DENVER, July 19, 2021 /PRNewswire/ -- June created
the perfect trifecta for a hot housing market: June home sales and
prices both set report records, while inventory grew for the first
time in 15 months.
The month of June, typically the biggest month of the year for
home sales, saw sales soar 14.2% over a strong May and top all
other months in the 13-year history of the report, which spans 53
metro markets. The Median Sales Price of $336,000 was also a report record, eclipsing the
previous record of $320,000 – set in
April and tied in May – by 4.9%.
The number of homes for sale, meanwhile, grew 1.9% over May –
the first increase since March 2020.
Inventory, however, still remained 37.5% below June 2020 levels.
"June saw a unique case of supply and demand rising in unison,
thanks to an uptick in sellers listing their homes for sale – a
very welcome sign for frustrated buyers," said Nick Bailey, President, RE/MAX,
LLC. "People are relocating as companies and individuals
make long-term decisions about remote work and getting back to the
office. Also, sellers appear to be more confident about finding
another home after they sell their current one. If these trends
continue, inventory levels should keep growing."
With year-over-year comparisons skewed by the pandemic,
May-to-June averages for 2015-2019 are helpful in illustrating
what's typical at this time of year. June has been the top month
for home sales in four of the past six years:
- June 2021 home sales increased
14.2% month over month, more than doubling the 6.4% average gain
from May to June in 2015-2019. Year over year, sales were up
26.4%.
- June's Median Sales Price of $336,000 was 4.9% over May's, very similar to the
typical May-to-June increase of 4.6%. Year over year, June's price
is 21.9% higher than June 2020's $275,000.
- The 1.9% increase in inventory from May to June was far greater
than the typical gain of 0.6%. Still, inventory was down 37.5% year
over year.
With the pandemic-related exception of 2020, June has been a
leading month for home sales over the past six years:
Top Months for
Home Sales*
|
2020**:
|
July, Aug., Oct.,
Sept.
|
2019:
|
May, July, June,
Aug.
|
2018:
|
June, May, Aug.,
July
|
2017:
|
June, May, Aug.,
July
|
2016:
|
June, Aug., May,
July
|
2015:
|
June, July, Aug.,
May
|
* The four months for each year are listed in order of most
sales
**Stay-at-home orders were in place in many states
in the spring and summer
June's average Days on Market of 24 was four days less than
May's and represented a faster sale by 21 days compared to
June 2020. June's 1.1 Months Supply
of Inventory compares to 1.2 in May and 2.2 year over year.
Highlights and the local markets leading various metrics for
June include:
Closed Transactions
Of the 53 metro areas surveyed in June
2021, the overall average number of home sales is up 14.2%
compared to May 2021, and up 26.4%
compared to June 2020. Leading the year-over-year sales
percentage increases were Honolulu,
HI at +92.3%, New York, NY
at +80.6%, and Miami, FL at
+78.4%.
Closed
Transactions:
5 Markets with the Biggest YoY
Increase
|
Market
|
June 2021
Transactions
|
June 2020
Transactions
|
Year-over-
Year %
Change
|
Honolulu,
HI
|
1,198
|
623
|
+92.3%
|
New York,
NY
|
3,365
|
1,863
|
+80.6%
|
Miami, FL
|
5,793
|
3,248
|
+78.4%
|
Philadelphia,
PA
|
8,334
|
5,066
|
+64.5%
|
Pittsburgh,
PA
|
3,003
|
1,897
|
+58.3%
|
Median Sales Price – Median of 53 metro median prices
In June 2021, the median of all 53
metro Median Sales Prices was $336,000, up 4.9% compared to May 2021, and up 21.9% from June 2020. Fifty-one metro areas increased
year-over-year by double-digit percentages, led by Boise, ID at +38.0%, Augusta, ME at +34.7%, and Phoenix, AZ at +30.1%. No metro areas saw a
year-over-year decrease in Median Sales Price.
Median Sales
Price:
5 Markets with the Biggest YoY
Increase
|
Market
|
June 2021
Median Sales
Price
|
June 2020
Median Sales
Price
|
Year-over-
Year %
Change
|
Boise, ID
|
$467,812
|
$339,018
|
+38.0%
|
Augusta,
ME
|
$256,000
|
$190,000
|
+34.7%
|
Phoenix,
AZ
|
$400,000
|
$307,500
|
+30.1%
|
Los Angeles,
CA
|
$670,000
|
$525,000
|
+27.6%
|
Salt Lake City,
UT
|
$470,000
|
$373,100
|
+26.0%
|
Days on Market – Average of 53 metro areas
The average
Days on Market for homes sold in June
2021 was 24, down four days from the average in May 2021, and down 21 days from the average in
June 2020. The metro areas with the
lowest Days on Market were Cincinnati,
OH at 9 and Nashville, TN
at 11 followed by a four-way tie at 12 among Boise, ID, Seattle,
WA, Denver, CO, and
Omaha, NE. The highest Days on
Market averages were in Miami, FL
at 80, Des Moines, IA at 73, and
New York, NY at 67. Days on Market
is the number of days between when a home is first listed in an MLS
and a sales contract is signed.
Days on
Market:
5 Markets with the Biggest YoY
Decrease
|
Market
|
June 2021
Days on
Market
|
June 2020
Days on
Market
|
Year-over-
Year %
Change
|
Charlotte,
NC
|
14
|
39
|
-64.1%
|
Boise, ID
|
12
|
33
|
-63.6%
|
Tampa, FL
|
22
|
57
|
-61.4%
|
Baltimore,
MD
|
17
|
44
|
-61.4%
|
Raleigh-Durham,
NC
|
19
|
47
|
-59.6%
|
Months Supply of Inventory – Average of 53 metro
areas
The number of homes for sale in June 2021 was up 1.9% from May 2021 and down 37.5% from June 2020. Based on the rate of home sales in
June 2021, the Months Supply of
Inventory decreased to 1.1 compared to 1.2 in May 2021, and decreased compared to 2.2 in
June 2020. A six months supply
indicates a market balanced equally between buyers and sellers. In
June 2021, of the 53 metro areas
surveyed, zero metro areas reported a months supply at or over six.
The lowest Months Supply of Inventory was a five-way tie among
Albuquerque, NM; Raleigh-Durham, NC; Manchester, NH; Denver, CO; and Seattle, WA at 0.5.
Months Supply of
Inventory:
5 Markets with the Biggest YoY
Increase
|
Market
|
June 2021
Months
Supply of
Inventory
|
June 2020
Months
Supply of
Inventory
|
Year-over-
Year %
Change
|
Boise, ID
|
0.8
|
0.9
|
-11.1%
|
Des Moines,
IA
|
2.6
|
3.3
|
-21.2%
|
Philadelphia,
PA
|
1.2
|
1.6
|
-25.0%
|
Wichita,
KS
|
0.8
|
1.1
|
-27.3%
|
Washington,
DC
|
0.8
|
1.2
|
-33.3%
|
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mediarelations@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 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