DENVER, March 17, 2017 /PRNewswire/ -- 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. For this month's housing report infographic, visit
http://rem.ax/2cYFT50.
"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.
Contact
For specific data in this report or to request
an interview, please contact newsroom@remax.com.
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/home-prices-at-new-high-in-february-amid-record-low-inventory-300425557.html
SOURCE RE/MAX, LLC