DENVER, May 16, 2018 /PRNewswire/ -- Home sales
increased 2.3% year-over-year in April
2018 in the face of record low inventory and the
second-highest median sales price in the nine-year history of the
RE/MAX National Housing Report. To access the housing report
infographic, visit:
https://rem.ax/2phKHWT.
In April, San Francisco, CA
reached a new benchmark surpassing $1
million for the metro area's median sales price. Eight other
metro areas including Las Vegas,
NV, Seattle, WA and
Boise ID saw large double-digit
price increases from just a year ago.
"If 2018 is like recent years, we're only two months away from
home prices peaking — we're already seeing some impressive prices
moving up in markets throughout the U.S.," said RE/MAX CEO
Adam Contos. "As we head into
summer, we'll watch several housing markers like home starts,
mortgage applications and sales price to gauge the effect they'll
have on inventory across the country — the good news is that the
rate of sales helps accommodate a shrinking inventory and buyers
can still find opportunities."
The $243,000 Median Sales Price
was a record for April and was second only in report history to
$245,000 in June 2017. In each of the last five years, June
has produced the year's highest Median Sales Price, with July or
August posting the second-highest monthly price each year.
Notable metrics from this month's RE/MAX National Housing
Report:
- Thirty-eight of the 53 markets in the report posted more sales
than in April 2017, while the 2.5
months supply of inventory tied March as the lowest ever, in
the history of the report
- The average Days on Market in April was 52 — that's five days
less than April 2017 and a RE/MAX
National Housing Report record for the month.
Closed Transactions
Of the 53 metro areas
surveyed in April 2018, the overall
average number of home sales increased 3.6% compared to
March 2018 and increased 2.3%
compared to April 2017. Thirty-eight
of the 53 metro areas experienced an increase in sales
year-over-year including, Milwaukee,
WI, 13.4%, Burlington, VT,
12.1%, Albuquerque, NM, 11.1%, and
New Orleans, LA, at
9.1%.
Median Sales Price – Median of 53 metro median
prices
In April 2018, the
median of all 53 metro Median Sales Prices was $243,000, up 3.0% from March 2018 and up
7.5% from April 2017. Three metro
areas saw a year-over-year decrease in Median Sales Price
including, Trenton, NJ, -5.1%,
Birmingham, AL, -3.0% and
Wilmington/Dover, DE, -0.5%. Nine metro areas increased
year-over-year by double-digit percentages, with the largest
increases seen in Las Vegas, NV,
18%, Seattle, WA, 17%,
Boise, ID, 15.8% and San Francisco, CA, 15.4%.
Days on Market – Average of 53 metro areas
The average
Days on Market for homes sold in April
2018 was 52, down eight days from the average in
March 2018, and down five days from
the April 2017 average. The metro
areas with the lowest Days on Market were San Francisco, CA, at 19, Seattle, WA, at 21, Denver, CO, at 23, and Las Vegas, NV, at 29. The highest Days on
Market averages were in Augusta,
ME, at 119, Burlington, VT,
at 110 and Hartford, CT, at 91.
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 April 2018 was up 3.4% from March 2018, and down 11.3% from April 2017. Based on the rate of home sales in
April, the Months Supply of Inventory remained at 2.5 from
March 2018, and decreased compared to
April 2017 at 2.8. A 6.0-months
supply historically indicates a market that's balanced equally
between buyers and sellers. In April
2018, all 53 metro areas surveyed reported a months supply
at or less than 6.0, which is typically considered a seller's
market. The markets with the lowest Months Supply of Inventory
continue to be in the west with Boise,
ID, Denver, CO,
San Francisco, CA, and
Seattle, WA, at 1.0.
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 120,000 agents
provide RE/MAX a global reach of more than 100 countries and
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measured by residential transaction sides. RE/MAX, LLC, one of the
world's leading franchisors of real estate brokerage services, is a
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agents are proud to raise millions of dollars for Children's
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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 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