April Sales Decline of 7.6%
In Contrast with Seasonal Ramp-Up

The seasonal ramp-up to peak summer homebuying did not occur in April as closings dropped 7.6% from March across the report’s 49 metro areas. That came as the Median Sales Price rose 2.3% to $409,000 month-over-month and inventory inched up 1.8% over the prior month.

The number of home sales typically increases every month from February to June. But April posted a decline despite a month-over-month increase in new listings of 5.6%. Year-over-year, April sales were down 29.5% while new listings were 22.1% lower.

Other notable metrics:

• The median sales price has increased 6.2% since January after dropping 9.6% the previous seven months.

• Months’ Supply of Inventory in April was 1.3, unchanged from March but above the 1.0 a year ago.

• April’s average close-to-list price ratio was 99%, meaning that on average, homes sold for 1% less than the asking price. A year ago, it was 103%.

• Homes sold in April were on the market for an average of 33 days – six days less than March but 10 days longer than a year ago.

Read the full article…

Watch the 32 second summary video…

The Expected Spring Surge in Home Sales Arrives

March home sales jumped 37.7% over February, signaling the start of the peak spring and summer seasons in the report’s 52 metro areas. While inventory was down 2.8% from February’s total, March inventory was 56.4% higher year over year – due in part to the combination of pending sales and closings being down, leaving homes on the market longer than they were a year ago. The median sales price of $396,000 in March was down 2.0% year over year.

Other notable metrics:

• While down year over year, the median sales price ticked up 3.4% from February’s $383,500, which is in line with last year when home prices rose 4.7% (from $387,000 to $405,000) from February to March.

• Months’ Supply of Inventory in March was 1.4, down from 1.7 months in February but well above the 0.8 of last March.

• March’s average close-to-list price ratio was 99%, meaning that on average, homes sold for 1% less than the asking price. A year ago, it was 102%.

• Homes sold in March were on the market for an average of 40 days – six days less than February but two weeks longer than a year ago.

Read the full article…

Watch the 32 second summary video…

Home Sales Show Strong Increase and
Slight Rise in Median Sales Price Over January

Despite being down 24.4% year over year, February home sales increased 16.8% from January. That was the largest month-over-month increase in 11 months and ended a five-month streak of sales declines that began in September.

The median sales price of $385,000 increased 0.6% over January, ending a seven-month streak of price declines since the peak of $426,000 in June 2022. Although home prices increased slightly month-over-month, February marked the first year-over-year drop in prices since January 2012 – as the median was 1.3% lower than a year ago ($390,000).

Inventory increased year over year for the 10th consecutive month, and the number of homes for sale in the report’s 50 metro areas was 55.0% higher than a year ago.

Other notable metrics:

• Months’ Supply of Inventory in February was 1.7, down from 2.0 months in January but well above last February’s 1.0.
• February’s average close-to-list price ratio was 98%, meaning that on average, homes sold for 2% less than the asking price. In January, the ratio was 97%.
• Homes sold in February were on the market for an average of 45 days – three days less than January but two weeks longer than a year ago.

Read the full article…

Watch the 32 second summary video…

Home Prices Almost Back Where
They Were a Year Ago as New Listings Surge

January’s Median Sale Price of $385,000 was down 1.0% from December, marking the seventh consecutive month of price declines. Year over year, the January 2023 figure was just 1.3% higher than this same time last year – an indication home prices are moderating.

At the same time, the number of homes for sale was 59.4% higher than a year ago in the report’s 51 metro areas, fed by a month-over-month increase in new listings of 39.8%. This month’s gain in new listings was higher than any month last year, with the biggest month-over-month increase in 2022 occurring in March with a gain of 27.7%.

Even with the surge in new listings, home sales declined 26.7% from December and 35.2% year- over-year.

Reflecting price declines, the average Close-to-List Price Ratio in January was 97%, meaning that homes sold, on average, for 3% less than the asking price. There has been a gradual decline in this metric since May 2022, when sellers were getting 3% over asking price on average. Homes sold in January were on the market 48 days – one day longer than in December and 12 days longer than one year ago.

Read the full article with more details…

December Declines Accentuate
Year of Transition Toward Balanced Market

The housing market decelerated throughout 2022 creating more opportunities for homebuyers, in stark reversal of the frenzied seller’s market of the previous year. The year’s most telling stats were punctuated in December: Home sales were down 38% from a year ago while the number of homes for sale was up 69% in the report’s 53 metro areas.

Sales in every month of 2022 fell short of the previous year, with the percentage of decline starting out in single digits during the first quarter before topping 30% in the fourth quarter. The Median Sales Price of $385,000 was 1.3% higher year over year in December, compared to 13.9% higher year over year last January.

As in October and November, the average Close-to-List Price Ratio in December was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio peaked at 103% in April and May compared to 100% in December 2021.

December inventory was down 12.2% from November but grew month-to-month in six of the last nine months.

Other notable metrics include:

• New listings recorded 2022’s largest month-to-month decline of 25.2% and finished 15.1% lower than a year ago.
• Homes sold in December were on the market for an average of 47 days. That was 10 more days than one year ago.
• December’s 2.5 months supply of inventory was unchanged from November but more than double the 1.2 of one year ago.

Read the full article…

Watch the 48 second summary video…

Prices Moderate as New Listings and Home Sales Dip, For-Sale Homes Sit Longer

November begins a stretch of four months with typically the lowest home sales of the year – including December, January and February – and this November followed suit. Seasonality was just one factor contributing to November’s 12% drop in home sales from October in the report’s 53 metro areas as fluctuating interest rates and ongoing economic uncertainty weigh on the market.

New listings tumbled 21.4% from October – reaching their lowest point of the year ­­– as home sellers saw the Median Sales Price drop to $394,000. That was 1.3% less than October though still 3.7% higher than November 2021. The average Close-to-List Price Ratio in November was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio was 101% a year ago and flat compared to October 2022.  

Other notable metrics include:
• Homes sold in November were on the market for an average of 39 days. That was four more days than in October and a full week more than in November 2021.
• November’s 2.5 months supply of inventory was up from 2.3 in October and more than double the 1.2 of one year ago.
• Though the fourth-highest year-to-date total, November’s 2.5 months supply of inventory was down 5.9% from October following month-to-month inventory increases of 3.9% in September and 2.9% in October.

Read the full article…

Watch the 48 second summary video…

More Inventory, Fewer Homes Selling
As Sale Prices Slowly Dip

October revealed a vastly different housing market from one year ago, with 30.7% fewer closings, 36.8% more homes for sale, and the average home taking nearly a week longer to sell, at 35 days on market. As a result, the Median Sales Price was pushed down 0.3% to $399,000 from September’s $400,000 – the third straight month of decline.

Across the report’s 53 metro markets, all 10 months of 2022 thus far have posted lower home sales compared to 2021. October was the sixth consecutive month with more for-sale signs than the same month last year.

Compared to September, home sales in October were down 13.5% while inventory grew 2.9%. Homes were on the market one day longer.

Read the full article…

Watch the 48 second summary video…

Inventory Grows, Home Prices Drop
as Homes Take Longer to Sell

Typical for this time of year, September home sales declined 9.7% from August across the report’s 53 metro areas. That led to inventory climbing to two months’ supply for the first time in nearly two years – an encouraging sign of a more balanced market to come.

September’s Median Sales Price of $400,000 was 6.1% lower than the year-high of $426,100 in June. The Median Sales Price dropped 1.2% below August’s but was 6.7% above September 2021. The average Close-to-List Price Ratio in September was 99%, meaning that homes sold for 1% less than the asking price for the second consecutive month after being at 100% or above through the first seven months of 2022.

Despite inventory growing 3.9% over August and 30.4% year-over-year, New Listings were down 7.6% month to month and down 11.4% compared to September 2021.

Other notable metrics include:
• September’s two months’ supply of inventory jumped from 1.6 months in August and 1.3 months a year ago. The National Association of REALTORS® last reported months’ supply of inventory above two in November of 2020, when it was 2.3.
• The number of homes for sale has grown in five of the past six months.
• Year-over-year, September home sales were down 23.5%.
• Days on Market averaged 34, five days higher than July and six days more than September 2021.

Read the full article…

Watch the 48 second summary video…

Drops in Sales Price Result in More
Closings, Less Inventory

According to August data in the RE/MAX National Housing Report, home sellers, on average, accepted offers below their listing prices last month – a further indication of rebalancing in the housing market. Across the report’s 51 metro areas, the average Close-to-List Price Ratio in August was 99%, meaning that homes sold for 1% less than the asking price. That’s down from 101% in July and 104% in April. This change helped push August sales 5.3% higher than July, while the Median Sales Price declined 2.4% to $410,000 after peaking at $426,000 three months earlier.

At the same time, new listings dropped 12.8% from July and inventory declined 1.8% after four months of double-digit growth. Even so, the number of homes for sale was 20% higher than in August 2021.

Two-thirds of the way through 2022, home sales have declined every month compared to 2021. Other notable metrics include:

• Months Supply of Inventory was 1.6 months in August, a decline from 1.7 in July but an increase compared to 1.2 in August 2021.
• Days on Market averaged 28, four days higher than July and three days more than August 2021.
• August’s Median Sales Price of $410,000 was 2.4% below July but was up 7% year over year.

Read the full article…

Watch the 40 second summary video…

Median Home Prices Inch Downward
While Sales Drop, Inventory Grows

A double-digit drop in home sales from June to July fueled a double-digit increase in homes for sale, triggering the first decline in the Median Sales Price since January.

July’s Median Sales Price of $415,000 was down 2.9% from June and the lowest since April’s $406,000. The 16.6% decline in home sales was also the first since January. Year-over-year, sales were down 26.3% from July 2021.

Following a period of continual contraction in recent years, inventory jumped for the fourth consecutive month. There were 13.3% more homes for sale than in June and 30.4% more than a year ago. Months Supply of Inventory has doubled since May and is now at 1.8, while Days on Market was 24. New listings, however, dropped 7.8% compared to June and 7.2% compared to July 2021.

Read the full article…

Watch the 40 second summary video…