Redfin Housing Demand Index Virtually Flat from July to August Due to Continued Inventory Shortage

The number of Redfin customers touring and writing offers was basically even from July to August, but increased year over year

Seattle, WA – September 28th 2017 (BUSINESS WIRE) (NASDAQ:RDFN) — The Redfin Housing Demand Index remained virtually flat, up slightly from 126 in July to 127 in August, according to Redfin (www.redfin.com), the next-generation real estate brokerage. Still, the Demand Index increased 27.7 percent year over year. The Demand Index is adjusted for Redfin’s market share growth.

Redfin Logo

The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.

Across the 15 metros covered by the Demand Index, there were 13.9 percent fewer homes for sale in August than there were a year prior, and there was a 2.7 percent decline in new listings. August marked the 27th consecutive month of year-over-year inventory declines in these markets.

“High consumer confidence and low interest rates have powered homebuyer demand, but too-low inventory has constrained home sales all year,” said Redfin chief economist Nela Richardson. “The Federal Reserve is now setting the stage for a slow, steady increase in mortgage rates in October by beginning to sell its mortgage portfolio. Fall buyers are likely to face slightly higher financing costs in addition to strong price growth.”

The seasonally adjusted number of buyers requesting home tours and writing offers remained flat from July to August, decreasing 0.8 percent and increasing 0.1 percent respectively. Compared to last year, 42.3 percent more buyers requested tours in August and 8.2 percent more wrote offers.

At the metro level, Oakland had the largest Demand Index increase in August, up 29 percent from July and 43 percent year over year. Inventory was down 30 percent year over year and new listings fell 5.3 percent.

“August has traditionally been one of the slowest months in Oakland for homebuyer activity as people go on vacation and finish up their family activities before the kids head back to school,” said Redfin Oakland agent Tom Hendershot. “This year, August demand has really ramped up compared to July, and we expect September to be a very active month as long as more new inventory hits the market.”

To read the full report, including metro-level demand data and charts, click here.

About Redfin

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.

Contacts

Redfin Journalist Services:
Jon Whitely
(206) 588-6863
press@redfin.com

Rising Sea Levels Pose Significant Risk to Owners of Less Expensive Homes

Less affluent homeowners have more of their wealth stored in their homes, and could face catastrophic losses if their homes are damaged by higher sea levels

– $916 billion worth of U.S. homes could be lost if sea levels rise six feet

– Nearly two-thirds of homes at risk of rising sea levels are in suburban areas

– More than one quarter of all at-risk homes are in Miami

Seattle, WA – Oct. 18, 2017 (PRNewswire) Rising sea levels are expected to impact $916 billion worth of homes in the next 100 years, most of which are low-end or median-value homes.

Zillow Logo

Zillow® analyzed the types of homes that could be underwater, absent preventative measures, based on recent estimates of how high sea levels could rise by 2100(i) due to climate change.

The majority of all homes at risk of flooding due to rising sea levels are in suburban areas – 65.4 percent of homes are in suburban areas, compared to 22.6 percent in urban locations and 12 percent in rural areas(ii).

Overall, 39 percent of the homes expected to be underwater in 2100 are among the nation’s most valuable. The rest are near the median value or below – and a quarter are among the least valuable homes. This is significant because less wealthy communities and households are less likely to be able to afford preventative measures to ward off rising seas. For most homeowners, a home is their biggest single investment, and its value is a major share of their overall wealth. Any significant damage to a home is harder to recover from when most of an owner’s wealth is tied up in that same home.

Owners of high-end homes are more likely to live in communities with the resources and connections needed to protect their homes, such as building sea walls or making structural changes that help homes withstand floodwaters. But in markets where the majority of homes at risk of rising water are among the least valuable in the area, these options might be out of reach.

Less than 20 percent of homes in Honolulu that are at risk of flooding due to rising sea levels are high-end homes. That means the majority of homeowners who could lose their homes may be less able to make investments to protect their properties, especially lower income homeowners who have to spend a larger share of their income on mortgage payments(iii).

“We’ve seen the enormous impact flooding can have on a city and its residents,” said Zillow Chief Economist Dr. Svenja Gudell. “It’s harder for us to think about it on a long-term timeline, but the real risks that come with rising sea levels should not be ignored until it’s too late to address them. With organized and committed planning, cities can help protect both current and future residents. Living near the water is incredibly appealing for people around the country, but it also comes with additional considerations for buyers and homeowners. Homes in low-lying areas are also more susceptible to storm flooding and these risks could be realized on a much shorter timeline as we have seen time and time again.”

Miami holds 25.8 percent of all U.S. homes at risk of rising sea levels, which are cumulatively worth $217.3 billion. The three cities with the greatest number of homes threatened by higher sea levels are in the Miami metropolitan area. Fort Lauderdale, Miami Beach and Miami could all lose more than 30,000 homes to sea level increases.

20 Metropolitan Areas with the Most Homes Threatened By Sea Level Increases

Chart

Zillow

Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

(i) https://www.zillow.com/research/climate-change-underwater-homes-12890/

(ii) Among homes for which Zillow has an urban/suburban/rural designation. About 10 percent of homes are not classified.

(iii) https://www.zillow.com/research/low-income-mortgages-unaffordable-16490/

San Francisco Tops the List of Best Cities for Trick-or-Treating

Zillow’s annual list finds the best cities and neighborhoods for kids to get the most candy in the least amount of time this Halloween

SEATTLE, Oct. 12, 2017 (PRNewswire) San Francisco and San Jose are the best cities for trick-or-treating in 2017, according to Zillow’s annual Trick-or-Treat Indexi.

Zillow Logo

Every October Zillow® identifies the best cities and neighborhoods for trick-or-treaters looking to score the most candy in the least amount of time. Zillow economists ranked cities based on home values, the share of population under 10 years old and single family home density.

San Francisco tops the 2017 rankings, reclaiming the #1 spot thanks to high home values – we think these neighborhoods will give out the biggest candy bars – and homes that are close together to minimize the time it takes to go door-to-door. San Francisco has ranked number one on Zillow’s list for the past four out of five years.

“Searching for neighborhoods with the best candy is a Halloween tradition for many kids and their parents,” said Zillow Chief Economist Dr. Svenja Gudell. “Our annual list is a fun way for families to see how their neighborhood stacks up against others when it comes to trick-or-treating. These are places we think will have plenty of candy and lots of young kids running around from door to door. If you don’t live in one of these cities, look for areas that are getting into the Halloween spirit with decorations and lots of costumed kids.”

Best Cities to Trick or Treat Infographic

Washington, D.C. made the biggest jump this year, moving up 12 spots to number eight. Long Beach, Calif., El Paso, Texas and Mesa, Ariz. broke into the top 20 for the first time this year, while Sacramento, Calif. and Charlotte, N.C. returned to the list after dropping off in 2016. Philadelphia slipped to third after leading the rankings last year.

For the complete rankings, including the best neighborhoods in each city for trick-or-treating, go to www.zillow.com.

10 Best Cities for Trick-or-Treating in 2017:

1. San Francisco, CA
2. San Jose, CA
3. Philadelphia, PA
4. Long Beach, CA
5. Los Angeles, CA
6. Baltimore, MD
7. Sacramento, CA
8. Washington, DC
9. Milwaukee. WI
10. Seattle, WA

Zillow
Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

(i) To calculate the Trick-or-Treat Index, Zillow uses the Zillow Home Value Index, single-family home density, and the share of the population under 10 years old in cities with a population of at least 500,000. This data is combined to reveal the cities where trick-or-treaters can get the best candy in the least amount of time.

C.A.R. releases its 2018 California Housing Market Forecast

Home sales and median price to increase in 2018 but at a slower pace

Los Angeles, Oct. 12, 2017 (PRNewswire-USNewswire) With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, though a shortage of available homes for sale and affordability constraints will be a challenge, according to the “2018 California Housing Market Forecast,” released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

CAR Logo

The C.A.R. forecast sees a modest gain in existing single-family home sales of 1.0 percent next year to reach 426,200 units, up slightly from the projected 2017 sales figure of 421,900. The 2017 figure is 1.3 percent higher compared with the 416,700 pace of homes sold in 2016.

“Solid job growth and favorable interest rates will drive a strong demand for housing next year,” said C.A.R. President Geoff McIntosh. “However, a persistent shortage of homes for sale and increasing home prices will dictate the market as housing affordability diminishes for buyers struggling to get into the market.”

C.A.R.’s forecast projects growth in the U.S. Gross Domestic Product of 2.3 percent in 2018, after a projected gain of 2.1 percent in 2017. With California’s nonfarm job growth at 1.2 percent, down from a projected 1.6 percent in 2017, the state’s unemployment rate will dip to 4.6 percent in 2018 compared with 4.8 percent in 2017 and 5.5 percent in 2016.

The average for 30-year, fixed mortgage interest rates will increase slightly to 4.3 percent in 2018, up from 4.0 percent in 2017 and 3.6 percent in 2016, but will still remain low by historical standards.

The California median home price is forecast to increase 4.2 percent to $561,000 in 2018, following a projected 7.2 percent increase in 2017 to $538,500.

“This year’s housing market can be told as a tale of two markets – the inventory constrained lower end and the upper end that’s non-inventory constrained,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “This trend is likely to continue into 2018 as active listings have declined across all price ranges for the past two years, but is most obvious at the lower end.

“With tight inventory being the new ‘norm’ for the past few years and at least the upcoming year, we’ll continue to see fierce competition driving up prices, leading to lower affordability and weaker sales growth.”

Chart

Appleton-Young will present an expanded forecast at a luncheon Thursday afternoon during CALIFORNIA REALTOR® EXPO 2017, running Oct. 10-12 at the San Diego Convention Center in San Diego, Calif. The trade show attracts nearly 6,000 attendees and is the largest state real estate trade show in the nation. The remaining highlights of CALIFORNIA REALTOR® EXPO 2017 include:

Thursday, Oct. 12

10:45 a.m. – 11:30 a.m.
Teamwork Makes the Dream Work – Top Teams Panel
Real estate teams are increasingly popular in California. What are the top secrets behind top teams? How do the top teams make it work? What are the biggest challenges and benefits of having a team? How do they create consistency, culture, and motivation? How do teams impact the client experience? Hear the answers from top producing teams as they dish out key advice and takeaways attendees can apply to build their teams and make them thrive.

10:45 a.m. – 11:30 a.m.
Communication Across Cultures
REALTORS® will learn how to handle cultural differences in a transaction, how each culture communicates, and understand different customs, which can mean the difference between landing or losing a listing.

12 noon – 1:30 p.m.
Thursday Lunch: “2018 Housing Market Forecast with Leslie Appleton-Young”
C.A.R. Chief Economist Leslie Appleton-Young will share valuable information and insight about next year’s California housing market, including projected home sales, median prices, housing affordability, inventory supply, and mortgage rates and availability. (Ticketed event)

2 p.m. – 2:45 p.m.
Has it Happened to You? Don’t Be a Victim of Cybercrime
As part of a REALTOR®’s professional duties, their clients trust them with safekeeping important information and documents. Mobile tools and online platforms are being used often in business and in transactions, increasing the risk of cybercrime for REALTORS® and their clients. Data hacking, identity theft and fraud are more prevalent than ever. Learn how to be proactive and protect against cybercrime. Learn what tools and programs will keep files secure and how to respond in the event of a hack, virus, or identity theft.

Journalists who would like to attend CALIFORNIA REALTOR® EXPO 2017, please email lotusl@car.org or call (213) 739-8304. For more information on CALIFORNIA REALTOR® EXPO 2017, visit expo.car.org.

Leading the way …® in real estate news and information for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

2017 Realtor® Good Neighbor Award Winners Better Communities Through Incredible Volunteer Work

Washington,D.C. – October 4, 2017 (nar.realtor) For 18 years, the Good Neighbor Awards have recognized Realtors® who dedicate countless volunteer hours to help others. The five individuals named as this year’s REALTOR® Magazine Good Neighbor Award winners serve as an example of how Realtors® reach out in service to help their communities.

NAR logo

The 2017 Good Neighbor Award winners are:

  • Sal Dimiceli, Lake Geneva Area Realty, Lake Geneva, Wisconsin, founder of The Time Is Now To Help;
  • Bryson Garbett, Garbett Homes, Salt Lake City, Utah, founder of Foundation Escalera;
  • Howard W. “Hoddy” Hanna, III, Howard Hanna Real Estate Services, Pittsburgh, Pennsylvania, for Howard Hanna Children’s Free Care Fund;
  • Louise McLean, RE/MAX Solutions, Merritt Island, Florida, founder of Space Coast Association of REALTORS® Charitable Foundation;
  • Kay Wilson-Bolton, Century 21 Troop Real Estate, Santa Paula, California, founder of SPIRIT of Santa Paula.

“It’s amazing how the passion of this year’s Good Neighbor Award winners spurs a ripple effect of generosity among others,” says National Association of Realtors® President William E. Brown, broker-owner of Investment Real Estate in Oakland, California, and founder of Investment Properties. “In addition to devoting thousands of personal volunteer hours and recruiting thousands of volunteer hours from others, this year’s five winners have raised and donated more than $39 million to support their communities.”

Each of the five winners will receive a $10,000 grant for their cause and will be featured in the November/December issue of REALTOR® Magazine. The recipients will be presented with crystal trophies on Saturday, November 4, during the 2017 REALTORS® Conference & Expo in Chicago.

The Good Neighbor Awards have been presented annually since 2000 by NAR’s REALTOR® Magazine. More than $1.1 million in grants have been awarded to the winners’ charities since the inaugural award. Videos about the winners are being released today at the links below.

Sal Dimiceli, Sr., Lake Geneva Area Realty, Lake Geneva, Wisconsin for The Time Is Now To Help

Dimiceli founded a nonprofit to ease the suffering of people living in poverty. He personally responds to requests for help by providing financial counseling and addressing individual needs, whether it’s paying overdue rent to prevent eviction or providing emergency food assistance, transportation or child care so a person can hold a job.

Bryson Garbett, Garbett Homes, Salt Lake City, Utah for Foundation Escalera

Garbett founded a nonprofit that provides access to education to children in the rural Chiapas region of Mexico. In 18 years, his organization—which has built 177 classrooms and provides high school scholarships—has helped nearly 100,000 students.

Howard W. “Hoddy” Hanna, III, Howard Hanna Real Estate Services, Pittsburgh, Pennsylvania for Howard Hanna Children’s Free Care Fund

Hanna leads a nonprofit that donates millions to children’s hospitals to fund treatment for children without insurance or whose treatment isn’t covered by insurance. Since 1987, Hanna and his company’s 9,000 real estate professionals in eight states have raised and donated more than $14 million.

Louise McLean, RE/MAX Solutions, Merritt Island, Florida for Space Coast Association of REALTORS® Charitable Foundation

McLean founded a nonprofit to support the more than 2,200 homeless children in Florida’s Brevard County with necessities such as food, clothing, school supplies, glasses and toiletries. They also provide nonessentials like sports equipment, band instruments and even college scholarships, allowing children to further their education.

Kay Wilson-Bolton, Century 21 Troop Real Estate, Santa Paula, California for SPIRIT of Santa Paula

Wilson-Bolton founded Many Meals, which feeds up to 600 people a hot meal every Wednesday. She also distributes 30,000 pounds of food per month through a food bank and, as an ordained chaplain, runs a reception center behind her real estate office where she counsels people in need.

In addition to the winners, five Realtors® have been recognized as Good Neighbor Awards honorable mentions and will each receive $2,500 grants. Deborah Berg, Berkshire Hathaway HomeServices, Birmingham, Michigan, for the United Methodist Women’s Rummage Sale; JoAnn and Joseph Callaway, Those Callaways Real Estate, Scottsdale, Arizona for Salvation Army; Lara Dolan, Keller Williams Realty Consultants, Roswell, Georgia for Cystic Fibrosis Foundation; Mony Nop, Mony Nop Real Estate, Livermore, California for Mony Nop Foundation; Donna Ting, Tri Isle Realty & Development Co., Wailuku, Hawaii for La’akea.

Since the 10 finalists were announced on September 5, the public cast more than 93,000 votes to determine who would be named the Web Choice Favorites. The top three vote getters will receive bonus grant money courtesy of Good Neighbor primary sponsor realtor.com®.

The Good Neighbor finalist with the most votes– JoAnn and Joseph Callaway of Those Callaways Real Estate in Scottsdale, Arizona–will receive an additional $2,500 bonus donation for The Salvation Army on top of $2,500 earned for being an honorable mention. The Callaways have raised more than $1.25 million to benefit The Salvation Army by recruiting Realtors as bell ringers and through an innovative program that increased donations of big-ticket items to thrift stores.

Two more Good Neighbors will receive $1,250 in bonus money for getting the next highest vote totals. Deborah Berg of Berkshire Hathaway HomeServices in Birmingham, Michigan, for managing more than 700 volunteers at the United Methodist Women’s Rummage Sale and raising $225,000 per year for nonprofits.

Deborah is joined by Howard W. “Hoddy” Hanna, III of Howard Hanna Real Estate Services, Pittsburgh, Pennsylvania, who cofounded and leads the Howard Hanna Children’s Free Care Fund, which pays for sick children to be treated at hospitals when insurance doesn’t pay.

REALTOR® Magazine’s Good Neighbor Awards is supported by primary sponsor realtor.com® and Wells Fargo Home Mortgage. Nominees were judged on their personal contribution of time as well as financial and material contributions to benefit their cause. To be eligible, nominees must be NAR members in good standing. More information about the Good Neighbor Awards winners is available at nar.realtor/gna.

Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive database of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable.

Wells Fargo Home Mortgage (link is external) is the nation’s leading originator and servicer of residential mortgages, offering home loans to consumers through the country’s largest network of mortgage locations and bank branches, online, and via phone. With more than 7,500 Home Mortgage Consultants across the country and robust digital capabilities, Wells Fargo is committed to meeting Realtor® expectations and homebuyer needs. Focused on a culture of caring for communities, Wells Fargo is a proud sponsor of the Good Neighbor Awards to recognize the extraordinary contributions made by Realtors® in the communities where we, together, live and serve.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.

September Home Sales Slow Amid Strong Prices, Low Inventory

October RE/MAX National Housing Report on MLS Data from 54 Metro Areas

Denver, CO – Oct. 16, 2017 (PRNewswire) September became the fifth month this year to post a decline in home sales compared to a record-setting 2016, while marking the 71st consecutive month of rising sale prices year-over-year, according to the October RE/MAX National Housing Report.

remax logo

Joining August, July, April and February, September home sales dropped 4.2% year-over-year in the report’s monthly analysis of housing data in 54 metro areas. Going in the opposite direction, the Median Sales Price increased to $225,000. Though the lowest price since March, it was 2.3% higher than September 2016. The last month when home prices did not increase year-over-year was October 2011.

Three-quarters of the way through 2017, other notable numbers from the RE/MAX National Housing Report include:

  • In the wake of Hurricane Irma in early September, Miami saw home sales drop 35.2% year-over-year. Houston, meanwhile, posted a 3.2% gain despite the impact of Hurricane Harvey in late August.
  • Days on Market declined by one week, from 56 in September 2016 to 49.
  • At 3.6, the Months Supply of Inventory was the lowest of any September in the report’s 9-year history. Twenty-three markets are at 3 months or less.
  • Mirroring this, inventory dropped 14.1% year-over-year, with 46 metro areas seeing fewer homes for sale. Year-over-year, inventory has declined every month since November 2008.

“We’re not seeing any relief from the nationwide housing shortage as we enter the typically slower fall and winter selling seasons,” said Adam Contos, RE/MAX Co-CEO. “Plain and simple, we need more homes, particularly at the entry-level price point. Until then, it will most likely continue to be a seller’s market with homes going from listed to sold quickly.”

Real Estate Infographic

Closed Transactions
Of the 54 metro areas surveyed in September 2017, the overall average number of home sales decreased 14.9% compared to August 2017 and decreased 4.2% compared to September 2016. Sixteen of the 54 metro areas experienced an increase in sales year-over-year including, Billings, MT,+18.4%, Burlington, VT, +7.6%, Chicago, IL, 7.4%, Honolulu, HI, +4.6% and Las Vegas, NV +3.8%.

Median Sales Price – Median of 54 metro median prices
In September 2017, the median of all 54 metro Median Sales Prices was $225,000, down 5% from August 2017 but up 2.3% from September 2016. Only five metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Trenton, NJ, -8.5%, Hartford, CT, -5.3%, Billings, MT, -2.2%, and Augusta, ME and Baltimore, MD at 0.0%). Eight metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Seattle, WA, +13.7%, San Francisco, CA, +13.2%, Providence, RI, +13%, Las Vegas, NV, +12.2% and Tampa, FL, +11.4%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in September 2017 was 49, up two days from the average in August 2017, and down seven days from the September 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE, at 23, Seattle, WA, at 25, and San Francisco, CA, at 26. The highest Days on Market averages were in Augusta, ME, at 105 and Burlington, VT, at 94. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in September 2017 was down 3.6% from August 2017, and down 14.1% from September 2016. Based on the rate of home sales in September, the Months Supply of Inventory increased to 3.6 from August 2017 at 3.1, compared to September 2016 at 3.9. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In September 2017, 51 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. The metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market, were Miami, FL, at 11.8, Augusta, ME, at 6.4, and Birmingham, AL, at 6.3. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.2, Seattle, WA, at 1.5, Denver, CO, at 1.6 and San Diego, CA, at 1.8.

Contact
For specific data in this report or to request an interview, please contact newsroom@remax.com.

About the RE/MAX Network:
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. Over 115,000 agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX, when measured by residential transaction sides. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE: RMAX). With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $157 million for Children’s Miracle Network Hospitals® and other charities. For more information about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.

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 54 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.