DENVER, Sept. 17, 2021 /PRNewswire/ -- August home sales
dropped 3.5% from July's total – and the Median Sale Price slipped
1.2% to $335,000 – as seasonal norms
signaled that 2021's busiest homebuying and selling months are
probably behind us. Despite these drops, August still almost broke
records for home sales signaling a still-hot market.
August's low number of Days on Market (24) and meager Months
Supply of Inventory (1.3) reversed two months of inventory gains as
strong demand amid tight inventory conditions persisted.
"The slight seasonal decline in home sales from July to August
was countered by this being the second-highest August sales total
in the 13-year history of our report. So, although we appear to be
past the blistering summer peak, the market is still very active,"
says Nick Bailey, President,
RE/MAX, LLC. "In fact, the drop in home prices might signal to
potential sellers that it's time to get off the fence in case they
fall further, which in turn could draw more buyers back into the
mix. In any case, it seems likely that the combination of
super-quick sales and a severe lack of inventory will be with us
for the foreseeable future."
With year-over-year comparisons skewed by the pandemic,
July-to-August averages for 2015-2019 illustrate what's typical in
late summer:
- The month-over-month decline of 1.2% in August's Median Sales
Price compares with the 2015-2019 average July-to-August drop of
1.0%. Year over year, the Median Sales Price is up 13.2%.
- The 6.2% month-over-month drop in active inventory was nearly
double the 2015-2019 average July-to-August decline of 3.3%.
Inventory is down 26.7% year-over-year.
- Home sales dropped 3.5% from July, compared to the 2015-2019
average decline of 2.1%. However, August home sales were one of the
largest totals of any month in the 13-year history of the report
and the second-largest for the month and year over year, sales were
up 0.6%.
August's average Days on Market of 24 was one day more than July
and reflected sales that were 18 days faster, on average, than in
August 2020. The Months Supply of
Inventory in August of 1.3 declined from July's 1.5 and was
significantly less than August 2020's 1.9 Months Supply.
Highlights and the local markets leading various metrics for
August include:
Closed Transactions
Of the 51 metro areas surveyed in August
2021, the overall average number of home sales is down 3.5%
compared to July 2021, and up 0.6%
compared to August 2020. Leading the year-over-year sales
percentage increase were New York,
NY at +55.1%, Honolulu, HI
at +37.3%, and Las Vegas, NV at
+12.5%.
Closed Transactions: 5 Markets with the Biggest YoY
Increase
|
Market
|
Aug 2021
Transactions
|
Aug 2020
Transactions
|
Year-over-
Year %
Change
|
New York,
NY
|
3,799
|
2,450
|
+55.1%
|
Honolulu,
HI
|
1,098
|
800
|
+37.3%
|
Las Vegas,
NV
|
4,101
|
3,646
|
+12.5%
|
Seattle,
WA
|
7,415
|
6,725
|
+10.3%
|
Richmond,
VA
|
1,885
|
1,743
|
+8.1%
|
Median Sales Price – Median of 51 metro median prices
In August 2021, the median of all
51 metro Median Sales Prices was $335,000, down 1.2% compared to July 2021, and up 13.2% from August 2020. No metro areas saw a year-over-year
decrease in Median Sales Price. Thirty-six metro areas increased
year-over-year by double-digit percentages, led by Boise, ID at +30.6%, Phoenix, AZ at +24.9%, and Salt Lake City, UT at +22.3%.
Median Sales Price: 5 Markets with the Biggest YoY
Increase
|
Market
|
Aug 2021
Median Sales
Price
|
Aug 2020
Median Sales
Price
|
Year-over-
Year %
Change
|
Boise, ID
|
$476,005
|
$364,423
|
+30.6%
|
Phoenix,
AZ
|
$405,950
|
$325,000
|
+24.9%
|
Salt Lake City,
UT
|
$471,000
|
$385,000
|
+22.3%
|
Billings,
MT
|
$328,450
|
$270,000
|
+21.6%
|
Las Vegas,
NV
|
$375,000
|
$309,000
|
+21.4%
|
Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in August 2021 was 24, up one day from the average
in July 2021, and down 18 days from
the average in August 2020. The metro
areas with the lowest Days on Market were a two-way tie between
Cincinnati, OH and Nashville, TN at 10, and Omaha, NE at 13. The highest Days on Market
averages were in Des Moines, IA at
83, Miami, FL at 67, and
New York, NY at 57. 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
|
Aug 2021
Days on
Market
|
Aug 2020
Days on
Market
|
Year-over-
Year %
Change
|
Raleigh-Durham,
NC
|
16
|
44
|
-63.6%
|
Las Vegas,
NV
|
16
|
45
|
-63.3%
|
Billings,
MT
|
19
|
51
|
-62.7%
|
Tampa, FL
|
20
|
51
|
-60.8%
|
Augusta,
ME
|
30
|
76
|
-60.5%
|
Months Supply of Inventory – Average of 51 metro
areas
The number of homes for sale in August
2021 was down 6.2% from July
2021 and down 26.7% from August
2020. Based on the rate of home sales in August 2021, the Months Supply of Inventory
decreased to 1.3 compared to 1.5 in July
2021, and decreased compared to 1.9 in August 2020. A six months supply indicates a
market balanced equally between buyers and sellers. In August 2021, of the 51 metro areas surveyed, zero
metro areas reported a month's supply at or over six. The markets
with the lowest Months Supply of Inventory included a five-way tie
among Albuquerque, NM,
Raleigh-Durham, NC, Seattle, WA, Denver,
CO, and Charlotte, NC at
0.6.
Months Supply of Inventory: 5 Markets with the Biggest YoY
Decrease
|
Market
|
Aug 2021
Months
Supply of
Inventory
|
Aug 2020
Months
Supply of
Inventory
|
Year-over-
Year %
Change
|
Albuquerque,
NM
|
0.6
|
1.9
|
-68.4%
|
Providence,
RI
|
1.0
|
2.8
|
-64.3%
|
Hartford,
CT
|
0.9
|
2.5
|
-64.0%
|
Orlando,
FL
|
0.9
|
2.1
|
-57.1%
|
Raleigh-Durham,
NC
|
0.6
|
1.3
|
-53.8%
|
To request an interview, please contact
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
51 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