Median Home Prices Inch Downward While Sales
Drop, Inventory Grows
DENVER, Aug. 17,
2022 /PRNewswire/ -- A double-digit drop in home
sales from June to July fueled a double-digit increase in homes for
sale, triggering the first decline in the Median Sales Price since
January.
July's Median Sales Price of $415,000 was down 2.9% from June and the lowest
since April's $406,000. The 16.6%
decline in home sales was also the first since January.
Year-over-year, sales were down 26.3% from July 2021.
Following a period of continual contraction in recent years,
inventory jumped for the fourth consecutive month. There were 13.3%
more homes for sale than in June and 30.4% more than a year ago.
Months Supply of Inventory has doubled since May and is now at 1.8,
while Days on Market was 24. New listings, however, dropped 7.8%
compared to June and 7.2% compared to July
2021.
"It's an exciting time to be a homebuyer. For the first time in
years, we're seeing sustained inventory gains and the slowing of
home price appreciation," said Nick
Bailey, President and CEO. "The market is rebalancing after
favoring sellers for so long. There's still ground to make up with
new construction, but the change in recent months has brought some
much needed relief to buyers. And sellers still have it good, too.
A calming market doesn't mean a stoppage – and there are plenty of
benefits to being on that side of the equation."
Added RE/MAX North Professionals real estate agent Rich Gardner, who is based in Colchester, VT, "The housing market in
Vermont has stayed strong favoring
sellers. Since January, we are still seeing values in Chittenden County rise for both single-family
and townhouse-condo sales."
The average Close-to-List Price Ratio in July was 101%, meaning
that homes, in general, sold for 1% more than the asking price.
That dropped from 102% in June 2022
and July 2021.
Highlights and the local markets leading various metrics for
July include:
New Listings
Of the 53 metro areas surveyed in
July 2022, the number of newly listed
homes is down 7.8% compared to June
2022 and down 7.2% compared to July
2021. The markets with the biggest decrease in
year-over-year new listings percentage were Kansas City, MO at -47.7%, St Louis, MO at -36.9%, and Burlington, VT at -32.2%. Leading the
year-over-year new listings percentage increase were Dover, DE at +39.4%, Phoenix, AZ at +34.1%, and Trenton, NJ at +19.1%.
New Listings:
5 Markets with the Biggest YoY Decrease
|
Market
|
Jul 2022
New Listings
|
Jul 2021
New Listings
|
Year-over-
Year %
Change
|
Kansas City,
MO
|
3,608
|
6,901
|
-47.7 %
|
St. Louis,
MO
|
4,862
|
7,700
|
-36.9 %
|
Burlington,
VT
|
244
|
360
|
-32.2 %
|
Anchorage,
AK
|
714
|
1,016
|
-29.7 %
|
San Francisco,
CA
|
4,645
|
6,009
|
-22.7 %
|
Closed Transactions
Of the 53 metro areas
surveyed in July 2022, the overall
number of home sales is down 16.6% compared to June 2022, and down 26.3% compared to
July 2021. The markets with the
biggest decrease in year-over-year sales percentage were
Houston, TX at -45.1%,
San Diego, CA at -42.1%, and
Miami, FL at -40.9%. No metro area
had a year-over-year sales percentage increase.
Closed
Transactions:
5 Markets with the Biggest YoY Decrease
|
Market
|
Jul 2022
Transactions
|
Jul 2021
Transactions
|
Year-over-
Year %
Change
|
Houston, TX
|
5,836
|
10,625
|
-45.1 %
|
San Diego,
CA
|
2,242
|
3,875
|
-42.1 %
|
Miami, FL
|
6,497
|
11,001
|
-40.9 %
|
Salt Lake City,
UT
|
1,137
|
1,874
|
-39.3 %
|
Las Vegas,
NV
|
2,730
|
4,394
|
-37.9 %
|
Median Sales Price – Median of 53 metro area prices
In
July 2022, the median of all 53 metro
area Sales Prices was $415,000, down
2.9% compared to June 2022, and up
8.1% from July 2021. One metro area
saw a year-over-year decrease in Median Sales Price, Dallas, TX at -1.9%. Twenty-seven metro areas
increased year-over-year by double-digit percentages, led by
Tampa, FL at +23.7%, Fayetteville, AR at +21.6%, and Raleigh, NC at +19.1%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
Market
|
Jul 2022
Median Sales
Price
|
Jul 2021
Median Sales
Price
|
Year-over-
Year %
Change
|
Tampa, FL
|
$377,260
|
$305,000
|
+23.7 %
|
Fayetteville,
AR
|
$335,000
|
$275,500
|
+21.6 %
|
Raleigh, NC
|
$448,250
|
$376,390
|
+19.1 %
|
Miami, FL
|
$445,000
|
$375,000
|
+18.7 %
|
Nashville,
TN
|
$459,000
|
$387,250
|
+18.5 %
|
Close-to-List Price Ratio – Average of 53 metro area
prices
In July 2022, the
average Close-to-List Price Ratio of all 53 metro areas in the
report was 101%, down 1.3% compared to June
2022, and down 1.1% compared to July
2021. The Close-to-List Price Ratio is calculated by the
average value of the sales price divided by the list price for each
transaction. When the number is above 100%, the home closed for
more than the list price. If it's less than 100%, the home sold for
less than the list price. The metro areas with the lowest
Close-to-List Price Ratio were Coeur d'Alene, ID and Miami, FL, tied at 97%, followed by another
tie between Bozeman, MT and
New Orleans, LA at 98%. The
highest Close-to-List Price Ratios were in Burlington, VT at 105%, followed by a five-way
tie between Boston, MA,
Hartford, CT, Manchester, NH, Richmond, VA, and San Francisco, CA at 104%.
Close-to-List Price
Ratio:
5 Markets with the Biggest YoY Decrease
|
Market
|
Jul 2022
Close-to-List
Price Ratio
|
Jul 2021
Close-to-List
Price Ratio
|
Year-over-
Year %
Change
|
Seattle, WA
|
99.7 %
|
105.6 %
|
-5.5 %
|
San Francisco,
CA
|
103.9 %
|
109.2 %
|
-4.9 %
|
Denver, CO
|
100.4 %
|
103.6 %
|
-3.1 %
|
Salt Lake City,
UT
|
99.6 %
|
102.5 %
|
-2.9 %
|
Raleigh, NC
|
101.9 %
|
104.9 %
|
-2.8 %
|
Months' Supply of Inventory – Average of 53 metro
areas
The number of homes for sale in July 2022 was up 13.3% from June 2022 and up 30.4% from July 2021. Based on the rate of home sales in
July 2022, the Months' Supply of
Inventory increased to 1.8 compared to 1.4 in June 2022, and increased compared to 1.2 in
July 2021. In July 2022, the markets with the lowest Months'
Supply of Inventory were Albuquerque,
NM at 0.7 followed by Manchester,
NH at 0.8.
Months' Supply of
Inventory:
5 Markets with the Biggest YoY Increase
|
Market
|
Jul 2022
Months' Supply
of Inventory
|
Jul 2021
Months' Supply
of Inventory
|
Year-over-
Year %
Change
|
Raleigh, NC
|
1.6
|
0.5
|
+257.4 %
|
Phoenix, AZ
|
4.4
|
1.2
|
+254.3 %
|
Las Vegas,
NV
|
3.8
|
1.1
|
+252.9 %
|
Salt Lake City,
UT
|
2.2
|
0.7
|
+209.9 %
|
San Diego,
CA
|
2.0
|
0.7
|
+191.5 %
|
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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. The Close-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