DENVER, Nov. 17, 2016 /PRNewswire/ -- Last month saw
the second-most sales – and the smallest inventory – of any October
in the 9-year history of the RE/MAX National Housing Report. Add to
that combination the highest year-over-year price increase of 2016
thus far: 8.3%.
Although posting near-record sales, this October finished 1%
below October 2015 sales, which
posted the highest of any October dating back to 2008. Sales
declined year-over-year in 28 of the 53 markets surveyed, including
many New England markets.
The number of homes for sale was the lowest of any month since
May, and also the lowest of any October dating back to 2008.
Inventory declined in 48 of the 53 markets surveyed. The Months
Supply of Inventory was 3.9.
Reflecting strong sales and shrinking inventory, last month's
Median Sales Price increased by 8.3% to $216,500. Fueling the hike were double-digit
increases in Florida markets
(Miami, Tampa, Orlando) and markets with very low inventory
(San Francisco and Denver). For this month's housing report
infographic, visit rem.ax/2cYFT50.
"Although October sales weren't quite as robust as what we've
tracked so far in 2016, it's only the second month this year that
didn't exceed the strong levels set in 2015. But finishing
just 1 percent below October 2015
sales is still a very solid performance," said
Dave Liniger, RE/MAX CEO, Chairman of the Board and
Co-Founder. "It's the 13th consecutive month of
double-digit decline in inventory year-over-year, and that appears
to have pushed prices up in all but one market."
Closed Transactions
In the 53 metro areas surveyed in
October, the average number of home sales decreased by 1.0%
compared to one year ago, which marks the second month in 2016 with
a decline. Despite a slight decrease in the number of transactions,
this October is the second best in the history of the report. This
month, less than half of the 53 metro areas surveyed experienced an
increase in sales year-over-year with Providence, RI seeing home sales that were
unchanged and only one market seeing a double-digit increase. The
markets with the largest increase in sales include Phoenix, AZ +12.2%, Seattle, WA +7.7%, Nashville, TN +6.9%, Milwaukee, WI +6.2%, Boise, ID +5.8% and Raleigh & Durham, NC, +4.9%.
Median Sales Price – Median of 53 metro median prices
In October, the median of all 53 metro Median Sales Prices was
$216,500, down 1.6% from last month
and up 8.3% from October 2015. Of the
53 metro areas surveyed, all but one (Billings, MT) saw year-over-year increases
with respect to Median Sales Price, with 14 rising by double-digit
percentages. The largest double-digit increases were seen in
Miami, FL +16.3%, Trenton, NJ +14.4%, Tampa, FL +14.3%, Portland, OR +13.7% and Orlando, FL +13.7%.
Days on Market – Average of 53 metro areas
The
average Days on Market for homes sold in October was 58, up two
days from the average in September
2016, but down four days from October
2015. October becomes the 43rd consecutive month with a Days
on Market average of 80 or less. Similar to the past two months,
the two metro areas with the lowest Days on Market are Omaha and Denver at 28 and 29 respectively. The highest
Days on Market averages continue to be in Augusta, ME at 143, and Burlington, VT at 99. 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 down 6.7%
from September, and down 15.9% from October
2015. Based on the rate of home sales in October, the Months
Supply of Inventory was 3.9, compared to last month at 3.9 and last
year at 4.5. A 6.0-month supply indicates a market balanced equally
between buyers and sellers. This month, only five metro areas
reported a balanced market at 6.0 or above. The markets with the
lowest Months Supply of Inventory are San
Francisco, CA 1.4, Denver,
CO at 1.5 and Seattle, WA
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 110,000 agents provide RE/MAX a global reach of
more than 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.
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