Rising Prices, Fewer Sales Driven by Record-Breaking Low Inventory

If you are looking for a new home, chances are you’re not finding many homes on the market. If you’re a seller, you have likely noticed the value of your home is rising — no matter what part of the country you live in.

According to the April 2018 RE/MAX National Housing Report, home prices continued to climb year-over-year for the 24^th consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it a seller’s market in most regions of the country.

When the Months Supply of Inventory falls below six months, it’s a seller’s market, and all 54 metro areas surveyed for the monthly housing reported under six months of inventory.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

Inventory Limits February Home Sales While Pushing Up Prices

One word sums up February home sales across the country – inventory. The lack of homes for sale continues to be the key factor as February marks the third consecutive month of year-over-year declines in home sales, coupled with quick sales and record prices.

According to the March RE/MAX National Housing Report, home sales dropped 0.2% from February 2017, while the Days on Market average of 62 days was the lowest of any February in the report’s nine-year history.

The Months Supply of Inventory was 3.1 – also a RE/MAX National Housing Report February record – and underscored an average decline in inventory of 13.7% among the 52 markets reporting.

Out of 52 markets, 18 metro areas saw double-digit percentage increases in median sales price year-over-year. While only two metros saw a year-over-year decrease in median sales price – Albuquerque, NM, and Burlington, VT.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

Speed of January Sales Felt More Like Spring Selling Season

The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin. Despite home sales being down 2.8% year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere 60 days last month, marking the fewest Days on Market of any January in the nine-year history of the report.

Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter.

The Median Sales Price of $224,000 also set a January record — up 6.7% year-over-year. Out of 53 markets, 51 posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

2017 Closes Strong, Record High December Home Prices

While sales dropped slightly from a year ago, December capped off a 2017 of record home prices, speedy sales and low inventory.

The January RE/MAX National Housing Report shows the median home price rose 8.1% year-over-year, with 50 of the report’s 54 markets posting increases. At the same time, December sales dropped 3.3% from December 2016, with 39 markets reporting fewer transactions. Making sales harder was a Months Supply of Inventory of 3.7 which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6% decline in inventory, lengthening a streak of monthly declines that began in November 2008.

Also setting a report record for December was the speed of home sales: 57 days. That figured into an overall 2017 median for Days on Market of 52.5 — nearly a week less than the 2016 median of 58.5 days.

Home buyers paid record prices in 2017, led by June’s Median Price Sold of $245,000. Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases dating back to April 2016.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

Sales Up Despite Years of Rising Prices, Falling Inventory

November became the sixth month of 2017 to post an increase in year-over-year home sales, bucking prolonged trends of home price increases and inventory declines, according to the December RE/MAX National Housing Report.

The sales increase of 1.1% came on the strength of increased transaction closings in 36 of the report’s 54 markets. At the same time, buyers felt increasing headwinds as the Median Sales Price rose to $227,500 and marked the 20^th consecutive month of year-over-year home price increases. In fact, the Median Sales Price has increased year-over-year in 69 of the last 70 months dating back to February 2012.

November’s inventory decline of 14.5% extended the streak of consecutive months of fewer homes on the market to 108. The current streak started nine years ago, in November 2008, shortly after the RE/MAX National Housing Report was introduced.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

September Home Sales Slow Amid Strong Prices, Low Inventory

September became the fifth month this year to post a decline in home sales compared to a record-setting 2016, while marking the 71^st consecutive month of rising sale prices year-over-year, according to the October RE/MAX National Housing Report.

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.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

Home Sales Decreased in July, but Sold at Faster Pace

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.

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.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

First Half of 2017 Ends with Record Sales, Prices

Halfway through 2017, the U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016, according to the July 2017 RE/MAX National Housing Report. June home sales were 1.4% higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report.

The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5% over last June, also set a RE/MAX National Housing report record. In fact, prices increased in 50 of the report’s 53 markets.

The average number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87% of the markets.

Other notable numbers:

• Thirty of the 53 metro areas experienced an increase in transactions.
• The June 2017 Median Sales Price of $245,000 was the highest in the history of the report.
• Decreasing 15.2% from June 2016, inventory continued to decline year-over-year. This is the 104th consecutive month of year-over-year declines dating back to October 2008.
• The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

May’s Brisk Home Sales Set Post-Recession Records

After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report.

In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report.

Other notable numbers:

• Over two-thirds of the metro areas experienced an increase in transactions.
• The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
• Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103^rdconsecutive month of year-over-year declines dating back to October 2008.
• The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…

April Home Sales Cooler Than Typical Spring Season

The brisk start to the 2017 home-selling season slowed down in April with home sales dropping 4.1% below March and 4.5% below the previous April, according to this month’s RE/MAX National Housing Report.

Yet the narrative of the ever-tightening inventory coupled with increased prices persisted, as the 53 metro area report saw the trends of a seller’s market continuing:

• The average number of Days on Market declined for the third consecutive month and April’s 57 days set a new low for April in the report’s nine-year history.
• The Median Sales Price of $226,000 was the highest price for any April and marked the 13th consecutive month of year-over-year price increases.
• Months Supply of Inventory, which dropped below 3 months in March for the first time in the report’s history, was 2.8. A months supply of less than 6.0 is considered a seller’s market.
• Inventory was down 17.6% from April 2016. This is the 102^nd consecutive month of year-over-year declines dating back to October 2008.

More than three quarters of the report’s 53 metro areas saw April home sales decline year-over-year. By contrast, March posted a 6.6% year-over-year spike in sales. Even so, April saw homes sell for more than they did in March in 81% of the markets, while 92% of the markets saw higher year-over-year sale prices.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…