DENVER, Nov. 17, 2017 /PRNewswire/ -- Despite record
low inventory for the month, October home sales increased 2.5%
year-over-year and kept 2017 prices ahead of 2016, according to
this month's RE/MAX National Housing Report. To access the housing
report infographic, visit: rem.ax/2cYFT50.
Thirty-seven of the 53 metro markets in the November RE/MAX
National Housing Report posted sales increases over October 2016. Meanwhile, inventory gauges were at
their lowest point for an October in the report's nine year
history. The Months Supply of Inventory dropped to 3.3 – the lowest
for any October in this housing report. It was mirrored by the Days
on Market average of 51 days, also a new low for October for the
report and a full week faster than the selling rate of homes in
October of last year.
The Median Sales Price of $224,000
increased 3.3% over last October and was $18,000 higher than the same month in 2015. The
median price remained on a par with the prices of last spring that
kicked off the peak summer selling season.
"The housing market is steady and at least somewhat predictable
with record-low inventory and increasing prices in markets across
the country," said Adam Contos,
RE/MAX Co-CEO. "With job growth and increased household formation,
buyers will struggle and may even be priced out of the market until
home building catches up."
Closed Transactions
Of the 53 metro areas
surveyed in October 2017, the overall
average number of home sales decreased 3.4% compared to
September 2017 but increased 2.5%
compared to October 2016.
Thirty-seven of the 53 metro areas experienced an increase in sales
year-over-year including, Albuquerque, NM,+19.8%, Augusta, ME, +14.1%, Las Vegas, NV, +13.2%, Billings, MT, +12.4% and Providence, RI +11.4%.
Median Sales Price – Median of 53 metro median
prices
In October 2017, the
median of all 53 metro Median Sales Prices was $224,000, down 1.1% from September 2017 but
up 3.3% from October 2016. Only three
metro areas saw a year-over-year decrease in Median Sales Price or
remained unchanged (Wilmington/Dover,
DE, -4.1%, Trenton, NJ,
-1.0%, and Cincinnati, OH, at
0.0%). Eight metro areas increased year-over-year by double-digit
percentages, with the largest increases seen in Las Vegas, NV, +16.3%, Birmingham, AL, +12.3%, New Orleans, LA, +12.3%, Des Moines, IA, +12.0% and Seattle, WA, +11.6%.
Days on Market – Average of 53 metro areas
The average
Days on Market for homes sold in October
2017 was 51, up two days from the average in September 2017, and down seven days from the
October 2016 average. The four metro
areas with the lowest Days on Market were San Francisco, CA, at 24, Omaha, NE, at 26, Seattle, WA, at 27, and Nashville, TN, at 28. The highest Days on
Market averages were in Augusta,
ME, at 108 and Burlington,
VT, at 89. 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 October 2017 was down 6.3% from September 2017, and down 13.4% from October 2016. Based on the rate of home sales in
October, the Months Supply of Inventory decreased to 3.3 from
September 2017 at 3.6, compared to
October 2016 at 3.9. A 6.0-months
supply indicates a market balanced equally between buyers and
sellers. In October 2017, 50 of the
53 metro areas surveyed reported a months supply at or 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 7.3, Birmingham, AL,
at 6.8 and Augusta, ME, at 6.5.
The markets with the lowest Months Supply of Inventory continued to
be in the west with San Francisco,
CA, at 1.0, Denver, CO and
Seattle, WA, at 1.3, 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 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.
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SOURCE RE/MAX, LLC