RE/MAX National Housing Report for March 2023

Expected Spring Surge in Home Sales Arrives

Denver, CO – April 18, 2023 (PRNewswire) March home sales jumped 37.7% over February, signaling the start of the peak spring and summer seasons in the report’s 52 metro areas. While inventory was down 2.8% from February’s total, March inventory was 56.4% higher year over year – due in part to the combination of pending sales and closings being down, leaving homes on the market longer than they were a year ago. The median sales price of $396,000 in March was down 2.0% year over year.

“Compared to last year, there’s a lot to like about this housing market, including lower prices and less competition for available listings. Although it would be good to see more new listings coming onto the market, the current conditions offer potential for home buyers and sellers alike,” says RE/MAX President and CEO Nick Bailey. “For those interested in selling, demand for properties remains high and for buyers entering the market, this spring can be a prime time to make a move.”

RE/MAX agent Keely McNeal of RE/MAX Legends in Buford, Georgia, says buyers are looking beyond interest rates and seeing prices that intrigue them. “We’re seeing an influx of buyers entering the market, ready to take advantage. Consumers on both sides of the transaction should work with a local market expert who understands how pricing can be a key differentiator.”

Other notable metrics:

  • While down year over year, the median sales price ticked up 3.4% from February’s $383,500, which is in line with last year when home prices rose 4.7% (from $387,000 to $405,000) from February to March.
  • Months’ Supply of Inventory in March was 1.4, down from 1.7 months in February but well above the 0.8 of last March.
  • March’s average close-to-list price ratio was 99%, meaning that on average, homes sold for 1% less than the asking price. A year ago, it was 102%.
  • Homes sold in March were on the market for an average of 40 days – six days less than February but two weeks longer than a year ago.

Highlights and local market metrics for March include:

Closed Transactions 
Of the 52 metro areas surveyed in March 2023, the overall number of home sales is up 37.7% compared to February 2023, and down 21.8% compared to March 2022. The markets with the biggest decrease in year-over-year sales percentage were San Francisco, CA at -37.8%, Portland, OR at -36.0%, and Los Angeles, CA at -31.5%. No metro area had a year-over-year sales percentage increase in March.

Closed Transactions:
5 Markets with the Biggest YoY Decrease
MarketMar 2023
Transactions
Mar 2022
Transactions
Year-over-Year
% Change
San Francisco, CA2,5674,125-37.8 %
Portland, OR2,2843,570-36.0 %
Los Angeles, CA6,1629,002-31.5 %
Seattle, WA3,9975,808-31.2 %
Las Vegas, NV3,0094,318-30.3 %

Median Sales Price – Median of 52 metro area prices
In March 2023, the median of all 52 metro area sales prices was $396,000, up 3.4% compared to February 2023, and down 2.0% from March 2022. The markets with the biggest year-over-year decrease in median sales price were Dallas, TX at -14.1%, Seattle, WA at -11.4%, and San Francisco, CA at -11.3%. Two metro areas increased year-over-year by double-digit percentages, Omaha, NE at +11.3% and Wichita, KS at +10.0%.

Median Sales Price:
5 Markets with the Biggest YoY Decrease
MarketMar 2023
Median Sales Price
Mar 2022
Median Sales Price
Year-over-Year
% Change
Dallas, TX$335,000$390,000-14.1 %
Seattle, WA$650,000$733,500-11.4 %
San Francisco, CA$1,065,000$1,200,000-11.3 %
Phoenix, AZ$420,000$462,745-9.2 %
Coeur d’Alene, ID$500,000$550,000-9.1 %

Close-to-List Price Ratio – Average of 52 metro area prices
In March 2023, the average close-to-list price ratio of all 52 metro areas in the report was 99%, up from 98% in February 2023, and down from 102% in March 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 Dallas, TX at 93%, Miami, FL at 94%, and Coeur d’Alene, ID at 96%. The highest close-to-list price ratios were a three-way tie between Hartford, CT, Manchester, NH, and San Francisco, CA at 102%.

Close-to-List Price Ratio:
5 Markets with the Biggest YoY Decrease
MarketMar 2023
Close-to-List
Price Ratio
Mar 2022
Close-to-List
Price Ratio
Year-over-Year
Difference
Dallas, TX93.1 %104.3 %-11.1 pp
San Francisco, CA102.5 %113.5 %-11.0 pp
Seattle, WA99.6 %110.0 %-10.4 pp
Denver, CO99.6 %105.7 %-6.1 pp
Raleigh, NC98.9 %104.9 %-6.0 pp

Days on Market – Average of 52 metro areas
The average days on market for homes sold in March 2023 was 40, down six days from the average in February 2023 and up 14 days from the average in March 2022. The metro areas with the lowest days on market were Baltimore, MD and Washington, DC, tied at 16. The highest days on market averages were in Fayetteville, AR at 85, San Antonio, TX at 64, and Phoenix, AZ at 58. 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
MarketMar 2023
Days on Market
Mar 2022
Days on Market
Year-over-Year
% Change
Tampa, FL5214+279.4 %
Salt Lake City, UT4913+270.5 %
Orlando, FL5016+211.8 %
Denver, CO259+187.9 %
Las Vegas, NV5220+155.0 %

Months’ Supply of Inventory – Average of 52 metro areas
The number of homes for sale in March 2023 was down 2.8% from February 2023 and up 56.4% from March 2022. Based on the rate of home sales in March 2023, the months’ supply of inventory was 1.4, down from 1.7 compared to February 2023, and increased compared to 0.8 in March 2022. In March 2023, the markets with the lowest months’ supply of inventory were Seattle, WA at 0.5, followed by a tie between Albuquerque, NM and Charlotte, NC at 0.6. The markets with the highest months’ supply of inventory were a tie between Boston, MA and Bozeman, MT at 2.8, followed by Coeur d’Alene, ID at 2.6.

Months’ Supply of Inventory:
5 Markets with the Biggest YoY Increase
MarketMar 2023
Months’ Supply
of Inventory
Mar 2022
Months’ Supply
of Inventory
Year-over-Year
% Change
Raleigh, NC1.30.3+406.1 %
Coeur d’Alene, ID2.60.6+318.1 %
Boston, MA2.80.7+293.4 %
Tampa, FL1.50.5+214.2 %
Salt Lake City, UT1.30.4+206.9 %

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 52 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

Gender Gap Widens: Growth Trend Reverses For Young Single Women Homeowners

Women have returned to the workforce in near pre-pandemic numbers, but homeownership remains elusive for those who are single

  • The homeownership rate for young single women declined in 2022 for the first time in six years, after peaking in 2021.
  • The top three metros with the highest share of listings affordable for single women are Pittsburgh, St. Louis and Detroit.
  • Women face the largest gender-based housing affordability disparities in Cincinnati, Kansas City and Oklahoma City.

SEATTLE, March 24, 2023 (PRNewswire) Single men have long been more likely than single women to own a home, but that gap narrowed sharply in recent years, nearly closing in 2021. However, a new Zillow® analysis shows that it widened again last year, shining light on the homebuying challenges single women face, including lower salaries and a more volatile workforce experience.

In 2016, 19.4% of young single women owned a home, compared with 29.6% of young single men — a gap of 10.1 percentage points. The gap shrunk throughout the next five years as more and more women entered the workforce — leading to record-high numbers in 2020 — and women’s incomes began to rise. By 2021, that gap was a mere 1.8 percentage points.

But that progress was wiped out in 2022. The first year of the pandemic saw an outsize share of women leave their jobs to take on caregiving responsibilities, as child-care and eldercare options were in flux. Women also continue to earn significantly less than men on average, receiving approximately 82 cents to every dollar earned by men. As a result, young single women have fewer options when it comes to affordable home listings than young single men.

Labor force participation rate for workers age 16 to 64
Young single women’s homeownership takes a hit in 2022

“Single women had made great strides in narrowing the homeownership gap, but the pandemic reminded us that progress is not always linear,” said Skylar Olsen, chief economist at Zillow. “Despite women showing remarkable resilience in returning to the workforce, single women’s homeownership rate took a heavy hit in 2022. With rising and volatile mortgage rates furthering affordability challenges, the road to affordable homeownership remains an uphill battle, and it may take creative solutions or even doubling up in a home to achieve that dream.”

After growing to 28.6% by 2021, the homeownership rate for single women dropped to 24.5% last year, wiping out almost half the gains made since 2016, when single women’s homeownership was at an all-time low of 19.4%. At the same time, the homeownership rate for single men increased 2.7 percentage points in 2022 to 33.1%.

Single women looking to buy a home in Pittsburgh, St. Louis or Detroit — which are among the nation’s 50 largest metro areas — will find the highest share of affordable listings. Single women in Atlanta, Baltimore, Washington, D.C., and Raleigh are most able to compete with single men in the for-sale market; single women in those metros, on average, can afford at least 2% of all active listings and at least 90% of the listings single men can afford. On the other hand, Cincinnati, Kansas City, Oklahoma City, Minneapolis, Jacksonville and New Orleans see the largest gender-based disparity in housing affordability, with single women able to afford fewer than 70% of the homes that single men can afford.

As the market changes, Zillow has gathered tools for first-time buyers to make the leap into homeownership on one easy-to-navigate web page. Here are five quick tips for aspiring buyers: 

  • Affordability: Use Zillow mortgage calculators and affordability tools to understand what you can afford, including hidden costs of homeownership, such as property taxes, insurance and HOA fees.
  • Financing: Get pre-approved for a mortgage to gain a competitive edge, as most sellers prefer buyers who have been pre-approved rather than pre-qualified.
  • Hire the right agent: Hire an experienced agent who knows the local market and can help make strategic decisions, and use Agent Finder on Zillow to find the right one.
  • Shop smarter with tech: Use real estate technology like Zillow’s multi-location search filterHomes to Compare, virtual 3D Home tours and interactive floor plans to shop more confidently and make faster decisions.
  • Contingencies: Include important contingencies in offers to potentially save money in the long run, such as an inspection contingency to identify costly repairs and financing or appraisal contingencies to protect earnest money.
MetropolitanAreaTotal Share
Listings Affordable
for Women
Median Salary
for Women
Median List
Price
Share of Listings That Single
Women Can Afford Compared
to Single Men
Pittsburgh, PA32.6 %$25,000$184,65280.20 %
St. Louis, MO31.5 %$22,984$172,83885.13 %
Detroit, MI30.3 %$22,000$187,17982.05 %
Buffalo, NY25.1 %$24,642$219,58087.32 %
Cleveland, OH24.4 %$22,000$185,70471.81 %
Memphis, TN21.0 %$25,000$274,24789.13 %
Baltimore, MD20.8 %$30,000$298,20991.89 %
Birmingham, AL16.5 %$21,000$272,06889.13 %
Milwaukee, WI14.3 %$24,000$262,12471.84 %
Philadelphia, PA13.8 %$28,000$286,52683.92 %
Cincinnati, OH12.7 %$21,000$271,93067.56 %
Kansas City, MO12.6 %$24,000$292,36458.40 %
Louisville, KY10.8 %$21,156$277,53978.45 %
Indianapolis, IN10.6 %$25,000$278,18375.76 %
Chicago, IL10.2 %$26,000$323,13470.94 %
Columbus, OH9.0 %$25,000$332,03978.87 %
United States8.9 %$22,000$394,62584.51 %
Atlanta, GA7.3 %$25,000$361,55395.83 %
Hartford, CT6.9 %$25,000$346,72989.19 %
Charlotte, NC6.0 %$19,600$362,83083.05 %
Oklahoma City, OK6.0 %$25,000$348,20867.25 %
Richmond, VA5.8 %$21,000$339,78388.46 %
Minneapolis, MN5.5 %$27,336$357,56462.10 %
Washington, DC4.8 %$36,187$568,404100 %
Virginia Beach, VA3.3 %$25,500$331,45778.22 %
Houston, TX3.0 %$26,000$355,17480.21 %
Jacksonville, FL2.9 %$26,243$376,32263.35 %
San Antonio, TX2.8 %$23,000$344,11292.44 %
Raleigh, NC2.7 %$30,000$432,565100 %
Portland, OR2.7 %$25,409$581,54386.25 %
New Orleans, LA2.3 %$25,000$317,09756.10 %
New York, NY2.1 %$33,700$669,53873.48 %
Dallas, TX1.8 %$27,000$413,04286.34 %
Tampa, FL1.7 %$25,000$404,93690 %
Miami, FL1.6 %$23,800$580,50984.26 %
Providence, RI1.5 %$25,000$532,96668.18 %
Riverside, CA1.4 %$21,000$554,86280.83 %
Orlando, FL1.1 %$24,000$430,50675.68 %
Denver, CO0.8 %$30,000$652,98472.73 %
Nashville, TN0.6 %$36,000$496,90183.33 %
Boston, MA0.6 %$24,800$861,67281.82 %
Phoenix, AZ0.4 %$28,000$489,73480.30 %
Salt Lake City, UT0.3 %$38,000$593,708100 %
Austin, TX0.3 %$26,805$536,62562.50 %
San Francisco, CA0.3 %$28,044$991,69953.33 %
Los Angeles, CA0.2 %$30,000$960,13494.44 %
San Diego, CA0.2 %$25,000$955,77675.00 %
Las Vegas, NV0.2 %$29,000$448,55062.50 %
Seattle, WA0.2 %$25,000$752,94754.55 %
Sacramento, CA0.1 %$26,000$639,262100 %

Sources and Methodology
Labor force participation rates for working age adults (ages 16–64 years) are produced by the Bureau of Labor Statistics and pulled from the FRED API. Annual homeownership rates of households headed by 25- to 35-year-olds (annually from 1980 to 2022) and broken out by employment, marital status and living arrangement were estimated by Zillow Economic Research using individual records from the Current Population Survey provided by IPUMS CPS, at the University of Minnesota, www.ipums.org. Information regarding gender pay equity was obtained from the Pew Research Center, www.pewresearch.org.

The number and share of active listings on Zillow that are affordable for single women and single men (limited here to employed singles between ages 18 and 44) were estimated using all listings ever active on Zillow during February 2023 and median individual incomes by gender, estimated by Zillow Research using individual responses to the American Community Survey, also provided by IPUMS at the University of Minnesota. A home is considered “affordable,” in this case, if the estimated mortgage payment on the listing takes up no more than 30% of income. We set the mortgage rate for this analysis at the average weekly mortgage rate, reported by Freddie Mac, for February.

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.

Zillow Group’s affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

SOURCE Zillow Group, Inc.

RE/MAX National Housing Report for February 2023

Home Sales Show Strong Increase and Slight Rise in Median Sales Price Over January

Denver, CO – March 17, 2023 (PRNewswire) Despite being down 24.4% year over year, February home sales increased 16.8% from January. That was the largest month-over-month increase in 11 months and ended a five-month streak of sales declines that began in September.

The median sales price of $385,000 increased 0.6% over January, ending a seven-month streak of price declines since the peak of $426,000 in June 2022. Although home prices increased slightly month-over-month, February marked the first year-over-year drop in prices since January 2012 – as the median was 1.3% lower than a year ago ($390,000).

Inventory increased year over year for the 10th consecutive month, and the number of homes for sale in the report’s 50 metro areas was 55.0% higher than a year ago.

“Prices have steadied and demand is strong, but the lack of available, affordable homes remains a challenge,” said Nick Bailey, RE/MAX President and CEO. “Mortgage rates are top of mind for many buyers, and as they move up or down, sales activity should generally follow suit. That’s a big factor to watch as we move into the spring.”

Laurie Thiel, Broker/Owner of RE/MAX Equity Group in Beaverton, OR is already seeing an uptick in demand and activity in her area. “As the market has stabilized, our agents are experiencing increased activity with homebuyers and sellers. Even though the time to sell a home has increased, inventory in the Portland metropolitan market remains limited.”

Other notable metrics:

  • Months’ Supply of Inventory in February was 1.7, down from 2.0 months in January but well above last February’s 1.0.
  • February’s average close-to-list price ratio was 98%, meaning that on average, homes sold for 2% less than the asking price. In January, the ratio was 97%.
  • Homes sold in February were on the market for an average of 45 days – three days less than January but two weeks longer than a year ago.

Highlights and local market metrics for February include:

Closed Transactions 
Of the 50 metro areas surveyed in February 2023, the overall number of home sales is up 16.8% compared to January 2023 and down 24.4% compared to February 2022. The markets with the biggest decrease in year-over-year sales percentage were Anchorage, AK at -42.1%, Miami, FL at   -37.2%, and New York, NY at -35.5%. No metro area had a year-over-year sales percentage increase in February.

Closed Transactions:
5 Markets with the Biggest YoY Decrease
MarketFeb 2023
Transactions
Feb 2022
Transactions
Year-over-
Year %
Change
Anchorage, AK228394-42.1 %
Miami, FL5,1208,148-37.2 %
New York, NY6,2479,684-35.5 %
Las Vegas, NV2,1823,327-34.4 %
San Diego, CA1,6282,439-33.3 %

Median Sales Price – Median of 50 metro area prices
In February 2023, the median of all 50 metro area sales prices was $385,000, up 0.6% compared to January 2023, and down 1.3% from February 2022. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -13.8%, San Francisco, CA at -12.7%, and Phoenix, AZ at -7.8%. Four metro areas increased year-over-year by double-digit percentages: Burlington, VT at +16.4%, Wichita, KS at +12.5%, Milwaukee, WI at +12.3%, and Hartford, CT at +11.3%.

Median Sales Price:
5 Markets with the Biggest YoY Decrease
MarketFeb 2023
Median Sales
Price
Feb 2022
Median Sales
Price
Year-over-
Year %
Change
Bozeman, MT$632,500$734,000-13.8 %
San Francisco, CA$960,000$1,100,000-12.7 %
Phoenix, AZ$415,000$450,000-7.8 %
Birmingham, AL$255,000$274,950-7.3 %
Trenton, NJ$316,000$340,000-7.1 %

Close-to-List Price Ratio – Average of 50 metro area prices
In February 2023, the average close-to-list price ratio of all 50 metro areas in the report was 98%, up compared to 97% in January 2023, and down from 101% compared to February 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 94% and New Orleans, LA at 96%. The highest close-to-list price ratios were in Hartford, CT and Richmond, VA, tied at 101%.

Close-to-List Price Ratio:
5 Markets with the Biggest YoY Decrease
MarketFeb 2023
Close-to-List
Price Ratio
Feb 2022
Close-to-List
Price Ratio
Year-over-
Year
Difference
San Francisco, CA100.2 %111.9 %-11.6 pp
Seattle, WA99.0 %108.3 %-9.3 pp
Dallas, TX96.5 %102.6 %-6.1 pp
Denver, CO98.7 %104.4 %-5.7 pp
Los Angeles, CA97.2 %102.5 %-5.3 pp

Days on Market – Average of 50 metro areas
The average days on market for homes sold in February 2023 was 45, down three days from the average in January 2023, and up 14 days from the average in February 2022. The metro areas with the lowest days on market were Baltimore, MD at 17, Manchester, NH at 19, and Washington, DC at 20. The highest days on market averages were in Bozeman, MT at 79, Fayetteville, AR at 78, followed by a tie at 64 between San Antonio, TX and Seattle, WA. 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
MarketFeb 2023
Days on
Market
Feb 2022
Days on
Market
Year-over-
Year %
Change
Salt Lake City, UT5615+282.2 %
Denver, CO3411+218.0 %
Bozeman, MT7929+168.2 %
Las Vegas, NV5521+158.3 %
Portland, OR5120+147.8 %

Months’ Supply of Inventory – Average of 50 metro areas
The number of homes for sale in February 2023 was down 7.5% from January 2023 and up 55.0% from February 2022. Based on the rate of home sales in February 2023, the months’ supply of inventory was 1.7, down from 2.0 compared to January 2023, and up compared to 1.0 in February 2022. In February 2023, the markets with the lowest months’ supply of inventory were Albuquerque, NM and Seattle, WA, tied at 0.7, followed by a three-way tie between Charlotte, NC, Hartford, CT, and Washington, DC at 0.8. The markets with the highest months’ supply of inventory were Bozeman, MT at 3.3, San Antonio, TX at 3.1, and New Orleans, LA at 3.0.

Months’ Supply of Inventory:
5 Markets with the Biggest YoY Increase
MarketFeb 2023
Months’
Supply of
Inventory
Feb 2022
Months’
Supply of
Inventory
Year-over-
Year %
Change
Raleigh, NC1.60.3+367.3 %
Dallas, TX2.90.6+343.4 %
Salt Lake City, UT1.70.5+264.0 %
San Antonio, TX3.10.9+234.3 %
Coeur d’Alene, ID2.30.7+232.6 %

# # #

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 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.

SOURCE RE/MAX, LLC