Home Prices Ease Amid Declining New
Listings, Sales, Inventory
DENVER, Dec. 19,
2023 /PRNewswire/ -- Posting the lowest Median
Sales Price in eight months, November home sales dropped from
October levels and the number of homes for sale fell slightly.
Indicative of the usual year-end slowdown, home sales in
November dropped by 9.8% compared to October and declined 6.5%
versus the same period last year. This decline can also be
attributed to rising interest rates most of this year and last.
Interest rates have decreased over the last two months, which could
result in more activity in the market.
The number of homes for sale changed slightly – dropping 1.6%
from October and declining 2.6% compared to November 2022.
Across the 52 metro areas surveyed, homes sold for a median
price of $405,000, which was
$5,000 less than in October but
$13,000 higher than in November 2022. New listings, though up 1.5% year
over year, were down 19.1% from October.
"Although November results are in line with trends we've seen
this year, there's reason to think 2024 could be more active,
especially with prices and interest rates coming down a bit
recently," said Nick Bailey,
President and CEO of RE/MAX, LLC. "When we look at the national
picture, it's a collection of local snapshots, each with different
conditions. As the report shows, new listings in a few markets,
including Omaha and Orlando, were up more than 25% year over year,
while they decreased in others. So, while the results tell an
overall story, the key for homebuyers and sellers is to work with a
local real estate agent who can speak to the unique local
conditions."
Steve Silcock, Broker/Owner of
RE/MAX Heritage in Clermont, FL
said, "November inventory in the Orlando area increased for the sixth month in
a row to bump up months' supply to a level not seen since
January 2019. But we are still well
below what many consider to be a balanced market, and median home
prices are down slightly. However, December activity to date looks
promising, especially in our retirement markets, and considering
the recent drop in interest rates and the change in tone from the
Federal Reserve, we are really looking forward to what we hope will
be a strong and exciting 2024."
Other notable metrics:
- Homes sold were on the market an average of 40 days – four days
longer than in October and one day more than in November 2022.
- Homes sold in November for an average of 99% of the listing
price – the same as in October and up from 98% in November 2022.
- Months' supply of inventory in November was 2.6, larger than
2.3 in October and 2.5 in November
2022.
Highlights and local market metrics for November include:
New Listings
Of the 52 metro areas surveyed in
November 2023, the number of newly
listed homes was down 19.1% compared to October 2023, and up 1.5% compared to
November 2022. The markets with the
biggest decrease in year-over-year new listings percentage were
Anchorage, AK at -20.3%,
Birmingham, AL at -12.7%, and
Honolulu, HI at -11.5%. The
markets with the biggest year-over-year increase in new listings
percentage were Omaha, NE at
+33.2%, Burlington, VT at +25.9%,
and Orlando, FL at +25.2%.
New Listings:
5 Markets with the Biggest YoY Increase
|
Market
|
Nov 2023
New Listings
|
Nov 2022
New Listings
|
Year-over-Year
% Change
|
Omaha, NE
|
1,227
|
921
|
+33.2 %
|
Burlington,
VT
|
146
|
116
|
+25.9 %
|
Orlando, FL
|
3,583
|
2,862
|
+25.2 %
|
Bozeman, MT
|
126
|
103
|
+22.3 %
|
San Antonio,
TX
|
3,483
|
3,015
|
+15.5 %
|
Closed Transactions
Of the 52 metro areas
surveyed in November 2023, the
overall number of home sales is down 9.8% compared to October 2023, and down 6.5% compared to November
2022. The markets with the biggest decrease in year-over-year
sales percentage were Burlington,
VT at -19.1%, Portland, OR
at -17.1%, and Seattle, WA at
-15.9%. The markets with the biggest increase in year-over-year
sales percentage were Manchester,
NH at +9.2%, Omaha, NE at
+6.5%, and Orlando, FL at
+4.9%.
Closed
Transactions:
5 Markets with the Biggest YoY Decrease
|
Market
|
Nov 2023
Transactions
|
Nov 2022
Transactions
|
Year-over-Year
% Change
|
Burlington,
VT
|
169
|
209
|
-19.1 %
|
Portland, OR
|
1,737
|
2,096
|
-17.1 %
|
Seattle, WA
|
2,875
|
3,420
|
-15.9 %
|
Bozeman, MT
|
96
|
114
|
-15.8 %
|
Anchorage,
AK
|
342
|
403
|
-15.1 %
|
Median Sales Price – Median of 52 metro area prices
In
November 2023, the median of all 52
metro area sales prices was $405,000,
down 1.2% compared to October 2023,
and up 3.3% from November 2022. The markets with the biggest
year-over-year decrease in median sales price were San Antonio, TX at -5.7%, Coeur d'Alene, ID at
-3.7%, and New Orleans, LA at
-3.6%. The markets with the biggest year-over-year increase in
median sales price were Trenton,
NJ at +15.5%, Des Moines,
IA at +15.1%, and San Diego,
CA at +12.7%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
Market
|
Nov 2023
Median Sales Price
|
Nov 2022
Median Sales Price
|
Year-over-Year
% Change
|
Trenton, NJ
|
$403,500
|
$349,500
|
+15.5 %
|
Des Moines,
IA
|
$292,250
|
$254,000
|
+15.1 %
|
San Diego,
CA
|
$849,000
|
$753,250
|
+12.7 %
|
Baltimore,
MD
|
$369,000
|
$335,000
|
+10.1 %
|
Albuquerque,
NM
|
$339,745
|
$308,750
|
+10.0 %
|
Close-to-List Price Ratio – Average of 52 metro area
prices
In November 2023, the
average close-to-list price ratio of all 52 metro areas in the
report was 99%, flat compared to October
2023, and up from 98% November
2022. The close-to-list price ratio is calculated by the
average value of the sales price divided by the list price for each
transaction. When the number is above 100%, the home closed for
more than the list price. If it's less than 100%, the home sold for
less than the list price. The metro areas with the lowest
close-to-list price ratio were a three-way tie between Bozeman, MT, Coeur d'Alene, ID, and
Miami, FL at 95%. The metro areas
with the highest close-to-list price ratios were Hartford, CT at 103%, followed by a tie
between San Francisco, CA and
Trenton, NJ at 102%.
Close-to-List Price
Ratio:
5 Markets with the Biggest YoY Increase
|
Market
|
Nov 2023
Close-to-List Price
Ratio
|
Nov 2022
Close-to-List Price
Ratio
|
Year-over-Year
Difference*
|
San Francisco,
CA
|
102.0 %
|
99.8 %
|
+2.2 pp
|
Los Angeles,
CA
|
99.2 %
|
97.3 %
|
+1.9 pp
|
Providence,
RI
|
99.9 %
|
98.3 %
|
+1.6 pp
|
Hartford, CT
|
102.9 %
|
101.4 %
|
+1.4 pp
|
Seattle, WA
|
99.0 %
|
97.6 %
|
+1.4 pp
|
*Difference
displayed as change in percentage points
|
Days on Market – Average of 52 metro areas
The average
days on market for homes sold in November
2023 was 40, up four days compared to the average in
October 2023, and up one day compared
to November 2022. The metro areas
with the lowest days on market were Baltimore, MD at 13, Washington, DC at 15, followed by a tie
between Philadelphia, PA and
Trenton, NJ at 16. The
highest days on market averages were in Fayetteville, AR at 86, Coeur d'Alene, ID at
80, and Bozeman, MT at 71.
Days on market is the number of days between when a home is
first listed in an MLS and a sales contract is signed.
Days on Market:
5 Markets with the Biggest YoY Increase
|
Market
|
Nov 2023
Days on Market
|
Nov 2022
Days on Market
|
Year-over-Year
% Change
|
Birmingham,
AL
|
53
|
32
|
+63.8 %
|
Coeur d'Alene,
ID
|
80
|
53
|
+50.4 %
|
San Antonio,
TX
|
70
|
49
|
+42.1 %
|
Wichita, KS
|
30
|
22
|
+39.9 %
|
New Orleans,
LA
|
60
|
45
|
+34.0 %
|
Months' Supply of Inventory – Average of 52 metro
areas
The number of homes for sale in November 2023 was down 1.6% from October 2023 and down 2.6% from November 2022. Based on the rate of home sales in
November 2023, the months' supply of
inventory was 2.6, up compared to 2.3 in October 2023, and 2.5 in November 2022. In November
2023, the markets with the lowest months' supply of
inventory were Trenton, NJ at 0.8,
Hartford, CT at 1.0, followed by a
tie between Manchester, NH and
Seattle, WA at 1.1. The markets
with the highest months' supply of inventory were San Antonio, TX at 5.3, followed by a tie
between Bozeman, MT and
Miami, FL at 4.8.
Months' Supply of
Inventory:
5 Markets with the Biggest YoY Decrease
|
Market
|
Nov 2023
Months' Supply
of Inventory
|
Nov 2022
Months' Supply
of Inventory
|
Year-over-Year
% Change
|
Coeur d'Alene,
ID
|
2.5
|
5.0
|
-49.5 %
|
Phoenix, AZ
|
3.0
|
4.8
|
-37.4 %
|
Las Vegas,
NV
|
3.1
|
5.0
|
-36.8 %
|
Trenton, NJ
|
0.8
|
1.1
|
-29.8 %
|
San Diego,
CA
|
1.9
|
2.3
|
-18.2 %
|
About the RE/MAX Network
As one of the leading global
real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX
Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000
offices and a presence in more than 110 countries and territories.
Nobody in the world sells more real estate than RE/MAX, as measured
by residential transaction sides. 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. RE/MAX agents have lived, worked and served in their
local communities for decades, raising millions of dollars every
year for Children's Miracle Network Hospitals® and other
charities. To learn more about RE/MAX, to search home listings or
find an agent in your community, please visit www.remax.com. For
the latest news about RE/MAX, please visit news.remax.com.
Report Details
The RE/MAX National Housing Report is
distributed monthly on or about the 15th. The Report is based on
MLS data for the stated month in 52 metropolitan areas, includes
single-family residential property types, and is not annualized.
For maximum representation, most of the largest metro areas in the
country are represented, and an attempt is made to include at least
one metro area in almost every state. Metro areas are defined by
the Core Based Statistical Areas (CBSAs) established by the U.S.
Office of Management and Budget.
Definitions
Closed 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 (pending listings) during
the month. Where "pending" data is unavailable, an inferred pending
status is calculated using closed transactions. Days on Market is
the average number of days that pass from the time a property is
listed until the property goes under contract. Median Sales Price
for a metro area is the median sales price for closed transactions
in that metro area. The nationwide Median Sales Price is calculated
at the nationwide aggregate level using all sale prices from the
included metro areas. The Close-to-List Price Ratio is the average
value of the sales price divided by the list price for each closed
transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings
company. While MLS data is believed to be reliable, it cannot be
guaranteed. MLS data is constantly being updated, making any
analysis a snapshot at a particular time. Every month, the previous
period's data is updated to ensure accuracy over time. Raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC