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Category Archives: National Housing Report

April National Housing Report

DENVER – Fewer sellers, fewer buyers: The first full month of coronavirus stay-at-home orders weighed on April home sales, causing them to drop an average of 20.2% compared to a year ago. Inventory in the report’s 53 markets similarly tumbled by 20.5% year-over-year, while the Median Sale Price of $276,000 was up 9.3%.

Restrictions to prevent the spread of COVID-19 turned what is traditionally the year’s fifth busiest month for home sales back to slumbering wintertime levels. Four markets –  New York, Detroit, Miami and San Francisco – posted year-over-year sales declines of more than 40%. Just two markets – Minneapolis, MN and Billings, MT – reported an increase, while eight saw declines of less than 10%.

“April results were better than many expected, as consumers continued to buy and sell real estate in one of the most challenging months for housing in memory,” said Adam Contos, RE/MAX CEO. “This was a headwind like no other – yet we still saw activity across the country. Even in the markets that dropped 40% in sales, people wanted or needed to move, which says something about resiliency and the power of homeownership.”

Contos continued, “We believe the coronavirus and the measures to slow it pushed the spring selling season back a bit. But we believe buyer demand remains relatively strong despite the pandemic, and sellers who pulled their listings in March or April will hopefully come back into the market this summer. Others may start the process after being stuck in a home that no longer suits them. Both groups could help alleviate the inventory challenges we’ve faced for quite some time. Moving forward, agents who’ve adjusted their business strategies are positioned for success in the more virtual environment.”

Like March, April is a transition month toward peak home sales in the summer. In a typical year, the busiest month is often May or June, with July and August being close behind.

Days on Market dropped seven days to 46 year over year, setting a new low for April in the report’s 12-year history. By contrast, Months Supply of Inventory grew from 3.0 to 3.5.

The Median Sales Price of $276,000 also was a report record for April.

Closed Transactions
Of the 53 metro areas surveyed in April 2020, the overall average number of home sales is down 13.7% compared to March 2020, and down 20.2% compared to April 2019.  Only two metro areas, Billings, MT at +9.9% and Minneapolis, MN +3.6%, saw a year-over-year increase in Closed Transactions.

Median Sales Price – Median of 53 metro median prices
In April 2020, the median of all 53 metro Median Sales Prices was $276,000, up 4.2% from March 2020, and up 9.3% from April 2019. No metro areas saw a year-over-year decrease in Median Sales Price. Eighteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Manchester, NH at +20.0%, Augusta, ME at +19.1%, and Philadelphia, PA at +16.9%.

Days on Market – Average of 53 metro areas

The average Days on Market for homes sold in April 2020 was 46, down eight days from the average in March 2020, and down seven days from the average in April 2019. The metro areas with the lowest Days on Market were Omaha, NE at 19, Seattle, WA at 20, and San Francisco, CA at 21. The highest Days on Market averages were in Des Moines, IA at 106, Augusta, ME at 95, and New York, NY at 88. 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 2020 was down 2.2% from March 2020 and down 18.2% from April 2019. Based on the rate of home sales in April 2020, the Months Supply of Inventory increased to 3.5 compared to 2.9 in March 2020, and increased compared to 3.0 in April 2019. A six months supply indicates a market balanced equally between buyers and sellers. In April 2020, of the 53 metro areas surveyed, five 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 Albuquerque, NM at 1.2, Omaha, NE at 1.3, and Manchester, NH at 1.4.

March National Housing Report

DENVER – Despite the advance of the coronavirus across the U.S. in the second half of the month, March home sales increased 2.7% year-over-year in the report’s 52 markets – a hint of what might have been.

March was the fourth consecutive month with year-over-year increases in U.S. home sales – a streak not seen since 2016. But the spread of COVID-19, and the initiation of governmental measures to slow it, dampened the month’s overall sales results:

• March’s year-over-year sales growth of less than 3% was significantly less than December 2019 through February 2020 where year-over-year sales increases averaged 10%.

• The sequential monthly growth in sales from February to March is typically the largest month-over-month percentage increase each year, averaging 32%. This year, March sales increased just 23.8% over February – the lowest such increase for this time period in the report’s nearly 12-year history.

Inventory levels in March continued to constrict amid healthy buyer interest, which helped drive further price increases. Year-over-year, March inventory declined 14.9%, continuing a streak that began in July 2019. Meanwhile, the Median Sales Price of $265,000 was 7.7% higher than a year ago, setting a report record for the month of March. A record low for March was the 54 Days on Market, while 2.7 Months Supply of Inventory was typical for the month, based on the past four years.

“As expected, the strong market of January and February continued into March, setting up a very good first quarter. But then the coronavirus and the initial mitigation measures arrived, disrupting our industry along with everything else,” said Adam Contos, RE/MAX Holdings, Inc. CEO. “Conditions and restrictions vary throughout the country, so some areas continue to see new listings, pendings and closings, while other markets have slowed dramatically – especially where real estate was not deemed an essential service. It’s a fluid situation. We believe that interest in buying or selling remains high, and pent up-demand in many places should drive sales higher over time.”

Added Contos, “One takeaway that’s already clear is that real estate agents, using technology and adhering to social distancing guidelines, can lead consumers through the buying or selling process in a largely virtual way. In many respects, the expertise of a skilled agent has never been more important.”

Closed Transactions
Of the 52 metro areas surveyed in March 2020, the overall average number of home sales was up 23.8% compared to February 2020, and up 2.7% compared to March 2019. Leading the year-over-year sales percentage increase were Los Angeles, CA at +15.6%, Boise, ID at +15.2%, and Las Vegas, NV at +12.2%.

Median Sales Price – Median of 52 metro median prices
In March 2020, the median of all 52 metro Median Sales Prices was $265,000, up 2.9% from February 2020 and up 7.7% from March 2019. Only one metro area, Billings, MT at -0.4%, saw a year-over-year decrease in Median Sales Price. Seventeen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +19.8%, Cincinnati, OH at +14.3%, and Salt Lake City, UT at +14.1%.

Days on Market – Average of 52 metro areas

The average Days on Market for homes sold in March 2020 was 54, down five days from the average in February 2020, and down five days from the average in March 2019. The metro areas with the lowest Days on Market were San Francisco, CA at 25, and a two-way tie between Seattle, WA and Omaha, NE at 30. The highest Days on Market averages were in Augusta, ME at 128, Des Moines, IA at 112, and Hartford, CT at 94. 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 March 2020 was up 1.1% from February 2020 and down 14.9% from March 2019. Based on the rate of home sales in March 2020, the Months Supply of Inventory decreased to 2.7 compared to 3.0 in February 2020, and decreased compared to 3.2 in March 2019. A six months supply indicates a market balanced equally between buyers and sellers. In March 2020, of the 52 metro areas surveyed, two 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 1.2, and a six-way tie among Boise, ID, Washington DC, Denver, CO, Seattle, WA, Omaha, NE, and San Francisco, CA at 1.3.

February Housing Report

DENVER – Representing the last full month before the coronavirus became a global pandemic, February saw the third consecutive month of year-over-year increases in U.S. home sales – a streak not seen since 2015. At the same time, inventory across the report’s 53 metro markets plunged 15.8%, marking the fourth successive month of double-digit percentage, year-over-year declines.

“Strong February home sales and limited inventory defined U.S. housing ahead of the challenges brought on by the coronavirus emergency,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “Even as we all adjust to the new landscape of social distancing and limited in-person interaction, houses will continue to be bought and sold. Overall, demand in February was high, inventory remains low, and interest rates are attractive, but exact circumstances vary by community. Professional agents – the local experts – can offer tremendous value right now, providing clarity and expert guidance in an environment that’s new for everyone and changing every day.”

Before the coronavirus struck the U.S. on a large scale, home sales in February – which enjoyed an extra weekend day for Leap Year – increased 7.5% year over year, following strong increases of 13.5% and 10.5% in December and January. The previous streak of increasing year-over-year sales of three months or longer began in December 2015 and continued seven months into June 2016. That was also a period of large inventory declines, like the current stretch of year-over-year drops in inventory that is now at eight months.

February’s Median Sales Price of $260,000 posted a year-over-year increase of 7.9% – the 14th consecutive month where home prices have shot up.

In the nearly 12-year history of the report, three February records were set last month:

  • Fewest Months Supply of Inventory: 2.8
  • Fewest Days on Market: 60
  • Highest Median Sales Price: $260,000

Closed Transactions 
Of the 53 metro areas surveyed in February 2020, the overall average number of home sales is up 7.4% compared to January 2020, and up 7.5% compared to February 2019.  Leading the year-over-year sales percentage increase were Los Angeles, CA at +32.2%, Las Vegas, NV at +28.0%, and Billings, MT at +20.1%.

Median Sales Price – Median of 53 metro median prices
In February 2020, the median of all 53 metro Median Sales Prices was $260,000, up 2.0% from January 2020, and up 7.9% from February 2019. Fifteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +16.5%, Augusta, ME at +14.5%, and Milwaukee, WI at +13.9%. Three metro areas saw a year-over-year decrease in Median Sales Price, with the largest decrease seen in Billings, MT at -5.2%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in February 2020 was 60, up one day from the average in January 2020, and down two days from the average in February 2019. The metro areas with the lowest Days on Market were Omaha, NE at 28, and a two-way tie between Nashville, TN and San Francisco, CA at 34. The highest Days on Market averages were in Des Moines, IA at 119, Augusta, ME at 112, and Hartford, CT at 97. 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 2020 was down 2.6% from January 2020 and down 15.8% from February 2019. Based on the rate of home sales in February 2020, the Months Supply of Inventory decreased to 2.8 compared to 3.2 in January 2020, and decreased compared to 4.1 in February 2019. A six months supply indicates a market balanced equally between buyers and sellers. In February 2020, of the 53 metro areas surveyed, four 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 Denver, CO and Seattle, WA, both at 1.1, and a four-way tie at 1.2.

January Housing Report


DENVER – Last month’s home sales posted the highest year-over-year gain for January in 11 years, increasing an average of 10.5% in the 54 metro areas covered by the report. Meanwhile, the 15.6% year-over-year drop in inventory was the largest decline since May 2017 and marked the seventh consecutive month of year-over-year shrinkage in the number of U.S. homes for sale.

Despite very low inventory, January and December (+13.5%) marked the first back-to-back months with double-digit year-over-year growth in home sales since June and July of 2015.

“Strong buyer demand continues to be the defining theme in the housing market,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “January sales were encouraging, and were likely pushed in part by millennials coming into the market. It’s a massive group of people, with many of them forming households and looking to buy their first homes. Affordability and limited supply are still constraints, but overall, housing is in a much better place than it was a year ago.”

January’s Median Sales Price of $256,000 – though 3.4% below December – was 8.9% higher than January 2019 and extended the string of year-over-year price increases to 13 months.

In the nearly 12-year history of the report, three January records were set or tied last month:

  • Fewest Months Supply of Inventory: 3.1
  • Fewest Days on Market: 59 (tied with January 2019)
  • Highest Median Sales Price: $256,000

Closed Transactions 
Of the 54 metro areas surveyed in January 2020, the overall average number of home sales is down 26.9% compared to December 2019, and up 10.5% compared to January 2019.  Leading the year-over-year sales percentage increase were Los Angeles, CA at +31.9%, Burlington, VT at +28.7%, and New Orleans, LA at +22.5%.

Median Sales Price – Median of 54 metro median prices
In January 2020, the median of all 54 metro Median Sales Prices was $256,000, down 3.4% from December 2019, and up 8.9% from January 2019. Only one metro area, Wichita, KS at -2.8%, saw a year-over-year decrease in Median Sales Price. Thirteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Trenton, NJ at +24.4%, Birmingham, AL at +18.6%, and Boise, ID at +16.6%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in January 2020 was 59, up six days from the average in December 2019, and equivalent to the average in January 2019. The metro areas with the lowest Days on Market were Nashville, TN at 34, Omaha, NE at 35, and a three-way tie between Birmingham, ALCincinnati, OH, and San Diego, CA at 43. The highest Days on Market averages were in Des Moines, IA at 107, Miami, FL at 105, and Augusta, ME at 93. 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 January 2020 was down 5.0% from December 2019 and down 15.6% from January 2019. Based on the rate of home sales in January 2020, the Months Supply of Inventory decreased to 3.1 compared to 3.6 in December 2019 and decreased compared to 4.5 in January 2019. A six months supply indicates a market balanced equally between buyers and sellers. In January 2020, of the 54 metro areas surveyed, seven metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the highest Months Supply of Inventory were Indianapolis, IN at 8.8, Miami, FL at 6.8, and Chicago, IL at 6.2. The markets with the lowest Months Supply of Inventory were Denver, CO at 1.2, San Francisco, CA at 1.3, and a four-way tie among Boise, IDCharlotte, NCPhoenix, AZ and Seattle, WA at 1.4.

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

December Housing Report

DENVER – December posted a record finish to a year and a decade, with a year-over-year increase in home sales of 13.5% in the 54 metro areas covered by the report. That was the highest increase of any month in 2019, and the highest for the month of December since 2009.

Also posting a record for 2019 was the inventory decline of 14.5% year-over-year, accompanied by corresponding drops in Months Supply of Inventory – 3.3 vs. 4.8 a year earlier – and Days on Market – 54 compared to 55 a year ago.

“It was good to see the year-over-year spike in December home sales, indicating robust homebuyer interest,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “The strong December capped a solid second half of 2019, with year-over-year sales increases in four of the final six months. The gains were largely attributable to low interest rates and high demand, and with those factors still in place, we expect sales to continue at a solid pace into the first part of this year.”

Year-over-year, sales were up five months in 2019, with the majority occurring in the back half of the year. Inventory, meanwhile, grew year-over-year in each of the first six months, then shrunk in each of the last six months.

The Median Sales Price of $266,000 was 11.1% higher than December 2018 and the highest year-over-year increase for any month of 2019.

Closed Transactions
Of the 54 metro areas surveyed in December 2019, the overall average number of home sales is up 4.1% compared to November 2019, and up 13.5% compared to December 2018.  Leading the year-over-year sales percentage increase were Birmingham, AL at +34.3%, Burlington, VT at +26.7%, and Los Angeles, CA at +26.2%.

Median Sales Price – Median of 54 metro median prices
In December 2019, the median of all 54 metro Median Sales Prices was $266,000, up 3.8% from November 2019, and up 11.1% from December 2018. Only one metro area, Burlington, VT at -3.3%, saw a year-over-year decrease in Median Sales Price. Fourteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +19.9%, Trenton, NJ at +19.1%, and Honolulu, HI at +15.3%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in December 2019 was 54, up five days from the average in November 2019, and down one day from the average in December 2018. The metro areas with the lowest Days on Market were Omaha, NE at 24, Nashville, TN at 31, and Cincinnati, OH at 34. The highest Days on Market averages were in Des Moines, IA at 110, and a tie between Augusta, ME and Hartford, CT at 89. 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 December 2019 was down 13.7% from November 2019 and down 14.5% from December 2018. Based on the rate of home sales in December 2019, the Months Supply of Inventory decreased to 3.3 compared to 3.5 in November 2019, and decreased compared to 4.8 in December 2018. A six months supply indicates a market balanced equally between buyers and sellers. In December 2019, of the 54 metro areas surveyed, two metro areas, Miami, FL at 8.9 and Augusta, ME at 6.4, 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 San Francisco, CA at 1.4, Salt Lake City, UT at 1.6, and Denver, CO at 1.7.

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

November Housing Report

DENVER – A fifth straight month of shrinking inventory year-over-year triggered several November records in the 11-year history of the RE/MAX National Housing Report: fewest Days on Market at 49, fewest Months Supply of Inventory at 3.3, and the highest Median Sales Price at $257,000.

In the 54 metro areas covered by the report, November home sales overall averaged 1.0% below November 2018 following significant year-over-year increases in September and October. Thus far, four months of 2019 posted year-over-year sales increases and seven, including November, have seen declines. Three of the monthly declines, however, were less than 2% below 2018 sales levels.

As inventory dropped 13.3% from November 2018, it took an average of 49 days to sell a home last month, compared to 51 days a year ago. The 3.3 months of inventory represented a sharp drop from 4.4 months a year ago.

“We continue to see favorable economic conditions and solid demand, but buyers coming into the market are being met with a progressively constrained supply of homes for sale,” said RE/MAX CEO Adam Contos. “This has helped accelerate the pace of sales and push up prices, two factors that favor sellers. As we approach 2020, it seems likely that inventory will be the market’s main throttle next year – if more homes come on the market, sales should benefit; if that doesn’t happen, sales may be challenged. Buyers are out there and ready to go; we just need more listings to meet the demand.”

The November Median Sales Price of $257,000 marked a 7.9% year-over-year increase. It was the third-highest year-over-year increase thus far in 2019.  While prices declined month-to-month from June through September, price appreciation began to accelerate in October and the November Median Sales Price topped October by 0.7%. November prices have topped October’s for nine consecutive years, dating back to 2011.

Closed Transactions 
Of the 54 metro areas surveyed in November 2019, the overall average number of home sales is down 14.0% compared to October 2019, and down 1.0% compared to November 2018.  Leading the year-over-year sales percentage increase were Los Angeles, CA at +22.5%, Anchorage, AK at +14.5%, and Wichita, KS at +10.5%.

Median Sales Price – Median of 54 metro median prices
In November 2019, the median of all 54 metro Median Sales Prices was $257,000, up 0.7% from October 2019, and up 7.9% from November 2018. Only one metro area, Anchorage, AK at -2.2% saw a year-over-year decrease in Median Sales Price. Five metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Trenton, NJ at +15.9%, Birmingham, AL at +15.3%, and Boise, ID at +13.7%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in November 2019 was 49, equal to the average in October 2019, and down two days from the average in November 2018. The metro areas with the lowest Days on Market were Omaha, NE at 23, Nashville, TN at 29, and Cincinnati, OH at 32. The highest Days on Market averages were in Des Moines, IA at 100, Augusta, ME at 85, 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 November 2019 was down 10.9% from October 2019 and down 13.3% from November 2018. Based on the rate of home sales in November 2019, the Months Supply of Inventory held steady at 3.3 compared to October 2019, and decreased compared to 4.4 in November 2018. A six months supply indicates a market balanced equally between buyers and sellers. In November 2019, of the 54 metro areas surveyed, two metro areas, Miami, FL at 7.9 and Indianapolis, IN 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 San Francisco, CA at 1.4, and a three-way tie between Seattle, WA, Manchester, NH, and Denver, CO at 1.7.

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

October Housing Report

DENVER – Home sales, which lagged during the first part of 2019, continued their recent rebound with another strong month in October. October 2019 sales finished 3.9% higher than in October 2018. At the same time, inventory posted a steep 9.0% year-over-year decline across the report’s 54 metro areas, while the Median Sales Price of $254,800 set an October record.

“October continued a recent win streak for home sales, and the market is positioned much better than it was a year ago,” said RE/MAX Holdings CEO Adam Contos.  “Demand is strong, due in part to low-interest rates, but buyers have limited options because inventory remains such a challenge. As a result, prices keep rising. Fortunately, key forecasts suggest an increase in new-homes moving onto the market next year, which would help address the inventory situation and potentially slow the steady price gains we’ve seen for so long.”

With May, July, and September already in the positive column, October became the fourth month of the past six to post a year-over-year increase in sales, which hadn’t happened for nine months prior to May.

Meanwhile, inventory resumed the skid that has dominated the last decade. October’s year-over-year decline of 9.0% was the largest for any month since May 2018. The downturn resulted in October’s Months of Inventory dropping to 3.1 – the lowest October amount in the report’s 11-year history. The 49 Days on Market was the second-lowest figure for October in report history, trailing only 2018’s 48.

The Median Sales Price of $254,800 set an October record for the report and the 8.4% increase year over year was the highest for the month since 2013.

Closed Transactions 
Of the 54 metro areas surveyed in October 2019, the overall average number of home sales is up 0.4% compared to September 2019, and up 3.9% compared to October 2018. Leading the year-over-year sales percentage increase were Los Angeles, CA at +24.4%, Charlotte, NC at +19.1%, and Burlington, VT at +16.1%.

Median Sales Price – Median of 54 metro median prices
In October 2019, the median of all 54 metro Median Sales Prices was $254,800, up 0.1% from September 2019, and up 8.4% from October 2018. Three metro areas increased year-over-year by double-digit percentages: Trenton, NJ at +20.9%, Albuquerque, NM at +15.8%, and Boise, ID at +10.9%. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -2.6% and Burlington, VT at -0.8%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in October 2019 was 49, up three days from the average in September 2019, and up one day from the average in October 2018. The metro areas with the lowest Days on Market were Omaha, NE at 21, Cincinnati, OH at 27, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 102, Augusta, ME at 96, 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 October 2019 was down 5.5% from September 2019 and down 9.0% from October 2018. Based on the rate of home sales in October 2019, the Months Supply of Inventory decreased to 3.1 compared to 3.4 in September 2019 and decreased compared to 4.0 in October 2018. A six months supply indicates a market balanced equally between buyers and sellers. In October 2019, of the 54 metro areas surveyed, only Miami, FL at 6.9, reported a month’s supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were San Francisco, CA at 1.6 and a three-way tie among Denver, CO, Manchester, NH, and Phoenix, AZ at 1.8.

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

September Housing Report

DENVER – While signaling the end of 2019’s peak selling season, September home sales rose 8.1% year-over-year – the largest year-over-year increase since November 2016. Home purchases increased in 47 of the report’s 54 markets, forcing already tight inventory totals to drop 6.1% year-over-year for the biggest decline in over a year.

The year-over-year increase in September 2019 sales was the largest September increase since 2013. This was accompanied by an August-to-September decline of 17.0%, which – while larger than average – was significantly less than the month-to-month drop of 24.4% in September 2018, when sales sharply declined amid an uncertain interest rate environment.

September 2019 marked the third consecutive month of year-over-year inventory decline. That reversed the strongest 9-month-stretch of year-over-year inventory growth – from October 2018 to June 2019 – in report history. Meanwhile, the August-to-September seasonal inventory decline of 1.5% was less than the August-to-September 5-year average drop of 2.3%.

“It was encouraging to see the improvement in September home sales, especially given how tough last September’s results were,” said RE/MAX Holdings CEO Adam Contos. “The market still poses some challenges for buyers – framed by rising prices and shrinking inventory – but we’re moving into the fourth quarter on much better footing than we had a year ago. As we begin to lap the end of last year and its persistent sales declines, the housing market’s momentum increases the chances of seeing more months of strong year-over-year gains in sales.”

September’s Median Sales Price of $254,500 was a year-over-year increase of 4.5%, which is in line with the year-over-year average gain of 4.9% for 2019’s first nine months.

Closed Transactions 
Of the 54 metro areas surveyed in September 2019, the overall average number of home sales is down 17.0% compared to August 2019, and up 8.1% compared to September 2018. Leading the year-over-year sales percentage increases were Los Angeles, CA at +31.4%, Little Rock, AR at +24.2%, and Tulsa, OK at +22.1%.

Median Sales Price – Median of 54 metro median prices
In September 2019, the median of all 54 metro Median Sales Prices was $254,500, down 2.5% from August 2019, and up 4.5% from September 2018. Five metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Detroit, MI at +15.6%, Birmingham, AL at +15.3%, and Charlotte, NC at +11.8%. Two metro areas saw a year-over-year decrease in Median Sales Price – San Francisco, CA at -2.1%, and Billings, MT at -0.5%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in September 2019 was 46, up one day from the average in August 2019, and equal to the September 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 19, Cincinnati, OH at 26, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 98, Miami, FL at 91, and Hartford, CT 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 54 metro areas
The number of homes for sale in September 2019 was down 1.5% from August 2019 and down 6.1% from September 2018. Based on the rate of home sales in September 2019, the Months Supply of Inventory increased to 3.2 compared to 3.0 in August 2019, and decreased compared to 4.2 in September 2018. A six months supply indicates a market balanced equally between buyers and sellers. In September 2019, of the 54 metro areas surveyed, only Miami, FL at 7.5 and New York, NY 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 Manchester, NH at 1.7 and Phoenix, AZ at 1.8.

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August Housing Report

DENVER – August 2019 existing home sales slipped 1.6% from a year ago, despite buyer demand exceeding available housing supply, according to the RE/MAX National Housing Report. Following July’s year-over-year sales increase of 2.3%, the slight August decline marks the sixth month of 2019 that produced fewer sales than 2018.

Buyer demand outpaced homes listed for sale in August, causing the largest inventory decline in 13 months. An analysis of the report’s 53 metro areas shows August inventory shrank 5.5% year-over-year, the largest drop since 7.8% in July 2018. August’s inventory contraction followed July’s year-over-year inventory decline of 1.5% after nine consecutive months of year-over-year inventory growth. Months Supply of Inventory decreased to 2.8 compared to 2.9 in July 2019 and eclipsed the previous August low in the report’s 11-year history.

“The modest inventory growth that started last fall has been swallowed up by demand as buyers have returned to the market, likely spurred on by attractive interest rates,” said RE/MAX CEO Adam Contos. “Home sales dipping at the same time inventory falls suggests there may have been some reluctance on the part of sellers to list their homes. Nevertheless, demand is again ahead of supply, extending the favorable seller’s market that has been in place for several years.”

Inventory has remained below four months in 39 of the last 42 months, dating back to March 2016. Six months is considered a market balanced between sellers and buyers.

Homes moved quickly and August saw a year-over-year price increase of 5.7%, further evidence of buyer demand. The August Days on Market total of 44 represented the second-fastest pace of August home sales in the report’s history. The previous record was set last August, when homes sold in an average of 43 days.

August weighed in as the eighth consecutive month of year-over-year price growth as the Median Sales Price rose to $263,000. Going back to February 2012, prices have increased year over year in 89 of the past 91 months.

Despite the favorable conditions for sellers, there were still a few encouraging signs for buyers in the last of 2019’s peak months for home sales:

  • While home prices typically decline from July to August, the decrease of 3.6% was the steepest drop-off in report history from July to August.
  • Despite August’s significant year-over-year inventory shrinkage, the seasonal decline in inventory from July-to-August of 3.9% is on par with the 3.7% average since the RE/MAX National Housing Report began in August 2008.

Closed Transactions 
Of the 53 metro areas surveyed in August 2019, the overall average number of home sales is down
4.2% compared to July 2019, and down 1.6% compared to August 2018. Leading the month-over-month sales percentage decrease were Miami, FL at -13.5%, Dover, NH at -13.1%, and Washington, D.C. at -10.3%.

Median Sales Price – Median of 53 metro median prices
In August 2019, the median of all 53 metro Median Sales Prices was $263,000, down 3.6% from July 2019, and up 5.7% from August 2018. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -3.2% and Wichita, KS at -1.2%. Six metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +13.2%, Milwaukee, WI at +11.3%, and Manchester, NH at +11.2%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in August 2019 was 44, up one day from the average in July 2019, and up one day from the August 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 19, Cincinnati, OH at 25, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 95, Miami, FL at 79, and Hartford, CT at 75. 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 2019 was down 3.9% from July 2019 and down 5.5% from August 2018. Based on the rate of home sales in August 2019, the Months Supply of Inventory was 2.8, a decrease compared to 2.9 in July 2019 and 3.5 in August 2018. A six months supply indicates a market balanced equally between buyers and sellers. In August 2019, of the 53 metro areas surveyed, only Miami, FL, at 6.9, 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 Phoenix, AZ and Manchester, NH, both at 1.5.

July Housing Report

DENVER  July home sales bounced back after a sluggish June by increasing 2.4% year over year, according to the RE/MAX National Housing Report. This was enough to end nine months of year-over-year inventory growth as the number of homes for sale declined 1.4%.

A drop in home sales from June to July is typical in the report’s 53 metro areas. But the 0.2% decline from June to July 2019 was by far the smallest month-over-month decline since July 2013. And while June sales failed to top May for only the second time in the report’s 10-year history, July sales set a report record for the month.

“July sales snapped back after a tepid June, as attractive low interest rates appear to have brought more buyers into the mix,” said RE/MAX CEO Adam Contos. “The housing market has been a bit uneven since the early spring, with each encouraging month seemingly followed by one with lukewarm results. It’s possible the housing market has finally shaken some mud off its boots and can maintain its momentum for the back half of the year. If the broader macro environment hangs on, we could see a potentially strong finish to 2019.”

July’s Median Sales Price of $273,000 – while down slightly from June’s all-time report record high – was 9.2% higher than July of 2018. It marked the seventh consecutive month of year-over-year price growth. Home prices have risen, year over year, in 88 of the last 90 months dating back to February 2012. Said Contos, “Although lower interest rates help affordability, we have now seen two straight months of accelerating price increases. If the trend continues, it’s not an encouraging development for buyers.”

July’s Days on Market total of 43 saw sales closing at the same rate as they did in June, but taking two days longer than in July 2018. Months of Inventory in July 2019 totaled 2.7, down compared to June’s 2.9 and 3.3 in July 2018.

Closed Transactions
Of the 53 metro areas surveyed in July 2019, the overall average number of home sales is down 0.2% compared toJune 2019, and up 2.4% compared to July 2018. Leading the month-over-month sales percentage increase wereHonolulu, HI at +11.8%, Anchorage, AK at +10.2%, and New York, NY at +9.2%.

Median Sales Price – Median of 53 metro median prices
In July 2019, the median of all 53 metro Median Sales Prices was $273,000, down 0.7% from June 2019, and up 9.2% from July 2018. Three metro areas saw a year-over-year decrease in Median Sales Price including Anchorage, AK at -3.2%, Trenton, NJ at -2.1%, and San Francisco, CA at -2.0%. Five metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Wichita, KS at +16.7%, Cleveland, OH at +12.9%, and Cincinnati, OH at +11.7%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in July 2019 was 43, equivalent to the average in June 2019, and up two days from the July 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 21, Manchester, NH at 24, and Cincinnati, OH at 26. The highest Days on Market averages were in Augusta, ME at 87, Miami, FL at 82, and Hartford, CT at 72. 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 2019 was down 2.2% from June 2019 and down 1.4% from July 2018. Based on the rate of home sales in July 2019, the Months Supply of Inventory decreased to 2.7 compared to 2.9 in June 2019, and decreased compared to 3.3 in July 2018. A six months supply indicates a market balanced equally between buyers and sellers. In July 2019, of the 53 metro areas surveyed, only Miami, FL at 6.8 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 Phoenix, AZ and Boise, ID, both at 1.5.