Competitive Spring Market Greets Buyers and Sellers with More
Listings, Higher Prices
DENVER, May 17, 2022
/PRNewswire/ -- Signaling a flattening of the seasonal spring
ramp-up, April 2022 home sales
increased less than 1% over March – and dropped 12.8% year over
year – across the report's 53 metro areas. That, coupled with an
11.5% increase in new listings from March to April, resulted in a
24.0% surge in inventory month to month.
The Median Sales Price of $420,000
was up 3.4% over March and 15.1% over April
2021. And home offers grew more competitive. For example,
average sale to list price ratio measures how close homes are
selling to their asking price and in April, the average sale to
list price ratio was 104% of the list price, compared to 103% in
March and 101% in April 2021.
Though up 24.0% month over month, active inventory was down
10.4% from a year ago, driven in part by a 7.4% decline in new
listings year over year. Months Supply of Inventory increased
from 0.7 in March to 0.8 in April. A year ago, Months Supply of
Inventory was 1.0.
Homes spent an average of 26 days on the market in April – five
days less than March, and two days less than a year ago.
"In the big picture, it's still a strong housing market, with
sales happening quickly and demand easily outpacing supply," said
Nick Bailey, President and CEO.
"We're starting to see a cooling in sales, which isn't surprising
given the record results of 2021 and the recent rise in interest
rates. That should create more balance over time, countering the
frenzied seller's market we've had for so long. Driven by
generational demand, rising rental costs and still relatively low
interest rates, 2022 could still rank as one of the best years in
the past decade."
Added RE/MAX Masters real estate agent Josh Horner, who is based in Salt Lake City, UT, "The [local] real estate
market has shifted in April. With the inventory of established
homes or new construction homes for sale still in short supply, the
recent and expected rate hikes have sent a segment of homebuyers to
the sidelines to sit it out a bit."
Highlights and the local markets leading various metrics for
April include:
Closed Transactions
Of the 53 metro areas surveyed in April
2022, the overall average number of home sales is up 0.5%
compared to March 2022, and down
12.8% compared to April 2021. The
markets with the biggest decrease in year-over-year sales
percentage were Miami, FL at
-24.9%, Bozeman, MT at -22.5%, and
Coeur d'Alene, ID at -21.1%. Only one metro area had a
year-over-year sales percentage increase, Honolulu, HI at +0.2%.
Closed
Transactions:
5 Markets with the Biggest YoY Decrease
|
Market
|
Apr 2022
Transactions
|
Apr 2021
Transactions
|
Year-over-Year
% Change
|
Miami, FL
|
9,363
|
12,464
|
-24.9%
|
Bozeman, MT
|
169
|
218
|
-22.5%
|
Coeur d'Alene,
ID
|
329
|
417
|
-21.1%
|
Trenton, NJ
|
313
|
396
|
-21.0%
|
San Diego,
CA
|
3,059
|
3,831
|
-20.2%
|
Median Sales Price – Median of 53 metro area prices
In
April 2022, the median of all 53
metro area Sales Prices was $420,000,
up 3.4% compared to March 2022, and
up 15.1% from April 2021. No metro
areas saw a year-over-year decrease in Median Sales Price.
Forty-one metro areas increased year-over-year by double-digit
percentages, led by Dallas, TX at
+39.5%, Fayetteville, AR at
+33.4%, and Coeur d'Alene, ID at +31.2%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
Market
|
Apr 2022
Median Sales
Price
|
Apr 2021
Median Sales
Price
|
Year-over-Year
% Change
|
Dallas, TX
|
$362,782
|
$260,000
|
39.5%
|
Fayetteville,
AR
|
$331,809
|
$248,750
|
33.4%
|
Coeur d'Alene,
ID
|
$610,000
|
$464,900
|
31.2%
|
Dover, DE
|
$335,000
|
$259,195
|
29.2%
|
Las Vegas,
NV
|
$440,000
|
$342,050
|
28.6%
|
Days on Market – Average of 53 metro areas
The average
Days on Market for homes sold in April
2022 was 26, down five days from the average in March 2022 and down two days from the average in
April 2021. The metro areas with the
lowest Days on Market were Denver,
CO at 8, Omaha, NE at 11,
and Richmond, VA at 12. The
highest Days on Market averages were in Fayetteville, AR at 64, San Diego, CA at 63, and Raleigh, NC at 55. 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
|
Apr 2022
Days on
Market
|
Apr 2021
Days on
Market
|
Year-over-
Year
% Change
|
New Orleans,
LA
|
26
|
54
|
-50.9%
|
Coeur d'Alene,
ID
|
31
|
60
|
-47.6%
|
Burlington,
VT
|
19
|
34
|
-43.3%
|
San Antonio,
TX
|
22
|
36
|
-38.1%
|
Denver, CO
|
8
|
12
|
-36.9%
|
Months Supply of Inventory – Average of 53 metro
areas
The number of homes for sale in April 2022 was up 24.0% from March 2022 and down 10.4% from April 2021. Based on the rate of home sales in
April 2022, the Months Supply of
Inventory increased to 0.8 compared to 0.7 in March 2022, and decreased compared to 1.0 in
April 2021. In April 2022, the markets with the lowest Months
Supply of Inventory were a three-way tie among Albuquerque, NM, Fayetteville, AR, and Raleigh, NC at 0.3.
Months Supply of
Inventory:
5 Markets with the Biggest YoY Decrease
|
Market
|
Apr 2022
Months
Supply of
Inventory
|
Apr 2021
Months
Supply of
Inventory
|
Year-over-
Year %
Change
|
Fayetteville,
AR
|
0.3
|
0.7
|
-57.5%
|
Miami, FL
|
1.0
|
2.2
|
-53.8%
|
Honolulu, HI
|
0.8
|
1.6
|
-51.4%
|
Tulsa, OK
|
0.4
|
0.8
|
-46.5%
|
Albuquerque,
NM
|
0.3
|
0.6
|
-39.5%
|
To request an interview, please contact
mediarelations@remax.com.
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Report Details
Beginning with the April 2022 report, RE/MAX is using a new source
for aggregated data.
The RE/MAX National Housing Report is distributed monthly on or
about the 15th. The Report is based on MLS data for the stated
month in 53 metropolitan areas, includes single-family residential
property types, and is not annualized. For maximum representation,
the largest metro areas in the country are represented, and an
attempt is made to include at least one metro area in almost every
state. Metro areas are defined by the Core Based Statistical Areas
(CBSAs) established by the U.S. Office of Management and
Budget.
Definitions
Closed 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 (pending listings) during
the month. Where "pending" data is unavailable, an inferred pending
status is calculated using closed transactions. Days on Market is
the average number of days that pass from the time a property is
listed until the property goes under contract. Median Sales Price
for a metro area is the median sales price for closed transactions
in that metro area. The nationwide Median Sales Price is
calculated at the nationwide aggregate level using all sale prices
from the included metro areas. New Listings is the total
number of properties listed for sale during the month. The
Average Sale to List Price Ratio is the average value of the sales
price divided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings
company. While MLS data is believed to be reliable, it cannot be
guaranteed. MLS data is constantly being updated, making any
analysis a snapshot at a particular time. Every month, the previous
period's data is updated to ensure accuracy over time. Raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC