DENVER, Oct. 17, 2013 /PRNewswire/ -- Home sales and
prices in September were lower than August, but remained
significantly higher than September last year. This makes September
the 20th consecutive month for year-over-year increases
in both sales and prices. September home sales were up 10.7% and
the Median Price of $185,000 was
12.2% above the price in September 2012. The RE/MAX Housing
Report, a survey of MLS transaction data in 52 metropolitan areas,
also found that inventory continues to decline at a slower rate.
Current inventories are now 13.4% lower than this time last year.
With the current rate of sales, the number of months required to
sell the entire inventory of homes on the market moved up to 5.0.
This is closer to the 6-month supply recognized as a balanced
market with an equal number of buyers and sellers.
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"It's normal for the housing market to slow down a bit after
the peak summer season, but it's really encouraging to see
that both sales and prices remain significantly higher than this
time last year," said Margaret
Kelly, RE/MAX
CEO. "The strong performance we saw this summer and
throughout 2013 confirms we've passed the early stages of a housing
recovery and are now moving toward a sustainable
marketplace."
Transactions – Year-Over-Year Change
The September RE/MAX National Housing Report showed an 18.5%
decrease in Closed Transactions from August, but a 10.7% increase
over September 2012. This makes
September the 27th consecutive month reporting higher
sales than the same month in the previous year. After a
strong summer season with sales peaking in May and July, lower
numbers in September appear to be following seasonal trends. Of the
52 metro areas surveyed in September, 47 reported higher sales than
September 2012, with 34 reporting
double-digit gains, including: Chicago, IL +27.6%, Boston, MA +20.7%, Anchorage, AK +19.9%, Kansas City, MO +19.3%, Wichita, KS +19.1%, and Des Moines, IA +18.9%.
Median Sales Price
The Median Price of all homes sold in September was $185,000, a drop of 1.7% from the Median Price in
August, but still 12.2% higher than the Median Price in
September 2012. September becomes the
20th consecutive month with a Median Price higher than the same
month of the previous year. Median Price increases can be tied
directly to the market's low inventory and strong buyer demand. Of
the 52 metro areas surveyed in September, 46 experienced higher
sales prices than one year ago. Of those, 19 metro areas reported
double-digit increases, including: Detroit, MI +44.4%, Atlanta, GA +36.0%, Las Vegas, NV +30.5%, San Francisco, CA + 28.5%, Miami, FL +24.4%, and Orlando, FL +24.3%.
Days on Market – Average of 52 Metro Areas
Of all the homes sold in the 52 metro areas surveyed in September,
the average number of Days on Market was 65, which is 3 days higher
than the average in August, but 16 days lower than the average of
September 2012. The September 65-day average marks the
16th consecutive month with a Days on Market average
below 90. A low Days on Market average is the direct result of a
reduced inventory of homes for sale and high buyer demand.
Days on Market is the number of days between when a home is first
listed in an MLS and when a sales contract is signed.
Months Supply of Inventory – Average of 52 Metro
Areas
For 6 consecutive months, inventory has declined at a slower rate
than during the same month of the previous year. In September,
there were 1.4% fewer homes for sale than in August, and 13.4%
fewer than in September 2012.
Inventory levels appear to be moving toward stabilization. In
September, 14 metro areas saw inventories increase over
August. At the current rate of home sales, the Months Supply
for September was 5.0. Extremely low Months Supply remain in
some key markets such as: San
Francisco, CA 1.6, Los Angeles,
CA 2.5, Denver, CO 2.5,
San Diego, CA 2.9, Boston, MA 2.9, Honolulu, HI 3.0, and Washington, DC 3.1.
Contact
For specific data in this report or to request an interview, please
contact (303) 796-3405 or shaunwhite@remax.com.
About the RE/MAX Network:
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Liniger, with an innovative, entrepreneurial culture
affording its agents and franchisees the flexibility to operate
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provide RE/MAX a global reach of more than 90 countries. Nobody
sells more real estate than RE/MAX.
RE/MAX, LLC, one of the world's leading franchisors of real
estate brokerage services, is a subsidiary of RE/MAX Holdings, Inc.
(NYSE: RMAX).
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Hospitals®, Susan G.
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visit www.remax.com.
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
52 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. Month's 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 price of all
residential properties sold during the month.
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.
SOURCE RE/MAX, LLC