DENVER, Sept. 19, 2016 /PRNewswire/ -- August home sales
increased 5.8% over a year ago, reversing July's decline of 8.8%.
At the same time, the median price climbed 5.1% as steady monthly
increases continued. August sales were up year-over-year in 41 of
the 53 U.S. metro areas analyzed in the RE/MAX National Housing
Report. Twelve metro areas posted double-digit increases, including
major markets along the east coast from Washington, D.C. to Charlotte, N.C. So far in 2016, seven of the
eight months have seen year-over-year sales increases
nationally.
The August Median Sales Price climbed 5.1% to $225,900 from $215,000 seen in August last year. From January
through August, the average year-over-year Median Sales Price
increase was 3.9%. Three Florida
metro areas were among the seven posting double-digit increases.
Only four markets, including two in the Northeast, saw price
declines. Inventory remained tight in August, averaging a 3.4
months supply. While 6 months is considered a balanced market, 23
of the 53 markets surveyed by RE/MAX reported less than half of
that. In fact, seven cities had less than 2 months of inventory,
including four on the West Coast. For this month's housing report
infographic, visit http://rem.ax/2cYFT50.
"August's nearly 6% sales increase over last year is
providing a strong finish for the summer home selling and buying
season. While July saw a decline, August built upon the trends in
the spring and early summer. Coupled with moderating price
increases, the sales growth we're seeing represents a market that's
very sustainable," 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 in August, the average number of home sales
increased by 5.8% compared to one year ago, and was 2.8% higher
than the previous month. To date in 2016, August was the seventh
month with a year-over-year increase in sales. This month, 41
markets experienced an increase in sales with 12 markets seeing
double-digit-increases in sales year-over-year. Those markets
include Raleigh & Durham, N.C. +14.5%, Charlotte, N.C. +13.6%, Boise, ID +13.5%, Washington, D.C. +12.7%, Richmond, VA +12.6%, Providence, RI +12.5% and Phoenix, AZ +12.3%.
Median Sales Price – Median of 53 metro median
prices
In August, the median of all 53 metro Median Sales
Prices was $225,900, up slightly at
0.4% from July 2016 and up 5.1% from
August 2015. This 5.1% year-over-year
rise is noticeably less than the 7.5% increases seen in August over
the past two years. Additionally, of the 53 metro areas surveyed in
August, only four had a year-over-year drop in Median Sales Price.
The remaining 49 metros reported higher prices than one year ago,
with seven rising by double-digit percentages, including
Tampa, FL +15.5%, Orlando, FL +14.1%, Charlotte, N.C. +11.8%, Denver, CO +11.7%, Miami, FL +11.6%, Portland, OR +11.5% and Dallas/Fort Worth, TX +10.4%.
Days on Market – Average of 53 metro areas
The average
Days on Market for homes sold in August was 54, up one day from the
average in July 2016, and down five
days from August 2015. August becomes
the 41st consecutive month with a Days on Market average of 80 or
less. The two markets with the lowest Days on Market are
Denver and Omaha at 24. The highest Days on Market
averages continue to be in Augusta,
ME at 135, and Des Moines,
IA at 93. 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 August was down 4.2%
from July, and down 16.6% from August
2015. Based on the rate of home sales in August, the Months
Supply of Inventory was 3.4, which is similar to both last month
and last year at 3.5 and 4.1 respectively. A 6.0 month supply
indicates a market balanced equally between buyers and sellers.
This month, 23 of the 53 metro areas had less than half of what is
considered a balanced inventory supply. The markets with the lowest
Months Supply of Inventory are Denver,
CO 1.4, San Francisco, CA
1.4, Seattle, WA 1.5, and
Boston, MA 1.6.
Contact
For specific data in this report or to request
an interview, please contact newsroom@remax.com.
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
over 100 countries and territories. Nobody sells more real estate
than RE/MAX, when measured by residential transaction sides.
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. The RE/MAX National Housing
Report is sponsored by Quicken Loans.
Definitions
Transactions are the total number of
closed residential transactions during the given month. Months
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 of the
median sales prices in each of the metro areas included in the
survey.
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