 38, down one day from the average in September 2020, and down 11 days from the average in October 2019. The metro areas with the lowest Days on Market were Cincinnati, OH at 18, Boise, ID at 20, and Nashville, TN at 21. The highest Days on Market averages were in Miami, FL at 89, Des Moines, IA at 86, and New York, NY at 74. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 52 metro areas

The number of homes for sale in October 2020 was down 7.6% from September 2020 and down 32.5% from October 2019. Based on the rate of home sales in October 2020, the Months Supply of Inventory decreased to 1.7 compared to 1.9 in September 2020, and decreased compared to 3.6 in October 2019. A six months supply indicates a market balanced equally between buyers and sellers. In October 2020, of the 52 metro areas surveyed, zero metro areas reported a months supply at or over six, which is historically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.5, a two-way tie between Albuquerque, NM and Manchester, NH at 0.7, and a four-way tie between Phoenix, AZ, Charlotte, NC, Denver, CO, and Omaha, NE at 0.9.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Sales Surge by Over 20% as Homes Sell a Week Faster than a Year Ago

DENVER, Oct. 19, 2020 /PRNewswire/ -- The streak of record-shattering home sales stretched to three months in September, as closings rose 21.1% from a year ago. On average, homes sold in a mere 39 days – a full week faster than in September 2019.

Meanwhile, inventory plummeted 31.9% year over year as the number of homes on the market dropped to an all-time low in the 13-year history of the report.

Delayed by pandemic-related lockdowns, summer's peak homebuying season pushed into fall. September sales were only 3.3% lower than August's, while the average seasonal August-to-September drop-off over the previous five years was 15.3%.

"September's massive year-over-year increase in home sales was the latest reminder of the housing market's overall strength and resiliency," said Adam Contos, CEO of RE/MAX Holdings, Inc. "Demand is off the charts right now. Buyers of all ages are coming into the market determined to improve their quality of life through amenities, community and the unique security that comes with homeownership. They're working through the challenges of tight inventory, high prices and competing offers to take advantage of historically low interest rates and, in many cases, the greater mobility they now enjoy through working remote.

"Generational factors and a continuing rebound in home construction support the notion of an active housing market moving into next year."

September inventory sank below the previous report low set in August 2020. Thus far, six months of 2020 rank among the 10 months with the lowest inventory in the history of the report.

The Median Sale Price of $289,900 was just $100 below the report record set in August 2020, and 12.8% above September 2019. Also increasing in September was the Months Supply of Inventory, which ticked up to 1.8 from the record low of 1.7 set the previous two months. A year ago, Months Supply of Inventory totaled 3.8.

Closed Transactions 
Of the 53 metro areas surveyed in September 2020, the overall average number of home sales is down 3.3% compared to August 2020, and up 21.1% compared to September 2019. Leading the year-over-year sales percentage increase were Billings, MT at +37.1%, San Francisco, CA at +34.7%, and Hartford, CT at +33.3%.

Median Sales Price – Median of 53 metro median prices
In September 2020, the median of all 53 metro Median Sales Prices was $289,900, flat from August 2020, and up 12.8% from September 2019. Forty metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +25.1%, Tulsa, OK at +21.7%, and Indianapolis, IN at +21.0%. No metro area saw a year-over-year decrease in Median Sales Price.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in September 2020 was 39, down two days from the average in August 2020, and down seven days from the average in September 2019. The metro area with the lowest Days on Market was a tie between Omaha, NE and Cincinnati, OH at 17. Nashville, TN was third at 21. The highest Days on Market averages were in Miami, FL at 92, Des Moines, IL at 90, and New York, NY at 79. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in September 2020 was down 6.5% from August 2020 and down 31.9% from September 2019. Based on the rate of home sales in September 2020, the Months Supply of Inventory remained flat at 1.8 compared to August 2020, and decreased compared to 3.8 in September 2019. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.5, Albuquerque, NM at 0.7, while both Manchester, NH and Omaha, NE had 0.8.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Home Sales Sizzle Amid All-Time Low Inventory, Rising Prices

DENVER, Sept. 17, 2020 /PRNewswire/ -- The blistering hot streak of U.S. home sales continued in August, reaching record levels for the month. August also set new report records for lowest inventory and days on market as well as highest median sales price.

August home sales, continuing a torrid summer, were the highlight of the month. Year over year, home sales rose 4.3% and marked the third-highest total in the report's 13-year history covering 53 metro markets. July 2020 holds the report record for most home sales, followed by June 2017. Year to date, 2020 home sales trail 2019's by only 3% after being 9% lower through May.

"The demand for houses is easily eclipsing the available inventory in metro areas across the country. Buyers are moving forward in record numbers, unfazed by inventory challenges and consistently higher prices," said Adam Contos, CEO of RE/MAX Holdings, Inc. "Homeowners in a position to sell are seizing the opportunity – and benefiting from the one-two combination of enthusiastic, competitive buyers and significantly quicker turnaround times. In many respects, the current environment presents advantages on both sides of the equation."

While sales climbed, the number of homes on the market in August plunged 29.6% year-over-year – to an all-time report low. And in a related metric, the 1.7 Months of Inventory tied July for the lowest in report history.

This high-demand, low-supply dynamic drove the Median Sales Price to $290,000, topping the previous report record of $285,000 set just one month ago in July. Prices rose 11.5% from August 2019, the highest year-over-year increase in more than six years.

On average, homes spent a mere 41 Days on Market – tying July 2018 for the shortest time in report history. Fourteen markets reported 30 days or less from listing to contract signing. Compare that to August 2019, when average Days on Market totaled 45.

Closed Transactions 
Of the 53 metro areas surveyed in August 2020, the overall average number of home sales is down 7.6% compared to July 2020, and up 4.3% compared to August 2019.  Leading the year-over-year sales percentage increase were Chicago, IL at +20.1%, Boise, ID at +15.7%, and Hartford, CT at +15.2%.

Median Sales Price – Median of 53 metro median prices
In August 2020, the median of all 53 metro Median Sales Prices was $290,000, up 1.8% from July 2020, and up 11.5% from August 2019.  Thirty metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +22.8%, Tulsa, OK at +21.8%, and Cincinnati, OH at +18.3%. Not a single metro area saw a year-over-year decrease in Median Sales Price.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in August 2020 was 41, down three days from the average in July 2020, and down four days from the average in August 2019. The metro areas with the lowest Days on Market were Omaha, NE at 17, Cincinnati, OH at 21, and a tie between Seattle, WA and Nashville, TN at 22. The highest Days on Market averages were in Des Moines, IA at 92, Miami, FL at 89, and New York, NY at 83. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in August 2020 was down 6.1% from July 2020 and down 29.6% from August 2019. Based on the rate of home sales in August 2020, the Months Supply of Inventory decreased to 1.7 compared to 1.9 in July 2020, and decreased compared to 3.3 in August 2019. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.5, Albuquerque, NM at 0.7, and a seven-way tie between Hartford, CT, Phoenix, AZ, Charlotte, NC, Manchester, NH, Washington DC, Denver, CO, and Omaha, NE at 0.9.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

July Home Sales Jump 8.7% Despite Low Inventory, Ending Recent Skid

DENVER, Aug. 19, 2020 /PRNewswire/ -- In a significant upward shift, July home sales rose 8.7% over July 2019, halting a streak of year-over-year sales declines triggered by the COVID-19 pandemic. July's market was blistering hot despite the lowest Months Supply of Inventory (1.7 months) in the 12-year history of the report.

July set a report record for most home sales in any month among the report's 53 metro markets. Seven months into 2020, home sales are just 4.8% below 2019, compared to the end of May when the year-to-date total was 8.9% behind last year's pace. Surprisingly, 2020 monthly sales have exceeded 2019 in four out of seven months thus far.

"The sharp gain in home sales in July – which was the best month of home sales in our report's history – is further evidence of housing's remarkable recovery amidst the pandemic," said Adam Contos, RE/MAX Holdings CEO. "Home sales typically peak in May or June, but this year we're seeing an overlap of the spring and summer markets. And, as strong as July was, sales may have been even higher if inventory hadn't been so tight."

Continued Contos: "Buyers have returned to the market more quickly than sellers, likely spurred on by historically low interest rates and coronavirus-inspired lifestyle changes. Home is the center of life in 2020, and the pandemic has caused people to reconsider their living situations – especially with so many people working from home. So far, buyers have shown they are willing to pay steadily increasing prices, so the months ahead could be very active, especially if more homeowners decide to jump in and sell."

Finding a home to buy remains the biggest challenge for many. July inventory dropped 30.1% from July 2019, a report record, and was the ninth consecutive month of double-digit declines year over year. The only three months with lower inventory totals were two winters ago: December 2017 and January and February 2018.

July's 1.7 Months of Inventory marked only the second month in report history with below 2 months supply. Even with year-over-year declines factored in, housing inventory is typically at its highest during the summer months.

July's Median Sales Price of $285,000 is up 8.6% year-over-year. This is in line with pre-pandemic rises in price after smaller year-over-year price increases of 4.7% and 1.9% in May and June, respectively. Days on Market averaged 44, an increase from 43 the previous July.

Closed Transactions

Of the 53 metro areas surveyed in July 2020, the overall average number of home sales is up 18.6% compared to June 2020, and up 8.7% compared to July 2019.  Leading the year-over-year sales percentage increase were Pittsburgh, PA at +25.9%, Des Moines, IA at +25.2%, and Denver, CO at +22.3%.

Median Sales Price – Median of 53 metro median prices

In July 2020, the median of all 53 metro Median Sales Prices was $285,000, up 3.4% from June 2020, and up 8.6% from July 2019. Only one metro area, Honolulu, HI at -4.0%, saw a year-over-year decrease in Median Sales Price. Twenty-two metro areas increased year-over-year by double-digit percentages, led by Birmingham, AL at +17.1%, Augusta, ME at +14.1%, and Indianapolis, IN at +14.0%.

Days on Market – Average of 53 metro areas

The average Days on Market for homes sold in July 2020 was 44, down one day from the average in June 2020, and up one day from the average in July 2019. The metro areas with the lowest Days on Market were Omaha, NE at 20, Cincinnati, OH at 24, and Seattle, WA at 25. The highest Days on Market averages were in Des Moines, IA at 94, Augusta, ME at 91, and Miami, FL at 90. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas

The number of homes for sale in July 2020 was down 6.2% from June 2020 and down 30.1% from July 2019. Based on the rate of home sales in July 2020, the Months Supply of Inventory decreased to 1.7 compared to 2.1 in June 2020 and decreased compared to 3.2 in July 2019. A six months supply indicates a market balanced equally between buyers and sellers. In July 2020, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were a two-way tie between Albuquerque, NM and Boise, ID at 0.7, and a four-way tie among Hartford, CT, Phoenix, AZ, Manchester, NH, and Washington DC at 0.9.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Home Sales Post Near-Record Turnaround Despite Inventory Constraints

DENVER, July 17, 2020 /PRNewswire/ -- RE/MAX, LLC announced today June home sales posted a near-record 37% gain over a pandemic-impacted May while Months Supply of Inventory dropped below two months for the first time in the report's 12-year history.

Overall, U.S. home sales returned to near seasonal levels – just 6.9% lower than last June, which was the third-highest sales month of 2019. All of the report's 53 metro markets posted gains over May and a third of them topped last June. The June results were far different than those of May and April, which both reflected widespread stay-at-home mandates in many states.

"June home sales snapped back in a major way," said Adam Contos, RE/MAX Holdings CEO. "With historically low interest rates, stabilizing unemployment and increased mobility tied to working remotely, buyer demand remains high in most areas of the country. We're seeing positives in several leading indicators such as pending sales and mortgage applications.

"The biggest challenge continues to be lack of inventory, and over time we may see some gains around people wanting a different living environment after spending so much time at home this year. There's also some potential in the idea that with changing workplace dynamics, underused commercial spaces could be transformed into residential properties. Creative solutions like that may provide some relief for inventory constraints as well as affordability issues." 

The 37% increase in sales from May to June was the third-highest month-over-month turnaround in the report's history. The 12-year average for May-to-June sales increases is 8.4%.

Going in the opposite direction, inventory dropped 27.9% year over year, pushing the Months Supply of Inventory to 1.9 from the previous report low of 2.7 months set in May. The number of homes for sale is at low levels not seen consistently since early 2018.

June's Median Sales Price of $275,000 is up 1.9% year over year, the lowest year-over-year price increase of any month since December 2018's 0.4% price drop.

Days on Market averaged 45, the same as the previous June.

Closed Transactions 
Of the 53 metro areas surveyed in June 2020, the overall average number of home sales is up 37% compared to May 2020, and down 6.9% compared to June 2019.  Leading the year-over-year sales percentage increase were Tulsa, OK at +15.9%, Little Rock, AR at +14.6%, and Dallas/Ft Worth, TX at +9.3%.

Median Sales Price – Median of 53 metro median prices
In June 2020, the median of all 53 metro Median Sales Prices was $275,000, up 0.8% from May 2020, and up 1.9% from June 2019. Only one metro area, Des Moines, IA at -1.3%, saw a year-over-year decrease in Median Sales Price. Two metro areas increased year-over-year by double-digit percentages: Miami, FL at +11.1% and Indianapolis, IN at +10.0%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in June 2020 was 45, down one day from the average in May 2020, and equivalent to the average in June 2019. The metro areas with the lowest Days on Market were Omaha, NE at 22, Cincinnati, OH at 23, and Seattle, WA at 25. The highest Days on Market averages were in Des Moines, IA at 90, Miami, FL at 88, and New York, NY at 85. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in June 2020 was down 5.3% from May 2020 and down 27.9% from June 2019. Based on the rate of home sales in June 2020, the Months Supply of Inventory decreased to 1.9 compared to 2.7 in May 2020, and decreased compared to 3.2 in June 2019. A six months supply indicates a market balanced equally between buyers and sellers. In June 2020, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Manchester, NH at 0.7, and a tie between Albuquerque, NM and Boise, ID at 0.8.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005