DENVER, Aug. 17, 2017 /PRNewswire/ -- While July
home sales decreased slightly, homes sold at a faster rate than any
month in nearly a decade, according to the August RE/MAX National
Housing Report that analyzes housing data in 54* metro areas. To
access the housing report infographic, visit rem.ax/2cYFT50.
July home sales declined 0.8% year-over-year, and the Median
Sales Price of $239,950 – while
slightly lower than June's – was 7.4% higher year-over-year. Homes
sold quickly in July, with an average 45 Days on Market, a record
low for the report.
Other notable numbers from this month's RE/MAX National Housing
Report include:
- Sales increased in 19 metro areas even as home sales declined
0.8% compared to July 2016.
- The Median Sales Price of $239,950 was the highest for any July in the
nine-year history of the report.
- Inventory dropped 14.1% year-over-year, with 46 metro areas
seeing fewer homes for sale or remaining unchanged. Year-over-year,
inventory has declined every month since November 2008.
- Months Supply of Inventory hovered at 3.1 months, a new July
low in the report.
"After a jump in home sales in May and June, it's not unusual to
see a dip in sales in July," said Adam Contos, RE/MAX
Co-CEO. "This summertime slowdown is a national trend
that we sometimes see this time of year, even though this month's
decrease was razor thin. Low inventory continues to constrain the
market. Successful buyers will have to be prepped and ready to act
fast to purchase listings that, on average, are selling in record
time."
Closed Transactions
Of the 54 metro areas surveyed in July
2017, the overall average number of home sales decreased
15.8% compared to June 2017 and 0.8%
compared to July 2016. Nineteen of
the 54 metro areas experienced an increase in sales year-over-year
including, Las Vegas, NV, +19.8%,
Wilmington/Dover, DE, +16.9%, Augusta, ME, +8.1%, Philadelphia, PA, +4.9% and Tampa, FL, +4.8%.
Median Sales Price – Median of 54 metro median prices
In July 2017, the median of all 54
metro Median Sales Prices was $239,950, down 1.0% from June 2017 but up
7.4% from July 2016. Only three metro
areas saw a year-over-year decrease in Median Sales Price or
remained unchanged (Billings, MT,
-2.2%, Anchorage, AK, -0.7%, and
Houston, TX, 0.0%). Seven metro
areas increased by double-digit percentages, with the largest
increases seen in Seattle, WA,
+13.7%, Tampa, FL, +13.5%,
Milwaukee, WI, +11.6%,
Portland, OR, +11.4% and
Charlotte, NC, +11.0%.
Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in July 2017 was 45, down two days from the average
in June 2017, and down eight days
from the July 2016 average. The four
metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 22 and San Francisco, CA at 24. The highest Days on
Market averages were in Augusta,
ME at 98 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 July
2017 was down 2.1% from June
2017, and down 14.1% from July
2016. Based on the rate of home sales in July, the Months
Supply of Inventory was 3.1, compared to June 2017 at 2.8 and July
2016 at 3.5. A 6.0-months supply indicates a market balanced
equally between buyers and sellers. In July
2017, 52 of the 54 metro areas surveyed reported a months
supply of less than 6.0, which is typically considered a seller's
market. At 7.4 and 6.2 respectively, Miami, FL and Augusta, ME were the only metro areas 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 San
Francisco, CA at 1.2, Seattle,
WA at 1.3, Denver, CO at
1.4 and Omaha, NE at 1.6.
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 115,000 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
54 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.
*The Cincinnati metro area was
recently added to the RE/MAX National Housing Report
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SOURCE RE/MAX, LLC