Inventory Grows for Sixth Straight Month
While Sales Decline
DENVER, Oct. 17,
2023 /PRNewswire/ -- The number of homes on the
market grew month over month for a sixth consecutive month in
September as sales declined 13.8% from August and 17.0% from a year
ago. The 9.3% increase in inventory was the largest
month-over-month increase in 14 months. Even so, inventory is 8.6%
below September 2022 levels.
Despite the growth in inventory over August 2023, new listings were down 1.8% from
August and 7.8% year over year.
With three months left in 2023, the Median Sales Price of
$415,000 posted a seasonal decline of
2.4% month over month – last September's sequential drop was 1.2% –
but remained 2.5% higher than last September's $405,000.
"We're seeing some seasonal trends in play," says RE/MAX
President and CEO Nick Bailey. "The
dip in sales followed typical seasonality, and the increase in
inventory on the market was much needed to balance previous low
inventory. And that's good news for buyers who choose to enter the
market this fall."
Meghan Carroll, a real estate
agent with RE/MAX Elite in Monmouth
Beach, NJ says it can be a tough market for some buyers.
"Higher interest rates have deterred some buyers but not all, which
has surprised me somewhat, but those buyers are looking at the
long-term picture. Inventory levels are also still low, which is
keeping the prices higher and making bidding wars commonplace here.
So, it can be tough out there for some buyers – especially young,
first-time buyers."
Other notable metrics:
- Homes sold for an average of 99% of the listing price in
September, the same as in both August and in September 2022.
- Months' supply of inventory in September was 2.1, larger than
both August's 1.7 and September 2022's 2.0.
- Homes sold in September were on the market an average of 35
days, one day longer than in August or in September of last
year.
Highlights and local market metrics for September include:
New Listings
Of the 50 metro areas surveyed in
September 2023, the number of newly
listed homes is down 1.8% compared to August
2023, and down 7.8% compared to September 2022. The markets with the biggest
decrease in year-over-year new listings percentage were
Las Vegas, NV at -23.1%,
Detroit, MI at -20.8%, and
San Diego, CA at -20.3%. The
markets with the biggest year-over-year increase in new listings
percentage were San Francisco, CA
at +16.2%, Tampa, FL at +15.8%,
and San Antonio, TX at +14.9%.
New Listings:
5 Markets with the Biggest YoY Decrease
|
Market
|
Sep 2023
New Listings
|
Sep 2022
New Listings
|
Year-over-Year
% Change
|
Las Vegas,
NV
|
3,236
|
4,209
|
-23.1 %
|
Detroit, MI
|
5,296
|
6,684
|
-20.8 %
|
San Diego,
CA
|
2,475
|
3,105
|
-20.3 %
|
Raleigh, NC
|
2,113
|
2,625
|
-19.5 %
|
Bozeman, MT
|
181
|
222
|
-18.5 %
|
Closed Transactions
Of the 50 metro areas
surveyed in September 2023, the
overall number of home sales is down 13.8% compared to August 2023, and down 17.0% compared to
September 2022. The markets with the
biggest decrease in year-over-year sales percentage were
Trenton, NJ at -29.9%,
Manchester, NH at -29.3%, and
Dover, DE at -28.6%. Only one
market had an increase in year-over-year sales percentage,
Tampa, FL at +11.7%.
Closed
Transactions:
5 Markets with the Biggest YoY Decrease
|
Market
|
Sep 2023
Transactions
|
Sep 2022
Transactions
|
Year-over-Year
% Change
|
Trenton, NJ
|
262
|
374
|
-29.9 %
|
Manchester,
NH
|
389
|
550
|
-29.3 %
|
Dover, DE
|
167
|
234
|
-28.6 %
|
Seattle, WA
|
3,668
|
4,927
|
-25.6 %
|
Charlotte,
NC
|
2,940
|
3,923
|
-25.1 %
|
Median Sales Price – Median of 50 metro area prices
In
September 2023, the median of all 50
metro area sales prices was $415,000,
down 2.4% compared to August 2023,
and up 2.5% from September 2022. The
markets with the biggest year-over-year increase in median sales
price were Manchester, NH at
+11.7%, Wichita, KS at +11.6%, and
Hartford, CT at +9.8%. The markets
with the biggest year-over-year decrease in median sales price were
Houston, TX at -2.5%, followed by
a tie between Las Vegas, NV and
Phoenix, AZ at -1.9%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
Market
|
Sep 2023
Median Sales Price
|
Sep 2022
Median Sales Price
|
Year-over-Year
% Change
|
Manchester,
NH
|
$469,000
|
$420,000
|
+11.7 %
|
Wichita, KS
|
$240,000
|
$215,000
|
+11.6 %
|
Hartford, CT
|
$335,000
|
$305,000
|
+9.8 %
|
Dover, DE
|
$340,000
|
$310,000
|
+9.7 %
|
New York, NY
|
$575,000
|
$530,000
|
+8.5 %
|
Close-to-List Price Ratio – Average of 50 metro area
prices
In September 2023, the
average close-to-list price ratio of all 50 metro areas in the
report was 99%, flat compared to both August
2023 and September 2022. 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 highest close-to-list price ratios were a tie between
Hartford, CT and Trenton, NJ at 104%, followed by San Francisco, CA at 103%. The metro areas
with the lowest close-to-list price ratio were Miami, FL at 95% and Coeur d'Alene, ID at
96%.
Close-to-List Price
Ratio:
5 Markets with the Biggest YoY Increase
|
Market
|
Sep 2023
Close-to-List Price
Ratio
|
Sep 2022
Close-to-List Price
Ratio
|
Year-over-Year
Difference*
|
Trenton, NJ
|
103.6 %
|
100.8 %
|
+2.8 pp
|
Hartford, CT
|
104.4 %
|
102.2 %
|
+2.1 pp
|
San Francisco,
CA
|
103.1 %
|
101.1 %
|
+2.0 pp
|
Seattle, WA
|
99.6 %
|
98.4 %
|
+1.2 pp
|
Los Angeles,
CA
|
99.7 %
|
98.6 %
|
+1.1 pp
|
*Difference
displayed as change in percentage points
|
Days on Market – Average of 50 metro areas
The average
days on market for homes sold in September
2023 was 35, up one day compared to the average in both
August 2023 and September 2022. The metro areas with the lowest
days on market were Baltimore, MD
at 12, followed by a tie between Dover,
DE and Trenton, NJ at
13. The highest days on market averages were in Fayetteville, AR at 71, Coeur d'Alene, ID at
69, and San Antonio, TX at 64.
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 Increase
|
Market
|
Sep 2023
Days on Market
|
Sep 2022
Days on Market
|
Year-over-Year
% Change
|
Indianapolis,
IN
|
35
|
22
|
+57.4 %
|
San Antonio,
TX
|
64
|
41
|
+55.8 %
|
Birmingham,
AL
|
44
|
29
|
+53.5 %
|
Raleigh, NC
|
42
|
27
|
+51.4 %
|
Coeur d'Alene,
ID
|
69
|
49
|
+40.0 %
|
Months' Supply of Inventory – Average of 50 metro
areas
The number of homes for sale in September 2023 was up 9.3% from August 2023 and down 8.6% from September 2022. Based on the rate of home sales
in September 2023, the months' supply
of inventory was 2.1, up compared 1.7 in August 2023, and increased compared to 2.0 in
September 2022. In September 2023, the markets with the lowest
months' supply of inventory were a tie between Hartford, CT and Trenton, NJ at 0.9. The markets with the
highest months' supply of inventory were Bozeman, MT at 5.1, San Antonio, TX at 4.6, and Houston, TX at 3.9.
Months' Supply of
Inventory:
5 Markets with the Biggest YoY Decrease
|
Market
|
Sep 2023
Months' Supply
of Inventory
|
Sep 2022
Months' Supply
of Inventory
|
Year-over-Year
% Change
|
Phoenix, AZ
|
2.3
|
4.3
|
-47.4 %
|
Las Vegas,
NV
|
2.4
|
4.3
|
-43.8 %
|
Coeur d'Alene,
ID
|
2.3
|
3.6
|
-37.2 %
|
San Diego,
CA
|
1.5
|
1.9
|
-23.6 %
|
Chicago, IL
|
1.9
|
2.3
|
-17.2 %
|
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 more than 140,000 agents in over 9,000
offices and a presence in more than 110 countries and territories.
Nobody in the world sells more real estate than RE/MAX, as measured
by residential transaction sides. RE/MAX was founded in 1973 by
Dave and Gail Liniger, with an
innovative, entrepreneurial culture affording its agents and
franchisees the flexibility to operate their businesses with great
independence. RE/MAX agents have lived, worked and served in their
local communities for decades, raising millions of dollars every
year for Children's Miracle Network Hospitals® and other charities.
To learn more about RE/MAX, to search home listings or find an
agent in your community, please visit www.remax.com. For the latest
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Report Details
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 50 metropolitan areas, includes
single-family residential property types, and is not annualized.
For maximum representation, most of 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