Housing Ends Summer Strong; Only Slight Inventory Relief
DENVER – U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma.
The RE/MAX National Housing Report shows August sales topping July by 2.8%, but finishing 0.84% below August 2016 which remains the best August in the report’s 9-year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3% drop in sales from July and a 27.5% decline year-over-year.
Inventory in the report’s 54 markets declined 3.9% from July and 13.7% from a year ago, driving Days on Market to drop to 47 – the fastest listing-to-sale average for any August. The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.
“Overall, we’re still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”
After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4% higher year-over-year. Closed Transactions Of the 54 metro areas surveyed in August 2017, the overall average number of home sales increased 2.8% compared to July 2017 and decreased 0.84% compared to August 2016. Twenty-four of the 54 metro areas experienced an increase in sales year-over-year including, Wilmington/Dover, DE,+17.2%, Trenton, NJ, +13.8%, Honolulu, HI, +12%, Augusta, ME, +11.1% and Boise, ID, +9%.
Median Sales Price – Median of 54 metro median prices In August 2017, the median of all 54 metro Median Sales Prices was $236,475, down 1.3% from July 2017 but up 5.4% from August 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Anchorage, AK, -1.5%, Augusta, ME, -1.4% and Hartford, CT, -1.4%). Nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Cincinnati, OH, +14.5%, Las Vegas, NV, +13.7%, Boise, ID, +12.4%, Nashville, TN, +12.1% , San Francisco, CA, +11.5%, and Seattle, WA, +11.4%. Days on Market – Average of 54 metro areas The average Days on Market for homes sold in August 2017 was 47, up two days from the average in July 2017, and down seven days from the August 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE, and Seattle, WA, at 21, and Denver, CO, and San Francisco, CA, at 24. The highest Days on Market averages were in Augusta, ME, at 100 and Burlington, VT, at 92. 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 54 metro areas The number of homes for sale in August 2017 was down 3.9% from July 2017, and down 13.7% from August 2016. Based on the rate of home sales in August, the Months Supply of Inventory remained unchanged from July 2017 at 3.1, compared to August 2016 at 3.4. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In August 2017, 53 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.5, Miami, FL, was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.0, Seattle, WA, at 1.3, Denver, CO, at 1.4 and San Diego, CA, at 1.7.
Home Sales Decreased in July, but Sold at Faster Pace
DENVER – While July home sales decreased slightly, homes sold at a faster rate than any month in nearly a decade, according to the August RE/MAX National Housing Report that analyzes housing data in 54* metro areas.
July home sales declined 0.8% year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4% higher year-over-year. Homes sold quickly in July, with an average 45 Days on Market, a record low for the report.
Other notable numbers from this month’s RE/MAX National Housing Report include: -Sales increased in 19 metro areas even as home sales declined 0.8% compared to July 2016. -The Median Sales Price of $239,950 was the highest for any July in the nine-year history of the report. -Inventory dropped 14.1% year-over-year, with 46 metro areas seeing fewer homes for sale or remaining unchanged. Year-over-year, inventory has declined every month since November 2008. -Months Supply of Inventory hovered at 3.1 months, a new July low in the report.
“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”
Closed Transactions Of the 54 metro areas surveyed in July 2017, the overall average number of home sales decreased 15.8% compared to June 2017 and 0.8% compared to July 2016. Nineteen of the 54 metro areas experienced an increase in sales year-over-year including, Las Vegas, NV, +19.8%, Wilmington/Dover, DE, +16.9%, Augusta, ME, +8.1%, Philadelphia, PA, +4.9% and Tampa, FL, +4.8%.
Median Sales Price – Median of 54 metro median prices In July 2017, the median of all 54 metro Median Sales Prices was $239,950, down 1.0% from June 2017 but up 7.4% from July 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Billings, MT, -2.2%, Anchorage, AK, -0.7%, and Houston, TX, 0.0%). Seven metro areas increased by double-digit percentages, with the largest increases seen in Seattle, WA, +13.7%, Tampa, FL, +13.5%, Milwaukee, WI, +11.6%, Portland, OR, +11.4% and Charlotte, NC, +11.0%.
Days on Market – Average of 54 metro areas The average Days on Market for homes sold in July 2017 was 45, down two days from the average in June 2017, and down eight days from the July 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 22 and San Francisco, CA at 24. The highest Days on Market averages were in Augusta, ME at 98 and Miami, FL at 81. 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 54 metro areas The number of homes for sale in July 2017 was down 2.1% from June 2017, and down 14.1% from July 2016. Based on the rate of home sales in July, the Months Supply of Inventory was 3.1, compared to June 2017 at 2.8 and July 2016 at 3.5. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2017, 52 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 7.4 and 6.2 respectively, Miami, FL and Augusta, ME were the only metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with San Francisco, CA at 1.2, Seattle, WA at 1.3, Denver, CO at 1.4 and Omaha, NE at 1.6.
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
Office: 505-798-1000
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!
July RE/MAX National Housing Report on MLS Data from 53 Metro Areas
DENVER – Halfway through 2017, the U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016, according to the July 2017 RE/MAX National Housing Report. June home sales were 1.4% higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report. To access the housing report infographic, visit rem.ax/2cYFT50.
The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5% over last June, also set a RE/MAX National Housing report record. In fact, prices increased in 50 of the report’s 53 markets.
The average number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87% of the markets.
Other notable numbers:
Thirty of the 53 metro areas experienced an increase in transactions.
The June 2017 Median Sales Price of $245,000 was the highest in the history of the report.
Decreasing 15.2% from June 2016, inventory continued to decline year-over-year. This is the 104th consecutive month of year-over-year declines dating back to October 2008.
The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.
“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”
Closed Transactions
Of the 53 metro areas surveyed in June 2017, the overall average number of home sales increased 7.5% compared to May 2017 and 1.4% compared to June 2016. Thirty of the 53 metro areas experienced an increase in sales year-over-year including, Trenton, NJ +14.9%, Fargo, ND +14.6%, Wilmington/Dover, DE +12.9%, Albuquerque, NM +10.4% and Billings, MT +10.4%.
Median Sales Price – Median of 53 metro median prices
In June 2017, the median of all 53 metro Median Sales Prices was $245,000, up 5.6% from May 2017 and up 7.5% from June 2016. Only three metro areas saw a decrease in Median Sales Price (Trenton, NJ, -12.1%, Anchorage, AK, -2.5%, and Wilmington/Dover, DE, -1.3%). Ten metro areas increased by double-digit percentages, with the largest increases seen in Las Vegas, NV +13.7%, Nashville, TN +13.7%, Seattle, WA 12.3%, Manchester, NH +12.2%, and San Diego, CA +11.6%.
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in June 2017 was 47, down four days from the average in May 2017, and down seven days from the June 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 21 and San Francisco, CA at 22. The highest Days on Market averages were in Augusta, ME at 119 and Miami, FL 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 2017 was up 1.2% from May 2017, and down 15.2% from June 2016. Based on the rate of home sales in June, the Months Supply of Inventory was 2.8, compared to May 2017 at 2.6 and June 2016 at 3.2. This is the fourth consecutive month that months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In June 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.4, Miami, FL continued to be the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with San Francisco, CA at 1.0, Seattle, WA at 1.1, and Denver, CO at 1.2.
DENVER – Halfway through 2017, the U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016, according to the July 2017 RE/MAX National Housing Report. June home sales were 1.4% higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report.
The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5% over last June, also set a RE/MAX National Housing report record. In fact, prices increased in 50 of the report’s 53 markets.
The average number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87% of the markets. Other notable numbers:
Thirty of the 53 metro areas experienced an increase in transactions.
The June 2017 Median Sales Price of $245,000 was the highest in the history of the report.
Decreasing 15.2% from June 2016, inventory continued to decline year-over-year. This is the 104th consecutive month of year-over-year declines dating back to October 2008.
The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.
“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”
Closed Transactions Of the 53 metro areas surveyed in June 2017, the overall average number of home sales increased 7.5% compared to May 2017 and 1.4% compared to June 2016. Thirty of the 53 metro areas experienced an increase in sales year-over-year including, Trenton, NJ +14.9%, Fargo, ND +14.6%, Wilmington/Dover, DE +12.9%, Albuquerque, NM +10.4% and Billings, MT +10.4%.
Median Sales Price – Median of 53 metro median prices In June 2017, the median of all 53 metro Median Sales Prices was $245,000, up 5.6% from May 2017 and up 7.5% from June 2016. Only three metro areas saw a decrease in Median Sales Price (Trenton, NJ, -12.1%, Anchorage, AK, -2.5%, and Wilmington/Dover, DE, -1.3%). Ten metro areas increased by double-digit percentages, with the largest increases seen in Las Vegas, NV +13.7%, Nashville, TN +13.7%, Seattle, WA 12.3%, Manchester, NH +12.2%, and San Diego, CA +11.6%.
Days on Market – Average of 53 metro areas The average Days on Market for homes sold in June 2017 was 47, down four days from the average in May 2017, and down seven days from the June 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 21 and San Francisco, CA at 22. The highest Days on Market averages were in Augusta, ME at 119 and Miami, FL 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 2017 was up 1.2% from May 2017, and down 15.2% from June 2016. Based on the rate of home sales in June, the Months Supply of Inventory was 2.8, compared to May 2017 at 2.6 and June 2016 at 3.2. This is the fourth consecutive month that months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In June 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.4, Miami, FL continued to be the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with San Francisco, CA at 1.0, Seattle, WA at 1.1, and Denver, CO at 1.2.
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!
RE/MAX National Housing Report on MLS Data from 53 Metro Areas
DENVER – After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report. To access the housing report infographic, visit rem.ax/2cYFT50.
In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report.
Other notable numbers:
Over two-thirds of the metro areas experienced an increase in transactions.
The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103rdconsecutive month of year-over-year declines dating back to October 2008.
The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.
“In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO. “We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”
Closed Transactions Of the 53 metro areas surveyed in May 2017, the overall average number of home sales increased 4.3% compared to May 2016. Thirty-nine of the 53 metro areas experienced an increase in sales year-over-year including Albuquerque, NM +20.8%, Tulsa, OK +13.4%, Las Vegas, NV +12.2%, Honolulu, HI +11.5%, Phoenix AZ, +11.3%.
Median Sales Price – Median of 53 metro median prices In May 2017, the median of all 53 metro Median Sales Prices was $232,500, up 2.9% from April 2017 and up 3.6% from May 2016. Fargo, ND was the only metro area to see a year-over-year price decrease (-2.73%). Six metro areas increased by double-digit percentages, with the largest increases seen in Manchester, NH +13.2%, Seattle, WA +12.8%, Tampa, FL +12.8%, Las Vegas, NV +10.7% and Dallas/Fort Worth +10.7%.
Days on Market – Average of 53 metro areas The average Days on Market for homes sold in May 2017 was 51, down six days from the average in April 2017, and down seven days from the May 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, San Francisco, CA at 21, Seattle, WA at 22 and Denver, CO at 23. The highest Days on Market averages were in Augusta, ME at 136 and Burlington, VT at 98. 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 May 2017 was down 0.6% from April 2017, and down 16.2% from May 2016. Based on the rate of home sales in May, the Months Supply of Inventory was 2.6, compared to April 2017 at 2.8 and May 2016 at 3.0. This is the third month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.1, Miami, FL was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with both San Francisco, CA and Seattle, WA at 0.9, and Denver, CO at 1.0 for the fourth month in a row.
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
Office: 505-798-1000
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 Office: 505-798-1000
RE/MAX National Housing Report on MLS Data from 53 Metro Areas
DENVER – After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report.
In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report.
Other notable numbers:
Over two-thirds of the metro areas experienced an increase in transactions.
The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103rdconsecutive month of year-over-year declines dating back to October 2008.
The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.
“In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO. “We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”
Closed Transactions Of the 53 metro areas surveyed in May 2017, the overall average number of home sales increased 4.3% compared to May 2016. Thirty-nine of the 53 metro areas experienced an increase in sales year-over-year including Albuquerque, NM +20.8%, Tulsa, OK +13.4%, Las Vegas, NV +12.2%, Honolulu, HI +11.5%, Phoenix AZ, +11.3%.
Median Sales Price – Median of 53 metro median prices In May 2017, the median of all 53 metro Median Sales Prices was $232,500, up 2.9% from April 2017 and up 3.6% from May 2016. Fargo, ND was the only metro area to see a year-over-year price decrease (-2.73%). Six metro areas increased by double-digit percentages, with the largest increases seen in Manchester, NH +13.2%, Seattle, WA +12.8%, Tampa, FL +12.8%, Las Vegas, NV +10.7% and Dallas/Fort Worth +10.7%.
Days on Market – Average of 53 metro areas The average Days on Market for homes sold in May 2017 was 51, down six days from the average in April 2017, and down seven days from the May 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, San Francisco, CA at 21, Seattle, WA at 22 and Denver, CO at 23. The highest Days on Market averages were in Augusta, ME at 136 and Burlington, VT at 98. 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 May 2017 was down 0.6% from April 2017, and down 16.2% from May 2016. Based on the rate of home sales in May, the Months Supply of Inventory was 2.6, compared to April 2017 at 2.8 and May 2016 at 3.0. This is the third month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.1, Miami, FL was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with both San Francisco, CA and Seattle, WA at 0.9, and Denver, CO at 1.0 for the fourth month in a row.
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
Office: 505-798-1000
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 Office: 505-798-1000
April Home Sales Cooler Than Typical Spring Season
DENVER – The brisk start to the 2017 home-selling season slowed down in April with home sales dropping 4.1% below March and 4.5% below the previous April, according to this month’s RE/MAX National Housing Report.
Yet the narrative of the ever-tightening inventory coupled with increased prices persisted, as the 53 metro area report saw the trends of a seller’s market continuing: -The average number of Days on Market declined for the third consecutive month and April’s 57 days set a new low for April in the report’s nine-year history. -The Median Sales Price of $226,000 was the highest price for any April and marked the 13th consecutive month of year-over-year price increases. -Months Supply of Inventory, which dropped below 3 months in March for the first time in the report’s history, was 2.8. A months supply of less than 6.0 is considered a seller’s market. -Inventory was down 17.6% from April 2016. This is the 102nd consecutive month of year-over-year declines dating back to October 2008.
More than three quarters of the report’s 53 metro areas saw April home sales decline year-over-year. By contrast, March posted a 6.6% year-over-year spike in sales. Even so, April saw homes sell for more than they did in March in 81% of the markets, while 92% of the markets saw higher year-over-year sale prices.
“We may be seeing some frustration from buyers,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Inventory is tighter than ever, while strong demand keeps driving up home prices. At the same time, many potential sellers may also be reluctant to list their homes because the tight inventory might impact them as buyers. Home buyers and sellers will need to work with experienced real estate agents to navigate this tough market.”
Closed Transactions Of the 53 metro areas surveyed in April 2017, the overall average number of home sales decreased 4.5% compared to April 2016. Forty-three of the 53 metro areas experienced a decrease in sales year-over-year or remained unchanged. Ten markets saw an increase in sales, including Wilmington/Dover, DE +13.8%, Fargo, ND +5.7%, Trenton, NJ +5.0%, Phoenix, AZ +4.3% and Houston, TX +2.3%.
Median Sales Price – Median of 53 metro median prices In April 2017, the median of all 53 metro Median Sales Prices was $226,000, up 0.44% from March 2017 and up 5.2% from April 2016. Only four metro areas saw year-over-year price decreases, with 10 rising by double-digit percentages. The largest double-digit increases were seen in Seattle, WA +13.9%, Dallas/Ft. Worth, TX +12.5%, Charlotte, NC +12.2%, Miami, FL +12.0% and Orlando, FL +11.7%.
Days on Market – Average of 53 metro areas The average Days on Market for homes sold in April 2017 was 57, down seven days from the average in March 2017, and down seven days from the April 2016 average. The four metro areas with the lowest Days on Market were San Francisco, CA at 22, Denver, CO at 25, Seattle, WA at 26 and Omaha, NE at 27. The highest Days on Market averages were in Augusta, ME at 148 and New York, NY at 96. 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 April 2017 was down 1.3% from March 2017, and down 17.6% from April 2016. Based on the rate of home sales in April, the Months Supply of Inventory was 2.8, compared to March 2017 at 2.7 and April 2016 at 3.2. This is the second month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In April 2017, 51 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.5, Burlington, VT and at 6.4, Miami, FL were the only two metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with Seattle, WA remaining at 0.9 for the second month in a row, Denver, CO remaining at 1.0 for the third month in a row and San Francisco, CA at 1.1.
Strong March Home Sales, Low Inventory Means Tougher Market for Buyers
DENVER– March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas. Last month, home sales were 6.6% higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the 53 metro areas in the report showed year-over-year increases. Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market. Active inventory continued to decline, dropping 17% year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up 11% year-over-year. This was the 12th consecutive month of year-over-year price increases. Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016. “We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.” Closed Transactions Of the 53 metro areas surveyed in March 2017, the overall average number of home sales increased 6.6% compared to March 2016. Of the 53 metro areas, 38 experienced an increase in sales year-over-year, with 16 experiencing double-digit increases. The markets with the largest increase in sales included Richmond, VA +23.3%, Wilmington/Dover, DE +22.6%, Trenton, NJ +19.7%, Las Vegas, NV +15.3% and Chicago, IL +14.8%. Median Sales Price – Median of 53 metro median prices In March 2017, the median of all 53 metro Median Sales Prices was $225,000, up 7.1% from February 2017 and up 11.0% from March 2016. Only four metro areas saw year-over-year decreases, with 15 rising by double-digit percentages. The largest double-digit increases were seen in Manchester, NH +15.9%, Orlando, FL +13.7%, Charlotte, NC +13.3%, Trenton, NJ +12.8% and Nashville, TN +12.8%. Days on Market – Average of 53 metro areas The average Days on Market for homes sold in March 2017 was 64, down four days from the average in February 2017, and down seven days from the March 2016 average. The three metro areas with the lowest Days on Market were San Francisco, CA and Omaha, NE both at 27 and Denver, CO at 32. The highest Days on Market averages were in Augusta, ME at 159 and Burlington, VT at 118. 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 2017 was up 1.2% from February 2017, but down 17.0% from March 2016. Based on the rate of home sales in March, the Months Supply of Inventory was 2.7, compared to February 2017 at 3.6 and March 2016 at 3.2. This is the first time in the history of the RE/MAX National Housing Report that months supply has hit below 3.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In March 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.3, Burlington, VT was the only metro area to see a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with Seattle, WA at 0.9, San Francisco, CA and Denver, CO both at 1.0.
Home Prices at New High in February Amid Record Low Inventory
DENVER – February home prices reached a new high as steady demand combined with record low inventory drove prices up, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas. Last month saw a negligible decline (-0.02%) in home sales from February 2016, which posted the most sales in the nine-year history of the report. Less than half of the markets experienced an increase in sales year-over-year. Meanwhile, active inventory reached a record low for February, dropping 17.9% year-over-year. This marks the 100th consecutive month of year-over-year declines dating back to October 2008. As a result, the Median Sales Price of $212,000 – another February record – was up 6% year-over-year. This is the 11th consecutive month of year-over-year price increases. Homes sold faster last month, with average Days on Market dropping from 75 in February 2016 to 68 last month. “Inventory, not the rise in interest rates, remains the principal constraint on home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.” Closed Transactions Of the 53 metro areas surveyed in February 2017, the overall average number of home sales decreased 0.02% compared to February 2016. Of the 53 metro areas, 23 experienced an increase in sales year-over-year, with nine experiencing double-digit increases. The markets with the largest increase in sales included Trenton, NJ +26.2%, Nashville, TN +19.4%, Las Vegas, NV +18.2%, Wichita, KS +14.6% and Birmingham, AL +13.3%. Median Sales Price – Median of 53 metro median prices In February 2017, the median of all 53 metro Median Sales Prices was $212,000, up 1.4% from January 2017 and up 6.0% from February 2016. Only six metro areas saw year-over-year decreases or remained unchanged, with 16 rising by double-digit percentages. The largest double-digit increases were seen in Fargo, ND +19.9%, Burlington, VT +18.4%, Tampa, FL +15.9%, Indianapolis +14.3% and Dallas/Ft. Worth, TX +13.9%.
Days on Market – Average of 53 metro areas The average Days on Market for homes sold in February 2017 was 68, up two days from the average in January 2017, but down seven days from the February 2016 average. The three metro areas with the lowest Days on Market were San Francisco, CA at 32, Omaha, NE at 34 and Denver, CO at 38. The highest Days on Market averages were in Augusta, ME at 147 and Chicago, IL at 109. 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 2017 was down 2.2% from January 2017, and down 17.9% from February 2016. Based on the rate of home sales in February, the Months Supply of Inventory was 3.6, compared to January 2017 at 3.8 and February 2016 at 4.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In February 2017, 45 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. The remaining eight saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with both Denver, CO and Seattle, WA at 1.0 and San Francisco, CA at 1.1.
DENVER – With the tug-of-war between rising home sales and shrinking inventory intensifying, January set records for the RE/MAX National Housing Report. Last month topped all other Januarys in the report’s nine-year history with the most sales, highest sales price and fewest days on market.
In the 53 metro areas surveyed, total sales were up 4.5% over January 2016, which was previously the January with the most sales. The Median Sales Price of $208,500 was up 4.3% and marked the 10th consecutive month of year-over-year price increases.
The new January low of 66 Days on Market underscores the fact that inventory has declined year-over-year for 99 consecutive months dating back to October 2008.
“January may have set the tone for the coming home-buying season with homes selling faster and at higher prices,”said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Home-buyer demand is strong, and not enough sellers are listing to keep up with the demand, despite rising prices. At any rate, the beginning of 2017 continued the strong pace of 2016.”
Closed Transactions Of the 53 metro areas surveyed in January 2017, the overall average number of home sales increased 4.5% compared to January 2016. Over two-thirds of the 53 metro areas experienced an increase in sales year-over-year, with 12 experiencing double-digit increases. The markets with the largest increase in sales included Hartford, CT +21.6%, Seattle, WA +19.3%, Honolulu, HI +18.4%, Providence, RI +18.3% and Charlotte, NC +18.1%.
Median Sales Price – Median of 53 metro median prices In January 2017, the median of all 53 metro Median Sales Prices was $208,500, down 3.0% from December 2016 but up 4.3% from January 2016. Only five metro areas saw year-over-year decreases or remained unchanged, with 10 rising by double-digit percentages. The largest double-digit increases were seen in Billings, MT +15.2%, Dallas/Ft. Worth, TX +14.1%, Birmingham, AL +13.7%, Cleveland, OH +13.6% and Portland, OR +13.2%.
Days on Market – Average of 53 metro areas The average Days on Market for homes sold in January 2017 was 66, up four days from the average in December 2016, but down five days from the January 2016 average. The three metro areas with the lowest Days on Market were Omaha, NE at 38 and Denver, CO and San Francisco, CA both at 39. The highest Days on Market averages were in Augusta, ME at 141 and Chicago, IL at 99. 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 2017 was down 4.3% from December 2016, and down 16.9% from January 2016. Based on the rate of home sales in January, the Months Supply of Inventory was 3.8, compared to December 2016 at 4.2 and January 2016 at 4.6. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In January, 46 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. The remaining seven saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with both Denver, CO and Seattle, WA at 1.2 and San Francisco, CA at 1.4.
DENVER (Jan. 17, 2017) – Capped off by a strong December, 2016 was the best year for U.S. home sales since the recession, according to the January 2017 RE/MAX National Housing Report. Home sales in 2016 were the highest in the housing report’s eight-year history, topping the sales of 2015, the previously strongest year. Nine months of 2016 posted sales greater than in the same months of 2015. According to the 53-market report, the trend of rising prices and shrinking inventory continued in December, even though December was one of the three months that trailed 2015, with sales 1.8% below December 2015. Even so, nearly half of the markets reported increased sales over December 2015, and almost two-thirds saw sales higher than November 2016. The median increase over November 2016 was 1.7%. The median sales price of $216,000 was 4.9% above one year ago and only 1.8% below November’s. Inventory declined 17.9% year-over-year in December, continuing a year-long streak of double-digit declines. Months Supply of Inventory was 4.2, with 47 markets below the 6 months normally considered a balanced market. The average Days on Market of 62 was the lowest of any December in the report’s history. “Much like 2015, we saw a mostly healthy housing market in 2016 that posted steady growth in sales and prices,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We’re back to pre-recession levels in many markets, with 2017 forecast to be another solid year. We’ll have to wait and see what impact rising interest rates will have.” Closed Transactions Of the 53 metro areas surveyed in December, the overall average number of home sales fell 1.8% compared to December 2015. But nearly half of the 53 metro areas experienced an increase in sales year-over-year, with three experiencing double-digit increases. The markets with the largest increase in sales included Wilmington/Dover, DE +21.4%, Honolulu, HI +19.7%, Augusta, ME +16.1%, Las Vegas, NV +7.9% and Providence, RI +7.3%. Median Sales Price – Median of 53 metro median prices In December, the median of all 53 metro Median Sales Prices was $216,000, down 1.8% from November but up 4.9% from December 2015. Of the 53 metro areas surveyed, all but two (Des Moines, IA and New Orleans, LA) saw year-over-year increases or remained unchanged with nine rising by double-digit percentages. The largest double-digit increases were seen in Birmingham, AL +17.1%, Tampa, FL +16.8%, Charlotte, NC +13.2%, Seattle, WA 12.9% and Orlando, FL +12.3%. Days on Market – Average of 53 metro areas The average Days on Market for homes sold in December was 62, up three days from the average in November 2016, but down five days from the December 2015 average. The two metro areas with the lowest Days on Market were Omaha, NE and Denver, CO both at 36. The highest Days on Market averages continued to be in Augusta, ME at 141, and Burlington, VT at 101. 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 was down 14.0% from November, and down 17.9% from December 2015. Based on the rate of home sales in December, the Months Supply of Inventory was 4.2, compared to November at 4.0 and December 2015 at 4.9. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In December, 47 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. One reported a balanced market at 6.0, while the remaining five saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the West, with San Francisco, CA at 1.2, Seattle, WA at 1.5 and Denver, CO at 1.6.
