Home Sales Accelerate
While Inventory Hits 34-Month High

May home sales ticked slightly higher year-over-year, ending a 9-month streak of declines, according to the RE/MAX National Housing Report. At the same time, inventory grew for the eighth consecutive month, representing the most units for sale since August 2016 in the report’s 54 metro areas.

Homes sold quickly, as evident in the Days on Market average of 47 – the second-fastest May average in the 10-year history of the report. And home sales increased 15.3% from April to May – the second-highest April-May jump in report history.

Home sales were up 0.4% over May 2018 – the first year-over-year gain since July 2018. The number of homes for sale increased 4.9% year-over-year to set a report record for the highest May growth. However, based on the pace of home sales, May’s 2.6 Months of Inventory was down compared to April’s 2.8 months and the 2.9 months of May 2018.

The Median Sales Price of $259,500 was up 3.4% year-over-year, representing the lowest May increase since 2011.

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Spring Home Sales Back on Pace as Price Increases Moderate

April home sales finished just 1.1% below a year ago as selling times shortened and tight inventory held steady, according to the RE/MAX National Housing Report. Meanwhile, April’s median home price of $251,000 in the report’s 54 markets was up a mere 2.1% – the smallest year-over-year April increase in eight years.

April’s year-over-year sales decline of 1.1% marked the ninth consecutive month of year-over-year decreases, but April’s sales dip was the smallest during that time. At the same time, inventory increased 4.8% and marked the seventh consecutive month of year-over-year growth in number of homes for sale.

Compared to March, home sales in April sped up by a full week, taking an average of 52 days instead of 59. The average in April 2018 was 51 days. The Months Supply of Inventory in April decreased year-over-year from 3.0 to 2.6.

While the March-over-February increase in home sales of 28.8% was the smallest in five years, the April-over-March increase of 11.2% was an April-over-March record for the 10-year history of the report.

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March Sales Signal Slowest Start to Spring Homebuying Since 2014

Kicking off the spring homebuying season, March sales climbed almost 29% over February, according to the RE/MAX National Housing Report. But this remains the slowest start in five years, with March sales 8.6% lower than March 2018.

March was the eighth consecutive month of year-over-year sales declines and the sixth straight month of year-over-year inventory growth, with a 5.3% gain. Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 3.4% year-over-year – notably smaller than the year-over-year increases in February (5.5%) and January (4.6%).  However, the median sales price has risen by more than 3% year-over-year in 17 of the last 18 months.

From 2015 to 2018, the housing market’s spring sprang to life with an increase in sales from February to March averaging 37.0%. March 2019’s month-over-month increase of 28.8% was the smallest since 24.6% in 2014.

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Declining Sales, Growing Inventory Continue to Move in Direction of Buyer’s Market

Riding two trends – declining sales and growing inventory – the U.S. housing market continued to transition from a seller’s market to a buyer’s market in February, according to the RE/MAX National Housing Report.

Home sales in the 54-market report have declined year-over-year for seven consecutive months, though February’s downturn of 4.2% was the smallest since the 1.1% drop that started the streak in August 2018. At the same time, inventory grew 5.8% over February of 2018, marking the fifth consecutive month of growth following a decade-long trend of shrinking inventory. The Months Supply of Inventory also grew in February from 3.1 in 2018 to 3.4 this year.

Bucking these trends, the Median Sales Price increased to $240,000, a year-over-year gain of 5.5% and a February record in the 10-year history of the report. That followed January’s upturn of 4.6%.

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Housing Inventory Posts Record Increase as Declining Sales Extend to Sixth Month

A sixth consecutive month of declining home sales in January contributed to the largest year-over-year inventory increase in at least 10 years, according to the RE/MAX National Housing Report.

While year-over-year home sales dropped 11% – extending a streak that began in August – inventory grew year-over-year by an average of 6.4% across the report’s 54 U.S. metro areas. January marked the fourth consecutive month of year-over-year inventory growth – further reversing a decade-long trend of shrinking inventory. December 2018’s year-over-year inventory growth of 4.7% was the previous record in the report’s 10-year history.

The median sales price of $234,000 was a report record for January, increasing 4.6% over January 2018. But the rate of sales price increase was considerably less than the 6.7% posted from January 2017 to January 2018. December 2018 was the only month since January 2012 to show a year-over-year decline in median sales price.

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2018 Home Sales Cool Off, While Inventory Recovers and Price Increases Moderate

December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes 53 metro areas.

December’s year-over-year decline in home sales of 12.1% set a December record in the 10-year history of the report and also marked the fifth consecutive month that home sales were lower than 2017.  December was 2018’s 10th month of year-over-year declines in home sales with only April and July topping 2017 sales.

Most telling was December’s 4.6% growth in inventory, which was also a report record. December’s year-over-year inventory increase marked the third consecutive month of growth – a trend reversing a decade-long streak of year-over-year inventory declines.

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Inventory Bounces Back, While Home Prices Increase

Extremely low inventory improves as sales drop for the fourth month, according to the November 2018 RE/MAX National Housing Report.

“The road to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to see the small uptick in inventory, and the drop in November sales isn’t too surprising – given the recent trends, the mid-term elections, and the earlier-than-usual Thanksgiving holiday.”

1. Inventory Continues to Climb
   Years of shrinking inventory gave way in November 2018 to a second consecutive month of year-over-year growth in the number of homes for sale. Across the 53 metro areas surveyed, inventory rose 3.0 percent – the highest monthly year-over-year gain in the 10-year history of the report.
2. Declining Home Sales
   November home sales, meanwhile, declined 6.9 percent, which was the second-largest year-over-year decline of 2018 and the biggest year-over-year sales decline for November in five years. This year only April and July sales exceeded 2017 totals for the corresponding months.
3. Median Sales Price Increased 
   November’s median sales price of $235,000 was 4.0 percent higher than November 2017 and was the highest November price in the report’s history. It marked the 32nd consecutive month of year-over-year price increases. Comparing the first 11 months of 2018 to 2017, home prices are up 6.0 percent.

“As we near year-end, three main themes appear clear – buyers are grappling with affordability issues and tight inventory; sellers are unsure how to react to the cooling market; and homes priced properly are still selling rather quickly,” added Contos. “All three underscore the fact that the guidance of a professional agent is even more critical in times like these.”

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Inventory Ends Long Decline as Home Sales Drop for Third Month

The third consecutive month of lower year-over-year home sales in October contributed to the first year-over-year inventory increase in a decade according to the RE/MAX National Housing Report for October 2018. Meanwhile, the Median Sales Price recorded one of its lowest increases of 2018.

The RE/MAX National Housing Report for October saw sales decline 4.6% from a year ago – compared to sales drops of 11.6% in September and 1.1% in August – and was the eighth month of 2018 to record lower sales than 2017.

As a result, inventory is slowly being replenished, with the number of homes for sale in October increasing 1.0% over October 2017. October 2018 was the first month to show a year-over-year increase in inventory since October 2008 when two and a half times as many homes were for sale. The Months Supply of Inventory is now 3.5, compared to 3.3 a year ago.

“The market continues to move toward equilibrium. The modest inventory increase is a much welcome sign for buyers,” said RE/MAX CEO Adam Contos. “Although home sales were down year-over-year, it’s encouraging to see the magnitude of the decline decrease from the sharp drop we witnessed in September. The trend of easing price increases remains and that’s also a positive.”

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The September 2018 RE/MAX National Housing Report shows home sales took a 12% tumble while prices remain at record levels.

“The big drop in September closings catches your attention. The market is clearly rebalancing as buyers and sellers continue to process the increasing interest rate environment and what that means to them,” said RE/MAX CEO Adam Contos. “The slower drop in inventory – a visible trend for nearly half a year – further illustrates the ongoing shift toward market equilibrium, and that’s healthy in the long-term.”

1. Home Sales
   The report showed trends of fewer closings and stabilizing inventory that continued through September, punctuated by a surprisingly big 11.6% year-over-year drop in home sales.
2. Record Prices
   September 2018 posted a Median Sales Price of $241,000 that marked the 30th consecutive month of year-over-year price increases – the price is also the highest September price in the 10-year history of the report. Home prices rose by 5.6% over September 2017, more than twice the year-over-year price increase of 2.3% from September 2016 to September 2017. That reversed a trend seen in the previous three months, when year-over-year price increases trailed 2017’s rate of growth.
3. Low Inventory
   The number of homes for sale in September 2018 was down 1.0% from August 2018 and down 4.7% from September 2017. Based on the rate of home sales in September, the Months Supply of Inventory increased to 3.7 from 3.0 in August 2018, and increased compared to September 2017 at 3.6.

“It’s a little surprising to see prices staying so strong, but it’s hardly shocking in such a tight market,” added Contos. “The headwinds of rising prices and interest rates amid already tight inventory levels have been crimping affordability and slowing sales for most of the year, but it varies by geography. In circumstances like these, where the market is tricky to navigate, both buyers and sellers can benefit by aligning themselves with a professional agent – a local expert who can cut through the noise and advocate on their behalf.”

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Home Sales Decline 1% as Inventory, Prices Level Out

The RE/MAX National Housing Report for August 2018 shows increasing home prices, low inventory and a reduction in days on market. These combined factors made August 2018 the sixth time this year that home sales lagged behind last year’s pace—but only slightly at -1.1%.

Home prices rose by 3.7% over August 2017, much lower than the year-over-year price increase of 5.4% from August 2016 to August 2017. In fact, the past three months of 2018 have trailed 2017’s rate of price growth year-over-year—compare that to four of the first five months of 2018 when year-over-year price increases easily topped those posted in 2017.

The Median Sales Price of $248,500 marked the 29th consecutive month of year-over-year price increases.

Even though active inventory dropped for the 118th consecutive month, the decline of 5.4% from August 2017 marked the smallest year-over-year decrease since August 2014. In addition, the August 2018 inventory drop marked the fourth consecutive month in 2018 to post single-digit percent declines, rather than the double-digit monthly drops consistently seen in early 2018 and over the previous three years.

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