DENVER, Sept. 15, 2017 /PRNewswire/ -- U.S. home
sales in August extended a summer of strong demand and weak
inventory that once again resulted in listings with short shelf
lives. In addition to the normal late summer real estate trends, a
primary focus during the next month will be on housing in specific
markets affected by natural disasters like devastating wildfires
and hurricanes Harvey and Irma.
To access the housing report infographic, visit:
rem.ax/2cYFT50.
The RE/MAX National Housing Report shows August sales topping
July by 2.8%, but finishing 0.84% below August 2016 which remains the best August in the
report's 9-year history. Houston,
where Hurricane Harvey made landfall on August 25, already experienced a 21.3% drop in
sales from July and a 27.5% decline year-over-year.
Inventory in the report's 54 markets declined 3.9% from July and
13.7% from a year ago, driving Days on Market to drop to 47 – the
fastest listing-to-sale average for any August. The Months Supply
of Inventory, while continuing to rebound from a May low of 2.6,
settled at 3.1 months and set another report record for August.
"Overall, we're still seeing home prices rise year-over-year at
just above historical averages -- even with slightly declining
nationwide prices in August, which is an expected annual pattern,"
said Adam Contos, RE/MAX Co-CEO.
"The data shows that home hunters continue to experience very
limited inventory and increased competition, and home sellers are
benefiting from quick sales for top dollar."
After hitting $239,950 in July,
the median sales price dipped to $236,475 in August but still finished 5.4% higher
year-over-year.
Closed Transactions
Of the 54 metro areas surveyed in
August 2017, the overall average
number of home sales increased 2.8% compared to July 2017 and decreased 0.84% compared to
August 2016. Twenty-four of the 54
metro areas experienced an increase in sales year-over-year
including, Wilmington/Dover,
DE,+17.2%, Trenton, NJ, +13.8%,
Honolulu, HI, +12%, Augusta, ME, +11.1% and Boise, ID, +9%.
Median Sales Price – Median of 54 metro median
prices
In August 2017, the
median of all 54 metro Median Sales Prices was $236,475, down 1.3% from July 2017 but up
5.4% from August 2016. Only three
metro areas saw a year-over-year decrease in Median Sales Price or
remained unchanged (Anchorage, AK,
-1.5%, Augusta, ME, -1.4% and
Hartford, CT, -1.4%). Nine metro
areas increased year-over-year by double-digit percentages, with
the largest increases seen in Cincinnati,
OH, +14.5%, Las Vegas, NV,
+13.7%, Boise, ID, +12.4%,
Nashville, TN, +12.1% ,
San Francisco, CA, +11.5%, and
Seattle, WA, +11.4%.
Days on Market – Average of 54 metro areas
The average
Days on Market for homes sold in August
2017 was 47, up two days from the average in July 2017, and down seven days from the
August 2016 average. The four metro
areas with the lowest Days on Market were Omaha, NE, and Seattle, WA, at 21, and Denver, CO, and San
Francisco, CA, at 24. The highest Days on Market averages
were in Augusta, ME, at 100 and
Burlington, VT, at 92. 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 August 2017 was down 3.9% from July 2017, and down 13.7% from August 2016. Based on the rate of home sales in
August, the Months Supply of Inventory remained unchanged from
July 2017 at 3.1, compared to
August 2016 at 3.4. A 6.0-months
supply indicates a market balanced equally between buyers and
sellers. In August 2017, 53 of the 54
metro areas surveyed reported a months supply of less than 6.0,
which is typically considered a seller's market. At 6.5,
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 San Francisco, CA, at 1.0, Seattle, WA, at 1.3, Denver, CO, at 1.4 and San Diego, CA, at 1.7.
Contact
For specific data in this report or to request
an interview, please contact newsroom@remax.com.
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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.
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SOURCE RE/MAX, LLC