DENVER, April 16, 2019 /PRNewswire/ -- Kicking off the
spring homebuying season, March sales climbed almost 29% over
February, according to the RE/MAX National Housing Report. But this
remains the slowest start in five years, with March sales 8.6%
lower than March 2018.
March was the eighth consecutive month of year-over-year sales
declines and the sixth straight month of year-over-year inventory
growth, with a 5.3% gain. Housing activity in the report's 54
markets nationwide also saw the Median Sales price grow by 3.4%
year-over-year – notably smaller than the year-over-year increases
in February (5.5%) and January (4.6%). However, the median
sales price has risen by more than 3% year-over-year in 17 of the
last 18 months.
From 2015 to 2018, the housing market's spring sprang to life
with an increase in sales from February to March averaging 37.0%.
March 2019's month-over-month increase of 28.8% was the smallest
since 24.6% in 2014.
Days on Market increased to 59 from 57 last March, while Months
Supply of Inventory declined year-over-year to 2.7 from 3.0.
"It was encouraging to see month-over-month sales improve during
March," said RE/MAX CEO Adam Contos.
"Although the seasonal bounce that typically ends the first quarter
wasn't as strong as in the past few years, conditions are in place
for a healthy spring selling season. Falling interest rates, rising
inventory and moderating price increases against the backdrop of a
healthy overall economy are cause for optimism for buyers and
sellers alike."
Closed Transactions
Of the 54 metro areas surveyed in March
2019, the overall average number of home sales is up 28.8%
compared to February 2019, and down
8.6% compared to March 2018. Leading
the month-over-month sales percentage increase were Burlington, VT, at +48.3%, Wichita, KS, at +46.8%, and San Francisco, CA, at +44.3%.
Median Sales Price – Median of 54 metro median prices
In March 2019, the median of all
54 metro Median Sales Prices was $246,000, up 2.5% from February 2019, and up 3.4% from March 2018. Two metro areas saw a year-over-year
decrease in Median Sales Price: San Francisco, CA, at -3.8%
and Hartford, CT, at -1.4%. Three
metro areas increased year-over-year by double-digit percentages –
Manchester, NH, at +12.2%,
Omaha, NE, at +11.8%, and
Wichita, KS, at +10.7%.
Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in March 2019 was 59, down three days from the
average in February 2019, and up two
days from the March 2018 average. The
metro areas with the lowest Days on Market were Omaha, NE, and San
Francisco, CA, both at 31, and Denver, CO, at 35. The highest Days on Market
averages were in Augusta, ME, at
122, and Burlington, VT, and
Hartford, CT, both at 97. 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 March
2019 was up 0.3% from February
2019 and up 5.3% from March
2018. Based on the rate of home sales in March 2019, the Months Supply of Inventory
decreased to 2.7 from 3.7 in February
2019, and from 3.0 in March
2018. A six-months supply indicates a market balanced
equally between buyers and sellers. In March
2019, of the 54 metro areas surveyed, only Miami, FL, at 6.5 reported a supply at or over
six months, which is typically considered a buyer's market. The
markets with the lowest Months Supply of Inventory were
Denver, CO, at 1.2, and four
metros at 1.3 – San Francisco, CA,
Seattle, WA, Boise, ID, and Manchester, NH.
For specific data in this report or to request an interview,
please contact newsroom@remax.com.
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX,
LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with over
125,000 agents in more than 110 countries and territories. Nobody
in the world sells more real estate than RE/MAX, as measured by
residential transaction sides. Dedicated to innovation and change
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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