DENVER, Nov. 19, 2015 /PRNewswire/ -- Following the
hottest summer selling season in years, October home sales cooled
down 7.7% below sales in September, and 0.8% lower than
October 2014. October and January
were the only two months of the year that saw lower home sales than
the same month last year. Based on the report's MLS data from 53
metropolitan areas, the Median Sales Price for homes sold in
October was $205,000, which is 6.5%
above the price one year ago. The inventory of homes for sale still
challenges this market at a level 13.1% less than one year ago. At
the rate of home sales in October, the Months Supply of inventory
was 4.5, nearly the same as the 4.7 average last October.
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"We've seen a very strong demand for homes in 2015 despite
the continuing challenges of low inventory. Demand is mostly due to
the slowly improving economy and a more favorable employment
situation. October's moderation of price increases is typical this
time of year and actually offers home buyers a little better
affordability," said Dave
Liniger, RE/MAX CEO, Chairman
of the Board and Co-Founder.
Closed Transactions – Year-over-year change
In the 53
metro areas surveyed for the October RE/MAX National Housing
Report, the average number of home sales decreased 7.7% from sales
in September, and was also 0.8% lower than the number of sales in
October 2014. The average
year-over-year increase in sales for the first 10 months of 2015
was 5.2%. For the last eight years, the average seasonal drop in
sales from September to October has been 3.4%. In October, 20 of
the 53 metro areas surveyed reported higher sales on a
year-over-year basis, with 7 experiencing double-digit increases,
including Burlington, VT +14.5%,
Richmond, VA +14.3%, Manchester, NH +12.8%, Baltimore, MD +11.9%, Boise, ID +11.8%, Omaha, NE +11.1% and Albuquerque, NM +10.8%.
Median Sales Price
The Median Sales Price for all
homes sold in the month of October was $205,000, down 1.6% from September. However, this
was 6.5% higher than the median price in October 2014. For the first 10 months of 2015,
the average price increase over the same month last year was 7.5%.
On a year-over-year basis, the Median Sales Price has now risen for
45 consecutive months. A low inventory supply continues to pressure
prices, even though prices are moderating with the change of
seasons. Among the 53 metro areas surveyed in October, 46 reported
higher prices than last year, with 13 rising by double-digit
percentages, including Honolulu,
HI +22.9%, Denver, CO
+13.6%, Des Moines, IA +13.3%,
Orlando, FL +12.5%, Anchorage, AK +11.9% and Dallas-Fort Worth +11.2%.
Days on Market – Average of 53 metro areas
In October,
the average Days on Market for all homes sold was 62, up just 1 day
from the average in September, but 5 days lower than the average in
October 2014. October becomes the
31st consecutive month with a Days on Market average of
80 or less. In the two markets with the lowest inventory supply,
Denver and San Francisco, Days on Market was just 28.
Only one metro area had a Days on Market average above 100:
Augusta, ME with 143 days. 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 number of homes for sale in October was 5.7% lower
than in September and 13.1% lower than in October 2014. The average loss of inventory on a
year-over-year basis for the first 10 months of 2015 is 11.9%.
Based on the rate of home sales in October, the Months Supply of
Inventory was 4.5, unchanged from September and down slightly from
the 4.7 average in October last year. A 6.0 Months Supply indicates
a market balanced equally between buyers and sellers. The highest
month supply was seen in Augusta,
ME at 12.9 Three metros had a supply below 2 months,
San Francisco with 1.2,
Denver, CO 1.6 and Seattle at 1.8 months.
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.
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SOURCE RE/MAX, LLC