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RE/MAX National Housing Report for January 2023

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Home Prices Almost Back Where They Were a Year Ago as New Listings Surge

Denver, CO – Feb. 17, 2023 (PRNewswire) January’s Median Sale Price of $385,000 was down 1.0% from December, marking the seventh consecutive month of price declines. Year over year, the January 2023 figure was just 1.3% higher than this same time last year – an indication home prices are moderating.

At the same time, the number of homes for sale was 59.4% higher than a year ago in the report’s 51 metro areas, fed by a month-over-month increase in new listings of 39.8%. This month’s gain in new listings was higher than any month last year, with the biggest month-over-month increase in 2022 occurring in March with a gain of 27.7%.

Even with the surge in new listings, home sales declined 26.7% from December and 35.2% year- over-year.

“Home price appreciation seems to have stabilized, and along with additional inventory and longer average days on market, that’s good news for buyers,” said Nick Bailey, RE/MAX President and CEO. “Buyers have more choices, and more time to identify the right house and work with their agent to negotiate with the seller. All of these are positive signs, putting both buyers and sellers in a more balanced position.”

RE/MAX agents across the U.S. are seeing signs of rebalancing in the U.S. housing market.

Carissa Sargent of RE/MAX of Cherry Creek in Denver, CO noted, “The housing market is bouncing back, and we are seeing some multiple offer scenarios again – but with better balance for buyers than we’ve seen over the past few years.” And on the East Coast, Jeffrey Decatur of RE/MAX Capital in Albany, NY noted he’s seeing some similar patterns. “Even though interest rates are up in comparison to the past few years, buyers have been out in full force in 2023. Home prices have increased in our area over the past year despite the rates, and buyers have come to terms with it. They’re jumping in with both feet to realize the benefits of homeownership.”

Reflecting price declines, the average Close-to-List Price Ratio in January was 97%, meaning that homes sold, on average, for 3% less than the asking price. There has been a gradual decline in this metric since May 2022, when sellers were getting 3% over asking price on average. Homes sold in January were on the market 48 days – one day longer than in December and 12 days longer than one year ago.

Highlights and local market metrics for January include:

New Listings 
Of the 51 metro areas surveyed in January 2023, the number of newly listed homes is up 39.8% compared to December 2022, and down 5.1% compared to January 2022. The markets with the biggest decrease in year-over-year new listings percentage were San Francisco, CA at -28.0%, Indianapolis, IN at -25.0%, and San Diego, CA at -23.9%. Leading the year-over-year new listings percentage increase were Dover, DE at +45.9%, Nashville, TN at +45.2%, and Philadelphia, PA at +45.0%.

New Listings:
5 Markets with the Biggest YoY Increase
MarketJan 2023
New Listings		Jan 2022
New Listings		Year-over-Year
% Change
Dover, DE318218+45.9 %
Nashville, TN4,1412,851+45.2 %
Philadelphia, PA8,1595,628+45.0 %
Washington, DC8,5545,997+42.6 %
Trenton, NJ424308+37.7 %

Closed Transactions 
Of the 51 metro areas surveyed in January 2023, the overall number of home sales is down 26.7% compared to December 2022, and down 35.2% compared to January 2022. The markets with the biggest decrease in year-over-year sales percentage were Honolulu, HI at -49.4%, Las Vegas, NV at -48.4%, and Anchorage, AK at  -47.4%. No metro area had a year-over-year sales percentage increase in January.

Closed Transactions:
5 Markets with the Biggest YoY Decrease
MarketJan 2023
Transactions		Jan 2022
Transactions		Year-over-Year
% Change
Honolulu, HI439868-49.4 %
Las Vegas, NV1,7403,375-48.4 %
Anchorage, AK220418-47.4 %
Miami, FL4,2897,691-44.2 %
Portland, OR1,4182,485-42.9 %

Median Sales Price – Median of 51 metro area prices
In January 2023, the median of all 51 metro area sales prices was $385,000, down 1.0% compared to December 2022, and up 1.3% from January 2022. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -6.6%, Honolulu, HI at -6.3%, and San Francisco, CA at -5.6%. Two metro areas increased year-over-year by double-digit percentages, Milwaukee, WI at +13.7% and Indianapolis, IN at +11.3%.

Median Sales Price:
5 Markets with the Biggest YoY Increase
MarketJan 2023
Median Sales Price		Jan 2022
Median Sales Price		Year-over-Year
% Change
Milwaukee, WI$278,600$245,000+13.7 %
Indianapolis, IN$275,000$247,000+11.3 %
Fayetteville, AR$323,005$295,000+9.5 %
Miami, FL$429,000$392,500+9.3 %
Anchorage, AK$359,900$332,000+8.4 %

Close-to-List Price Ratio – Average of 51 metro area prices
In January 2023, the average close-to-list price ratio of all 51 metro areas in the report was 97%, down from 98% in December 2022, and down from 100% in January 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 metro areas with the lowest close-to-list price ratio were Miami, FL at 93%, Bozeman, MT at 95%, followed by a tie between Las Vegas, NV and New Orleans, LA at 96%. The highest close-to-list price ratios were in Burlington, VT and Hartford, CT tied at 101%.

Close-to-List Price Ratio:
5 Markets with the Biggest YoY Decrease
MarketJan 2023
Close-to-List Price
Ratio		Jan 2022
Close-to-List Price
Ratio		Year-over-Year
Difference
San Francisco, CA98.2 %107.3 %-9.0 pp
Seattle, WA97.5 %104.4 %-6.9 pp
Raleigh, NC97.9 %102.6 %-4.7 pp
Dallas, TX97.0 %101.1 %-4.1 pp
Denver, CO97.7 %101.6 %-4.0 pp



Days on Market – Average of 51 metro areas
The average days on market for homes sold in January 2023 was 48, up one day from the average in December 2022, and up 12 days from the average in January 2022. The metro areas with the lowest days on market were Baltimore, MD at 17, followed by a three-way tie between Dover, DE, Philadelphia, PA, and Washington, DC at 20. The highest days on market averages were in Des Moines, IA at 75, Seattle, WA at 70, and Bozeman, MT at 69. 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
MarketJan 2023
Days on Market		Jan 2022
Days on Market		Year-over-Year
% Change
Salt Lake City, UT6321+197.2 %
Denver, CO4617+165.4 %
Las Vegas, NV5727+111.4 %
Portland, OR5627+107.2 %
Bozeman, MT6934+104.3 %

Months’ Supply of Inventory – Average of 51 metro areas
The number of homes for sale in January 2023 was down 6.7% from December 2022 and up 59.4% from January 2022. Based on the rate of home sales in January 2023, the months’ supply of inventory was 2.0, down from 2.5 compared to December 2022, and increased compared to 1.1 in January 2022. In January 2023, the markets with the lowest months’ supply of inventory were a three-way tie between Albuquerque, NM, Manchester, NH, and Seattle, WA at 0.9. The markets with the highest months’ supply of inventory were Bozeman, MT at 3.7, and Miami, FL at 3.6, followed by a tie between Houston, TX and San Antonio, TX at 3.2.

Months’ Supply of Inventory:
5 Markets with the Biggest YoY Increase
MarketJan 2023
Months’ Supply
of Inventory		Jan 2022
Months’ Supply
of Inventory		Year-over-Year
% Change
Raleigh, NC2.10.4+439.8 %
Salt Lake City, UT2.00.4+407.1 %
Coeur d’Alene, ID2.70.6+344.8 %
Bozeman, MT3.70.9+309.2 %
Nashville, TN2.00.5+278.9 %

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 news about RE/MAX, please visit news.remax.com.

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 51 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.

SOURCE RE/MAX, LLC

CoreLogic’s Major US Housing Market Trends of 2022

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After more than a decade of overheated growth, 2022’s rapid increase in mortgage rates put the brakes on the U.S. housing market

Irvine, CA – January 05, 2023 (BUSINESS WIRE) CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released the major U.S. housing trends wrap-up for 2022.

Year-over-year home price growth increased for the 130th straight month in November, but gains have slowed significantly since the spring. Still, most homeowners were in positive-equity territory throughout the first three quarters of the year, and mortgage delinquencies and foreclosure rates remain near historic lows.

“The wild ride known as the U.S. housing market slowed dramatically in the fall of 2022, as mortgage rates surged and home prices remained high,” said Molly Boesel, principal economist at CoreLogic. “Home sales started strong in early 2022 but took a nosedive later in the year. On the plus side, generous amounts of home equity will protect many borrowers from experiencing the type of foreclosure activity seen during the Great Recession.”

Here is a high-level overview of major U.S. housing market trends in 2022 using data from CoreLogic’s regular economic reports, which include information dating back several decades, as well as analyses and unique insights from the company’s Office of the Chief Economist.

Home Price Growth Declined Significantly Between Spring and Fall

According to CoreLogic’s monthly Home Price Index data, U.S. year-over-year home price growth reached 20.1% in April 2022, the highest level recorded in more than two decades. However, appreciation has tapered off every month since, falling to 8.6% in November.

Sun Belt states led the nation for annual home price gains for most of the year, notably Florida, which posted the highest gain in the country from February to November. This trend partially reflects Americans migrating from more expensive areas in the West to more affordable areas of the country. However, price growth in Southern states has followed the national trend and slowed in recent months.

The year’s spike in interest rates is the primary factor in moderating home price growth, with Freddie Mac data putting 30-year fixed-rate mortgages at 3.22% in early January compared with a yearly high of 7.08% in mid-November. Despite the slowdown, a shortage of available homes for sale, strong mortgage underwriting standards and an unemployment rate that has returned to pre-pandemic levels are keeping the housing market relatively healthy, making a major downturn unlikely.

Home Equity Growth Remains Strong Despite a Cooling Market

This year’s strong home price growth led to robust home equity gains across the country for nearly two-thirds of American homeowners with a mortgage.

CoreLogic’s quarterly Home Equity Report shows that in the first quarter of 2022, borrowers gained a collective $3.8 trillion in home equity since the first quarter of 2021, a 32.2% increase. During that period, U.S. homeowners with a mortgage gained an average of $64,000.

But since home price growth is the primary driver of equity growth, increases slowed as prices cooled. In the third quarter of 2022, homeowners gained a total of $2.2 trillion in equity than during the same quarter in 2021, an increase of 15.8% and averaging $34,300 per borrower.

Mortgage Performance Is Healthier Than Ever

CoreLogic’s upcoming Dec. 29 Loan Performance Index shows that, despite 2022’s surge in mortgage rates, almost all borrowers were able to meet their monthly payments this year.

For the first 10 months of 2022, the number of homeowners with a mortgage who were at least 30 days late on their payments hovered between 3.4% and 2.7%, with the latest data reporting a 2.8% overall delinquency rate in October. On an annual basis, mortgage delinquencies dropped for the 19th consecutive month in October.

Foreclosure rates remained near record lows throughout most of 2022, bottoming out at 0.2% in February and remaining at 0.3% through October. The fact that 99% of borrowers have lower mortgage rates locked in than current rates helps prevent most homeowners from making late payments or defaulting on them altogether.

Rent Price Growth Trends Follow Home Price Patterns

Like home price gains, U.S. rental prices relaxed in 2022, reaching single digits in October for the first time since June 2021.

CoreLogic’s monthly Single-Family Rent Index shows that year-over-year rent growth slowed to 8.8% in October, down from 13.9% in the spring of 2022. Florida cities led the nation for annual rent increases for much of the year, with Miami and Orlando holding the top two spots, respectively, since January.

Besides monthly and quarterly reports on the state of the U.S. housing market, CoreLogic’s expert economic team regularly weighs in on data and trends that affect all parties involved in the property industry. Check back frequently for the Office of the Chief Economist’s commentary here, and keep up with CoreLogic Intelligence posts for leading property industry data and insights, including information on climate change, natural disaster consequences, construction trends and more.

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Contacts

Robin Wachner
CoreLogic
newsmedia@corelogic.com

How Much Living Space Does $1,500 a Month Get You in the U.S?

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Source: Statista

A RentCafe analysis of Yardi Matrix data has revealed the U.S. city where renters get the most space on average for a monthly outlay of $1,500. Wichita, Kansas offers the most square feet of real estate, at 1,597. The city, with a population around the 400,000 mark, is accompanied in this part of the ranking by places like Oklahoma City (1,431) and El Paso, Texas (1,305).

On the other end of the scale, the New York borough of Manhattan would yield the least space for renters in 2022 – a small but still very livable 262 square feet. If it has to be NYC, Brooklyn may be a slightly better option with 357. The west coast is also in a similar league – San Francisco would offer an average of 345 and Los Angeles 454.

Infographic: How Much Living Space Does $1,500/mth Get You in the U.S? | Statista