DENVER, Oct. 17, 2016 /PRNewswire/ -- Though posting
a typical seasonal dropoff from August, September's U.S. home sales
represented the most of any September in the 9-year history of the
RE/MAX National Housing Report. Home sales dropped 11.7% from
August to September – nearly the same as the 11.0% average decline
over the previous eight years of the Report. But sales increased
2.0% over September 2015 which had
previously been the best September.
The September Median Sales Price of $219,780 was 5.1% above a year ago. And in a rare
occurrence, not a single metro posted a year-over-year price drop.
The largest price gains were reported in Birmingham, AL (17.0%) and Miami (15.2%). The average Months Supply of
Inventory rose from 3.4 in August to 3.9, the highest since
February. But it is still far below the 6 months supply considered
to be a market balanced equally between buyers and sellers. Eight
markets, predominantly in the Northeast, have a 6 or more month
supply. Meanwhile, 19 have 3 months or less, with the majority
being in the West. For this month's housing report infographic,
visit http://rem.ax/2eyk25m.
"The market usually sees fewer home sales in
September, as buyers make a seasonal transition from summer to
fall," said Dave Liniger,
RE/MAX CEO, Chairman of the Board
and Co-Founder. "Even so, sales were the highest of
any September since we launched our Housing Report in 2008. Also,
price increases continue to be in the moderate 5-percent
year-over-year range. Overall, this is a market that most everyone
can be satisfied with."
Closed Transactions
In the 52 metro areas surveyed in
September, the average number of home sales increased by 2.0%
compared to one year ago, which makes the eighth month this year
with a year-over-year increase in sales. This marks the strongest
September of sales since the Report's inception in 2008. However,
September showed a 11.7% decrease from August, but this is in line
with decreases in previous years. This month, 34 markets
experienced an increase in sales year-over-year with 6 markets
seeing double-digit increases. Those markets include Trenton, NJ, +17.9%, Augusta, ME, +14.1%, Des Moines, IA +13.6%, Raleigh & Durham, NC, +11.6%, Boise, ID +11.3% and Seattle, WA 10.6%.
Median Sales Price – Median of 52 metro median
prices
In September, the median of all 52 metro Median Sales
Prices was $219,780, down slightly at
-3.1% from August 2016 and up 5.1%
from September 2015. The median price
in Providence, RI was unchanged
from last year, but every other metro area in the report saw
year-over-year price increases, with 12 rising by double-digit
percentages. The largest double-digit increases were seen in
Birmingham, AL +17.0%,
Miami, FL +15.2%, Tampa, FL +14.6%, Portland, OR +14.5%, Denver, CO +13.1% and Boise, ID +12.6%.
Days on Market – Average of 52 metro areas
The average
Days on Market for homes sold in September was 56, up two days from
the average in August 2016, but down
five days from September 2015.
September becomes the 42nd consecutive month with a Days on Market
average of 80 or less. The three metro areas with the lowest Days
on Market are Omaha, Denver and San
Francisco at 25, 27 and 28 respectively. The highest Days on
Market averages continue to be in Augusta, ME at 128, and Des Moines, IA 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 52 metro
areas
The number of homes for sale in September was down
2.6% from August, and down 15.1% from September 2015. Based on the rate of home sales
in September, the Months Supply of Inventory was 3.9, compared to
both last month and last year at 3.4 and 4.5 respectively. A
6.0-month supply indicates a market balanced equally between buyers
and sellers. This month, only six metro areas reported a Months
Supply of Inventory at 6.0 or above. The markets with the lowest
Months Supply of Inventory are San
Francisco, CA 1.6, Seattle,
WA 1.7 and Denver at
1.7.
About the RE/MAX Network:
RE/MAX was founded in 1973
by Dave and Gail Liniger, with an
innovative, entrepreneurial culture affording its agents and
franchisees the flexibility to operate their businesses with great
independence. Over 100,000 agents provide RE/MAX a global reach of
over 100 countries and territories. Nobody sells more real estate
than RE/MAX, when measured by residential transaction sides.
RE/MAX, LLC, one of the world's leading franchisors of real estate
brokerage services, is a wholly-owned subsidiary of RMCO, LLC,
which is controlled and managed by RE/MAX Holdings, Inc.
(NYSE:RMAX). With a passion for the communities in which its agents
live and work, RE/MAX is proud to have raised more than
$150 million for Children's Miracle
Network Hospitals® and other charities. For more
information about RE/MAX, to search home listings or find an agent
in your community, please visit www.remax.com. For the latest
news about RE/MAX, please visit www.remax.com/newsroom.
Description
The RE/MAX National Housing Report is
distributed each month on or about the 15th. The first
Report was distributed in August 2008. The Report is based on
MLS data in approximately 52 metropolitan areas, includes all
residential property types, and is not annualized. For maximum
representation, many of the largest metro areas in the country are
represented, and an attempt is made to include at least one metro
from each state. Metro area definitions include the specific
counties established by the U.S. Government's Office of Management
and Budget, with some exceptions.
Definitions
Transactions are the total number of
closed residential transactions during the given month. Months
Supply of Inventory is the total number of residential properties
listed for sale at the end of the month (current inventory) divided
by the number of sales contracts signed (pended) during the
month. Where "pended" data is unavailable, this calculation is
made using closed transactions. Days on Market is the number of
days that pass from the time a property is listed until the
property goes under contract for all residential properties sold
during the month. Median Sales Price is the median of the
median sales prices in each of the metro areas included in the
survey.
MLS data is provided by contracted data aggregators, RE/MAX
brokerages and regional offices. While MLS data is believed to be
accurate, it cannot be guaranteed. MLS data is constantly
being updated, making any analysis a snapshot at a particular time.
Every month the RE/MAX National Housing Report re-calculates the
previous period's data to ensure accuracy over time. All raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC