DENVER, June 16, 2017 /PRNewswire/ --
After a brief dip in April home sales, the U.S. housing
market returned to seasonally high sales in May, increasing 20.6%
from the previous month and 4.3% from May
2016, according to the RE/MAX National Housing Report
released today. In fact, it was the strongest May in terms of home
sales in the nine-year history of the report. To access the housing
report infographic, visit rem.ax/2cYFT50.
In addition, the average number of Days on Market dropped
to a record low of 51, consistent with the Months Supply of
Inventory shrinking to 2.6 months – both records for the
report.
Other notable numbers:
- Over two-thirds of the metro areas experienced an
increase in transactions.
- The May 2017 Median Sales
Price of $232,500 was the second
highest in the history of the report, only behind the August 2008 Median Sales Price of $236,062.
- Decreasing 16.2% from May
2016, inventory continued to decline year-over-year. This is
the 103rd consecutive month of year-over-year declines
dating back to October
2008.
- The U.S. continues to enjoy rising home values as 52 of
the 53 metro areas experienced a price increase.
"In May, we saw an uptick of both loan applications and
home sales, which is encouraging in terms of more people getting
into the market for
homes," said Adam
Contos, RE/MAX
Co-CEO. "We don't expect that
the Federal Reserve's announcement on Wednesday to raise
interest rates a quarter of a point will greatly
affect the market's momentum. But housing demand only intensifies
the tug-of-war with tight inventories driving prices
up."
Closed Transactions
Of the 53 metro areas surveyed in May
2017, the overall average number of home sales increased
4.3% compared to May 2016.
Thirty-nine of the 53 metro areas experienced an increase in sales
year-over-year including Albuquerque,
NM +20.8%, Tulsa, OK
+13.4%, Las Vegas, NV +12.2%,
Honolulu, HI +11.5%, Phoenix AZ, +11.3%.
Median Sales Price – Median of 53 metro median
prices
In May 2017, the median of all
53 metro Median Sales Prices was $232,500, up 2.9% from April 2017 and up
3.6% from May 2016. Fargo, ND was the only metro area to see a
year-over-year price decrease (-2.73%). Six metro areas increased
by double-digit percentages, with the largest increases seen in
Manchester, NH +13.2%,
Seattle, WA +12.8%, Tampa, FL +12.8%, Las Vegas, NV +10.7% and Dallas/Fort Worth +10.7%.
Days on Market – Average of 53 metro
areas
The average Days on Market for homes sold in May 2017 was 51, down six days from the average
in April 2017, and down seven days
from the May 2016 average. The four
metro areas with the lowest Days on Market were Omaha, NE at 20, San
Francisco, CA at 21, Seattle,
WA at 22 and Denver, CO at
23. The highest Days on Market averages were in Augusta, ME at 136 and Burlington, VT 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 53 metro
areas
The number of homes for sale in May
2017 was down 0.6% from April
2017, and down 16.2% from May
2016. Based on the rate of home sales in May, the Months
Supply of Inventory was 2.6, compared to April 2017 at 2.8 and May
2016 at 3.0. This is the third month in a row months supply
has been below 3.0. A 6.0-months supply indicates a market balanced
equally between buyers and sellers. In May
2017, 52 of the 53 metro areas surveyed reported a months
supply of less than 6.0, which is typically considered a seller's
market. At 6.1, Miami, FL was the
only metro area that 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
San Francisco, CA and Seattle, WA at 0.9, and Denver, CO at 1.0 for the fourth month in a
row.
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 $157 million
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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/mays-brisk-home-sales-set-post-recession-records-300475288.html
SOURCE RE/MAX, LLC