DENVER, Jan. 17, 2017 /PRNewswire/ -- 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. For this month's housing report
infographic, visit rem.ax/2cYFT50.
"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.
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 110,000 agents provide RE/MAX a global reach of
more than 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 53 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/us-home-sales-finish-strong-in-2016-300392235.html
SOURCE RE/MAX, LLC