DENVER, May 18, 2015 /PRNewswire/ -- Home sales in April
were greater than in any other April since the RE/MAX National
Housing Report began in 2008. This continued a three-month trend in
which sales were higher than both the previous month and the same
month in the previous year. Completed transactions in April were
7.0% higher than in March and 6.5% above the mark set in
April 2014. The Median Sales Price of
a home sold in April was $203,500,
which was 7.1% above the price in April
2014. The inventory of homes for sale appears to be starting
an upward trend, with a 2.3% increase from the inventory in March.
With a growing rate of home sales, the resulting Months Supply of
inventory in April was 3.6 on a scale where 6.0 months indicates a
market balanced equally between buyers and sellers.
"The spring selling season has gotten off to a very strong
start. We saw a significant jump in sales in March, and now April
has pushed even higher. With an improving economy and continuing
low interest rates, potential buyers are motivated to enter the
market. These conditions, along with rising prices are also
encouraging sellers," said Dave
Liniger, RE/MAX, LLC CEO, Chairman and
Co-Founder.
Closed Transactions – Year-Over-Year Change
In the 53
metro areas surveyed for the April RE/MAX National Housing Report,
the average number of home sales increased 6.5% over sales in
April 2014 and were 7.0% higher than
March sales. The average month-over-month increase for the first
four months of 2015 has been 4.0%. February, March and April 2015 have all recorded the highest number
of sales in these months since the RE/MAX National Housing Report
began in 2008. In April, 39 of the 53 metro areas surveyed reported
higher sales on a year-over-year basis, and 20 of those saw
increases in double-digits, including Des
Moines, IA +24.1%, Billings,
MT +21.4%, Baltimore, MD
+19.9%, Portland, OR +19.3%,
Boise, ID +18.8% and Tampa, FL +18.1%.
Median Sales Price
For all homes sold in April, the
Median Sales Price was $203,500. This
was just 0.2% below the Median Sales Price in March, but 7.1%
higher than the price in April 2014.
On a year-over-year basis, the Median Sales Price has now risen for
39 consecutive months. Continuing price appreciation is the result
of pressure from a constrained inventory, which has been an average
of 11% lower than the same time last year over the past six months.
Among the 53 metro areas surveyed, 50 reported higher sales prices
than one year ago, with 15 rising by double-digit percentages such
as Detroit, MI +18.8%,
Milwaukee, WI +18.2%, Denver, CO +15.8%, Tampa, FL +15.7%, Minneapolis, MN +15.5% and Birmingham, AL +14.0%.
Days on Market – Average of 53 Metro Areas
The
average Days on Market for all homes sold in April was 71, down
seven days from March, and three days below the average of 74 in
April 2014. Other than January and
February, which both had an average of 80 days, every month since
March 2013 has seen an average Days
on Market below 80. In markets with very low inventory, such as
San Francisco and Denver, Days on Market were as low as 25 and
26 respectively. Days on Market is the number of days between when
a home is first listed in an MLS and a sales contract is
signed.
Months Supply of Inventory – Average of 53 Metro
Areas
The inventory of homes for sale in April increased
from March by 2.3%, which is the first month-over-month increase
since June and the fourth consecutive monthly improvement. However,
inventory is still 11.4% lower than one year ago. Based on the rate
of home sales in April, the average Months Supply of Inventory was
3.6, slightly below the averages of 3.7 in March and 3.9 in
April 2014. Still, several metros
reported less than a two month supply of inventory, including
Denver, CO 1.0, San Francisco, CA 1.0, Seattle, WA 1.4, Portland, OR 1.6, Omaha, NE 1.6, Boston, MA 1.7, Dallas-Ft. Worth, TX 1.7 and San Diego, CA 1.7.
About the RE/MAX Network:
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. Over 100,000 agents provide RE/MAX a global reach of
nearly 100 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 wholly-owned subsidiary of RMCO,
LLC, which is controlled and managed by RE/MAX Holdings, Inc.
(NYSE:RMAX).
With a passion for the communities in which its agents live and
work, RE/MAX is proud to have raised more than $150 million for Children's Miracle Network
Hospitals® and other charities.
For more information 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
www.remax.com/newsroom.
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 53 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.
Logo -
http://photos.prnewswire.com/prnh/20130930/LA87949LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-sales-make-strong-springtime-surge-300085190.html
SOURCE RE/MAX, LLC