DENVER, Oct. 16, 2017 /PRNewswire/ -- September
became the fifth month this year to post a decline in home sales
compared to a record-setting 2016, while marking the
71st consecutive month of rising sale prices
year-over-year, according to the October RE/MAX National Housing
Report. To access the housing report infographic, visit:
rem.ax/2cYFT50.
Joining August, July, April and February, September home sales
dropped 4.2% year-over-year in the report's monthly analysis of
housing data in 54 metro areas. Going in the opposite direction,
the Median Sales Price increased to $225,000. Though the lowest price since March, it
was 2.3% higher than September 2016.
The last month when home prices did not increase year-over-year was
October 2011.
Three-quarters of the way through 2017, other notable numbers
from the RE/MAX National Housing Report include:
- In the wake of Hurricane Irma in early September, Miami saw home sales drop 35.2%
year-over-year. Houston,
meanwhile, posted a 3.2% gain despite the impact of Hurricane
Harvey in late August.
- Days on Market declined by one week, from 56 in September 2016 to 49.
- At 3.6, the Months Supply of Inventory was the lowest of any
September in the report's 9-year history. Twenty-three markets are
at 3 months or less.
- Mirroring this, inventory dropped 14.1% year-over-year, with 46
metro areas seeing fewer homes for sale. Year-over-year, inventory
has declined every month since November
2008.
"We're not seeing any relief from the nationwide housing
shortage as we enter the typically slower fall and winter selling
seasons," said Adam Contos, RE/MAX
Co-CEO. "Plain and simple, we need more homes, particularly at the
entry-level price point. Until then, it will most likely continue
to be a seller's market with homes going from listed to sold
quickly."
Closed Transactions
Of the 54 metro areas surveyed in September
2017, the overall average number of home sales decreased
14.9% compared to August 2017 and
decreased 4.2% compared to September
2016. Sixteen of the 54 metro areas experienced an increase
in sales year-over-year including, Billings, MT,+18.4%, Burlington, VT, +7.6%, Chicago, IL, 7.4%, Honolulu, HI, +4.6% and Las Vegas, NV +3.8%.
Median Sales Price – Median of 54 metro median prices
In September 2017, the median of all
54 metro Median Sales Prices was $225,000, down 5% from August 2017 but up
2.3% from September 2016. Only five
metro areas saw a year-over-year decrease in Median Sales Price or
remained unchanged (Trenton, NJ,
-8.5%, Hartford, CT, -5.3%,
Billings, MT, -2.2%, and
Augusta, ME and Baltimore, MD at 0.0%). Eight metro areas
increased year-over-year by double-digit percentages, with the
largest increases seen in Seattle,
WA, +13.7%, San Francisco,
CA, +13.2%, Providence, RI,
+13%, Las Vegas, NV, +12.2% and
Tampa, FL, +11.4%.
Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in September 2017 was 49, up two days from the
average in August 2017, and down
seven days from the September 2016
average. The four metro areas with the lowest Days on Market were
Omaha, NE, at 23, Seattle, WA, at 25, and San Francisco, CA, at 26. The highest Days on
Market averages were in Augusta,
ME, at 105 and Burlington,
VT, at 94. 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 September
2017 was down 3.6% from August
2017, and down 14.1% from September
2016. Based on the rate of home sales in September, the
Months Supply of Inventory increased to 3.6 from August 2017 at 3.1, compared to September 2016 at 3.9. A 6.0-months supply
indicates a market balanced equally between buyers and sellers. In
September 2017, 51 of the 54 metro
areas surveyed reported a months supply of less than 6.0, which is
typically considered a seller's market. The metro areas that saw a
months supply above 6.0, which is typically considered a buyer's
market, were Miami, FL, at 11.8,
Augusta, ME, at 6.4, and
Birmingham, AL, at 6.3. 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, Denver, CO, at 1.6 and
San Diego, CA, at 1.8.
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