DENVER, Jan. 16, 2018 /PRNewswire/ -- While sales
dropped slightly from a year ago, December capped off a 2017 of
record home prices, speedy sales and low inventory. To access the
housing report infographic, visit: rem.ax/2cYFT50.
The January RE/MAX National Housing Report shows the median home
price rose 8.1% year-over-year, with 50 of the report's 54 markets
posting increases. At the same time, December sales dropped 3.3%
from December 2016, with 39 markets
reporting fewer transactions. Making sales harder was a Months
Supply of Inventory of 3.7 which is the lowest December figure in
the nine-year history of the report. That corresponds with a 14.6%
decline in inventory, lengthening a streak of monthly declines that
began in November 2008.
Also setting a report record for December was the speed of home
sales: 57 days. That figured into an overall 2017 median for Days
on Market of 52.5 — nearly a week less than the 2016 median of 58.5
days.
Home buyers paid record prices in 2017, led by June's Median
Price Sold of $245,000. Prices
increased year-over-year in every month of 2017, with December
marking the 21st consecutive month of year-over-year price
increases dating back to April
2016.
"We see the median sales price of homes across the country
rising every month, year-over-year, but the days on market and the
supply of homes for sale hit record lows in December," said
Adam Contos, RE/MAX Co-CEO. "If
inventory keeps getting tighter across the country it'll be
interesting to see how it might affect sales."
Closed Transactions
Of the 54 metro areas
surveyed in December 2017, the
overall average number of home sales decreased 2.5% compared to
November 2017 and decreased 3.3%
compared to December 2016. Fifteen of
the 54 metro areas experienced an increase in sales year-over-year
including, Trenton, NJ, +13.9%,
Richmond, VA, +10.9%, Burlington, VT, +8.1%, and Raleigh-Durham, NC, +5.4%.
Median Sales Price – Median of 54 metro median
prices
In December 2017, the
median of all 54 metro Median Sales Prices was $232,500, up 3.1% from November 2017 and up
8.1% from December 2016. Only four
metro areas saw a year-over-year decrease in Median Sales Price;
Anchorage, AK, -6.5%, Wichita, KS, -3.9%, Fargo, ND, -1.8% and Wilmington/Dover,
DE, -.90%. Ten metro areas increased year-over-year by
double-digit percentages, with the largest increases seen in
San Francisco, CA, +17.8%,
Las Vegas, NV, +17.1%,
Seattle, WA, +13% and Boise, ID, +12.8%.
Days on Market – Average of 54 metro areas
The average
Days on Market for homes sold in December
2017 was 57, up three days from the average in November 2017, and down five days from the
December 2016 average. The four metro
areas with the lowest Days on Market were Omaha, NE and San
Francisco, CA, at 27, Nashville,
TN, at 31 and Seattle, WA,
at 34. The highest Days on Market averages were in Augusta, ME, at 122 and Chicago, IL, and Miami, FL, at 86. 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 54 metro
areas
The number of homes for sale in December 2017 was down 14% from November 2017, and down 14.6% from December 2016. Based on the rate of home sales in
December, the Months Supply of Inventory increased to 3.7 from
November 2017 at 3.6, but decreased
compared to December 2016 at 4.2. A
6.0-months supply indicates a market balanced equally between
buyers and sellers. In December 2017,
52 of the 54 metro areas surveyed reported a months supply at or
less than 6.0, which is typically considered a seller's market. The
metro areas that saw a months supply above 6.0, which is typically
considered a buyer's market, were Augusta, ME, at 9.5 and Miami, FL, at 8.7. The markets with the lowest
Months Supply of Inventory continued to be in the west with
San Francisco, CA, at 0.9,
Seattle, WA, at 1.4, and
Denver, CO, 1.5.
Contact
For specific data in this report or to request
an interview, please contact newsroom@remax.com.
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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 54 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