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Category Archives: National Housing Report

June Housing Report

DENVER – Typically the strongest month for home sales, June saw closings decline 4.7% from May and 7.8% from June 2018, according to the RE/MAX National Housing Report. Going in the opposite direction, June’s Median Sales Price of $276,000 was an all-time high in the 10-year history of the report.

June has recorded the most sales each of the last five years (July led 2013 sales). This is only the second June in report history to have fewer sales than May. With sales slowing, June inventory increased 1.3% over June 2018, marking the first year-over-year rise in June inventory in the report’s history. Moreover, inventory grew for the ninth consecutive month, and the report’s 54 metro areas had the most units for sale since August 2016.

“Record prices appear to have kept June sales figures from topping a strong May,” said RE/MAX CEO Adam Contos. “Nevertheless, there are indications, including the return of very favorable mortgage rates, that the pace could pick up in July. Several encouraging longer-term trends—ongoing demand, improving inventory levels, low interest rates—are helping the market make incremental progress on multiple fronts. But supply remains a concern, so we need more homes to be built.”

Starting in 2013, June has also produced the highest Median Sales Price of each year. June’s record $276,000 was 6.7% higher than the $259,000 recorded in June 2018.  June’s price increase accelerated compared to the prior three months, each of which had a year-over-price increase of less than 3.5%. Contos continued, “The jump in sales price after months of moderation is worth watching for its impact on affordability.”

June’s Days on Market total of 44 meant that sales happened three days faster than in May but took three days longer than June 2018. Months of Inventory in June 2019 was 2.8, the same as May’s and below June 2018’s 3.1.

Closed Transactions 
Of the 54 metro areas surveyed in June 2019, the overall average number of home sales is down 4.7% compared to May 2019, and down 7.8% compared to June 2018. Leading the month-over-month sales percentage increase were Burlington, VT at +21.8%; Boston, MA at +13.4%; and Hartford, CT at +13.1%.

Median Sales Price – Median of 54 metro median prices
In June 2019, the median of all 54 metro Median Sales Prices was $276,000, up 6.2% from May 2019, and up 6.7% from June 2018. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -2.0%, and Hartford, CT at -0.1%. Three metro areas increased year-over-year by double-digit percentages, with Boise, ID at +10.7%; Albuquerque, NM at +10.4%; and Philadelphia, PA at +10.0%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in June 2019 was 44, down three days from the average in May 2019, and up three days from the June 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 22; Denver, CO at 25; and Seattle, WA at 26. The highest Days on Market averages were in Augusta, ME at 108; Miami, FL at 82; and Hartford, CT 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 54 metro areas
The number of homes for sale in June 2019 was down 0.6% from May 2019 and up 1.3% from June 2018. Based on the rate of home sales in June 2019, the Months Supply of Inventory held steady at 2.8 from May 2019, and decreased compared to 3.1 in June 2018. A six months supply indicates a market balanced equally between buyers and sellers. In June 2019, of the 54 metro areas surveyed, only Miami, FL at 7.0 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 Omaha, NE and Manchester, NH, both at 1.0, and Minneapolis, MN at 1.8.

May Housing Report

 

DENVER – May home sales ticked slightly higher year-over-year, ending a 9-month streak of declines, according to the RE/MAX National Housing Report. At the same time, inventory grew for the eighth consecutive month, representing the most units for sale since August 2016 in the report’s 54 metro areas.

Homes sold quickly, as evident in the Days on Market average of 47 – the second-fastest May average in the 10-year history of the report. And home sales increased 15.3% from April to May – the second-highest April-May jump in report history.

Home sales were up 0.4% over May 2018 – the first year-over-year gain since July 2018. The number of homes for sale increased 4.9% year-over-year to set a report record for the highest May growth. However, based on the pace of home sales, May’s 2.6 Months of Inventory was down compared to April’s 2.8 months and the 2.9 months of May 2018.

The Median Sales Price of $259,500 was up 3.4% year-over-year, representing the lowest May increase since 2011.

“The spring selling season was in full bloom during the month of May, offering both buyers and sellers something to like,” said RE/MAX CEO Adam Contos. “Buyers are generally finding increased selection along with moderating price increases.  At the same time, in general, sellers are selling their homes quickly while still enjoying some price gains. Bottom line, the market is operating efficiently right now, and homes are selling, on average, at a good clip.”

Closed Transactions 
Of the 54 metro areas surveyed in May 2019, the overall average number of home sales is up 15.3% compared to April 2019, and up 0.4% compared to May 2018. Leading the month-over-month sales increase were Billings, MT at +64.2%, Burlington, VT at +61.6%, and Minneapolis, MN at +35.8%.

Median Sales Price – Median of 54 metro median prices
In May 2019, the median of all 54 metro Median Sales Prices was $259,500, up 3.3% from April 2019, and up 3.4% from May 2018. Three metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -5.1%, Honolulu, HI at -3.2%, and Billings, MT at  -1.6%. Three metro areas increased year-over-year by double-digit percentages: Milwaukee, WI at +14.2%, Boise, ID at +13.6%, and Albuquerque, NM at +10.2%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in May 2019 was 47, down five days from the average in April 2019, and up two days from the May 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 25, and San Francisco, CA and Denver, CO, both at 26. The highest Days on Market averages were in Augusta, ME at 106, Miami, FL at 87, and Hartford, CT 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 54 metro areas
The number of homes for sale in May 2019 was up 4.5% from April 2019 and up 4.9% from May 2018. Based on the rate of home sales in May 2019, the Months Supply of Inventory decreased to 2.6 from 2.8 in April 2019 and decreased compared to 2.9 in May 2018. A six months supply indicates a market balanced equally between buyers and sellers. In May 2019, of the 54 metro areas surveyed, only Miami, FL at 6.2 reported a months supply at or over six. The markets with the lowest Months Supply of Inventory were Boise, ID at 1.2, Omaha, NE at 1.3, and Manchester, NH and San Francisco, CA, both at 1.4.

 

April Housing Report

DENVER – April home sales finished just 1.1% below a year ago as selling times shortened and tight inventory held steady, according to the RE/MAX National Housing Report. Meanwhile, April’s median home price of $251,000 in the report’s 54 markets was up a mere 2.1% – the smallest year-over-year April increase in eight years.

April’s year-over-year sales decline of 1.1% marked the ninth consecutive month of year-over-year decreases, but April’s sales dip was the smallest during that time. At the same time, inventory increased 4.8% and marked the seventh consecutive month of year-over-year growth in number of homes for sale.

Compared to March, home sales in April sped up by a full week, taking an average of 52 days instead of 59. The average in April 2018 was 51 days. The Months Supply of Inventory in April decreased year-over-year from 3.0 to 2.6.

While the March-over-February increase in home sales of 28.8% was the smallest in five years, the April-over-March increase of 11.2% was an April-over-March record for the 10-year history of the report.

“April’s home sales blossomed, suggesting the typical seasonal jump in spring sales arrived later than usual this year,” said RE/MAX CEO Adam Contos. “Solid buyer interest and sellers with realistic price expectations advanced the market’s march toward equilibrium last month. That said, inventory remains constricted, and prices continue to climb, albeit at a slower rate. All in all, April’s results were encouraging, and we continue to be cautiously optimistic about the prospects of a healthy spring selling season.”

Closed Transactions 
Of the 54 metro areas surveyed in April 2019, the overall average number of home sales is up 11.2% compared to March 2019, and down 1.1% compared to April 2018. Leading the month-over-month sales percentage increase were Augusta, ME, at +30.4%, Des Moines, IA, at +23.6%, and Milwaukee, WI, at +22.9%.

Median Sales Price – Median of 54 metro median prices
In April 2019, the median of all 54 metro Median Sales Prices was $251,000, up 2.1% from March 2019, and up 2.1% from April 2018. Three metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA, at -1.4%, Seattle, WA, at -1.0%, and Anchorage, AK, at -0.3%. Four metro areas increased year-over-year by double-digit percentages, with the largest gains in Boise, ID, at +14.8% and Birmingham, AL, at +13.8%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in April 2019 was 52, down seven days from the average in March 2019, and up one day from the April 2018 average. The metro areas with the lowest Days on Market were Omaha, NE, at 27, and Denver, CO, and San Francisco, CA, both at 30. The highest Days on Market averages were in Augusta, ME, at 116, Hartford, CT, at 89, and Miami, FL, at 86. 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 April 2019 was up 3.3% from March 2019 and up 4.8% from April 2018. Based on the rate of home sales in April 2019, the Months Supply of Inventory decreased to 2.6 from 2.9 in March 2019, and decreased compared to 3.0 in April 2018. A six months supply indicates a market balanced equally between buyers and sellers. In April 2019, of the 54 metro areas surveyed, only Miami, FL, at 6.3 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 Boise, ID, Denver, CO, Manchester, NH, and Omaha, NE, all at 1.2.

March Housing Report

DENVER – Kicking off the spring homebuying season, March sales climbed almost 29% over February, according to the RE/MAX National Housing Report. But this remains the slowest start in five years, with March sales 8.6% lower than March 2018.

March was the eighth consecutive month of year-over-year sales declines and the sixth straight month of year-over-year inventory growth, with a 5.3% gain. Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 3.4% year-over-year – notably smaller than the year-over-year increases in February (5.5%) and January (4.6%).  However, the median sales price has risen by more than 3% year-over-year in 17 of the last 18 months.

Good News for Buyers and Sellers This Spring Selling Season

Whether you’re planning on buying or selling a home, there’s good news to report as the spring selling season approaches. Slowing sales and growing inventories benefit buyers while record prices benefit sellers, according to data in this February’s RE/MAX National Housing Report.“Trends of five months or more often indicate significant shifts, and the year-over-year trends in declining sales and rising inventory have both reached that length now,” said RE/MAX CEO Adam Contos. “The big picture supports an ongoing return to more balanced conditions, which is beneficial to buyers and sellers.”

Inventory Bounces Back
Inventory grew 5.8 percent over February of 2018, marking the fifth consecutive month of growth following a decade-long trend of shrinking inventory. Of the 54 metro areas surveyed in February 2019, the overall average number of home sales is down 4.2 percent compared to last February.

Rising Median Sales Price
Bucking downward trends, the Median Sales Price increased to $240,000, a year-over-year gain of 5.5 percent and a February record in the 10-year history of the report. Four metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, Idaho; Cincinnati, Ohio; and Wilmington/Dover, Delaware.

Home Sales Down
Home sales in the 54-market report have declined year-over-year for seven consecutive months, though February’s downturn of 4.2 percent was the smallest since the 1.1 percent drop that started the streak in August 2018. Leading the month-over-month sales percentage increase were Houston, Texas; Birmingham, Alabama; and Raleigh-Durham, North Carolina.

“The next few months will determine whether the shift brings a wave of buyers into the market for the spring selling season,” added Contos. “Members of our network are reporting high local demand along with a need for even more inventory. The optimism for a solid spring exists — and a more balanced market certainly contributes to it.”

Whether you’re a buyer or a seller, find an experienced, top-producing agent on remaxallpro.com.

February Housing Report

 

DENVER – Riding two trends—declining sales and growing inventory— the U.S. housing market continued to transition from a seller’s market to a buyer’s market in February, according to the RE/MAX National Housing Report.

Home sales in the 54-market report have declined year-over-year for seven consecutive months, through February’s downturn of 4.2% was the smallest since the 1.1% drop that started the streak in August 2018. At the same time, inventory grew 5.8% over February of 2018, marking the fifth consecutive month of growth following a decade-long trend of shrinking inventory. The Months Supply of Inventory also grew in February from 3.1 in 2018 to 3.4 this year.

Find the complete report here

 

 

January Housing Report

A sixth consecutive month of declining home sales in January contributed to the largest year-over-year inventory increase in at least 10 years, according to the RE/MAX National Housing Report.

While year-over-year home sales dropped 11% – extending a streak that began in August – inventory grew year-over-year by an average of 6.4% across the report’s 54 U.S. metro areas. January marked the fourth consecutive month of year-over-year inventory growth – further reversing a decade-long trend of shrinking inventory.

Find the complete report here

December Housing Report

December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes 53 metro areas.

Find the complete report here

November Housing Report

RE/MAX Holdings, Inc. (NYSE: RMAX), parent company of RE/MAX, one of the world’s leading franchisors of real estate brokerage services, and Motto Mortgage (“Motto”), announced the hiring of Jerry Modes as Senior Vice President, Information Technology, and Kerry McGovern as Vice President, Communications.

“Jerry and Kerry are very strategic thinkers who have impressive track records in their respective fields,” said RE/MAX CEO Adam Contos. “They’ll each play a crucial role in the long-term advancement of the RE/MAX and Motto Mortgage brands as we strive to be the unrivalled leaders in our industries.”

Modes, a pioneer in the IT/data field, will provide high-level strategic leadership to the expanding RE/MAX technology groups. He’ll oversee internal IT operations, membership data infrastructure, and the ongoing development of data-driven RE/MAX products by booj, the award-winning tech company acquired by RE/MAX LLC in early 2018.

Find the complete report here

November Housing Report

 The third consecutive month of lower year-over-year home sales in October contributed to the first year-over-year inventory increase in a decade according to the RE/MAX National Housing Report for October 2018. Meanwhile, the Median Sales Price recorded one of its lowest increases of 2018.

The RE/MAX National Housing Report for October saw sales decline 4.6% from a year ago – compared to sales drops of 11.6% in September and 1.1% in August – and was the eighth month of 2018 to record lower sales than 2017.

As a result, inventory is slowly being replenished, with the number of homes for sale in October increasing 1.0% over October 2017. October 2018 was the first month to show a year-over-year increase in inventory since October 2008 when two and a half times as many homes were for sale. The Months Supply of Inventory is now 3.5, compared to 3.3 a year ago.

“The market continues to move toward equilibrium. The modest inventory increase is a much welcome sign for buyers,” said RE/MAX CEO Adam Contos. “Although home sales were down year-over-year, it’s encouraging to see the magnitude of the decline decrease from the sharp drop we witnessed in September. The trend of easing price increases remains and that’s also a positive.”

Find the complete report here