Speed of January Sales Felt More Like Spring Selling Season

February 2018 RE/MAX National Housing Report on MLS Data from 53 Metro Areas

Denver, CO – Feb. 16, 2018 (PRNewswire) The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin. Despite home sales being down 2.8% year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere 60 days last month, marking the fewest Days on Market of any January in the nine-year history of the report. To access the housing report infographic, visit: https://rem.ax/2GdTVcL.

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Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter.

“We recently saw the groundhog predict six more weeks of winter, but January housing numbers are telling a different story,” said RE/MAX CEO Adam Contos. “It looks like the spring selling season may have arrived early because home buyers are not slowing down. The speed of this market is on pace with what we saw in the prime of the 2017 selling season.”

The Median Sales Price of $224,000 also set a January record — up 6.7% year-over-year. Out of 53 markets, 51 posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.

Closed Transactions

Of the 53 metro areas surveyed in January 2018, the overall average number of home sales decreased 27.4% compared to December 2017 and decreased 2.8% compared to January 2017. Twenty of the 53 metro areas experienced an increase in sales year-over-year including, Milwaukee, WI, +13.6%, Albuquerque, NM, +12.8%, Kansas City, MO, +12.5%, and Boise, ID, +12%.

Median Sales Price – Median of 53 metro median prices

In January 2018, the median of all 53 metro Median Sales Prices was $224,000, down 4.7% from December 2017 but up 6.7% from January 2017. Billings, MT, was the only metro area to see a year-over-year decrease in Median Sales Price at -6.4%. Eleven metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, ID, +18.7%, Las Vegas, NV, +16.2%, San Francisco, CA, +14% and Orlando, FL, +13.8%.

Days on Market – Average of 53 metro areas

The average Days on Market for homes sold in January 2018 was 60, up three days from the average in December 2017, and down six days from the January 2017 average. The metro areas with the lowest Days on Market were San Francisco, CA, at 31, Omaha, NE, at 34 and Nashville, TN at 36. The highest Days on Market averages were in Augusta, ME, at 109, Chicago, IL, at 96 and Hartford, CT, at 93. 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 53 metro areas

The number of homes for sale in January 2018 was down 4.8% from December 2017, and down 14.8% from January 2017. Based on the rate of home sales in December, the Months Supply of Inventory decreased to 3.4 from December 2017 at 3.7, as well as decreased compared to January 2017 at 3.8. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In January 2018, 49 of the 53 metro areas surveyed reported a months supply at or 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 Birmingham, AL, at 8.2, Augusta, ME, at 7.5, Miami, FL, at 7.1 and New Orleans, LA, at 6.8. The markets with the lowest Months Supply of Inventory continued to be in the west with Denver, CO, San Francisco, CA and Seattle, WA at 1.1.

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 53 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.

Florida Housing Market – Sales, Median Prices Rise in October

Orlando, FL – November 21, 2017 (PRNewswire) The impact of Hurricane Irma on Florida’s housing market resolved by the end of October, according to the latest housing data released by Florida Realtors®. Sales, median prices, new listings and new pending sales rose even as the inventory of for-sale properties remained constrained in many areas. Sales of single-family homes statewide totaled 20,543 last month, up 2 percent compared to October 2016.

Florida Realtors Logo

“Home purchases stalled by Hurricane Irma striking Florida in September resumed – and many of those sales closed in October,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Areas hit hardest by the hurricane will still take time to recover, but in other parts of the state, real estate activity has returned. Sellers were ready to put their homes on the market in October, with new listings for single-family existing homes up 9.8 percent year-over-year; new listings for existing condo-townhouse properties rose 14.6 percent.

“Wherever you are, there is a local Realtor who can help you understand local market conditions and prepare for a successful home sale or home purchase.”

The statewide median sales price for single-family existing homes last month was $235,558, up 7.1 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties in October was $170,000, up 5.2 percent over the year-ago figure. October was the 70th month-in-a-row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2017 was $246,800, up 5.6 percent from the previous year; the national median existing condo price was $231,300. In California, the statewide median sales price for single-family existing homes in September was $555,410; in Massachusetts, it was $380,000; in Maryland, it was $277,746; and in New York, it was $257,500.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 8,116 last month, up 2.2 percent compared to October 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for condo-townhouse properties declined 22.5 percent and foreclosures fell 42.8 percent year-to-year; short sales for single-family homes dropped 36.7 percent and foreclosures fell 42.3 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Last month, we talked about how it’s not uncommon for Florida to see a quick rebound in sales of existing homes the month after a hurricane,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “And, according to the latest data, that’s exactly what happened in the Sunshine State in October. Both single-family home and condo-townhouse sales rose, boosted in part by closings that otherwise would have been completed in September if not for delays brought about by Hurricane Irma.

“Because of the length of the home-selling process, we’ll likely see some reverberations of Irma’s impact statewide for a couple more months, but October’s statistics are very encouraging.”

October’s for-sale inventory remained tight with a 3.8-months’ supply for single-family homes and a 5.6-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.90 percent in October 2017; it averaged 3.47 percent during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the October 2017 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 170,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Florida Housing Market – Hurricane Irma Impacts Sales, Data in September 2017

Orlando, FL – Oct. 20, 2017 (PRNewswire) Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September, according to the latest housing data released by Florida Realtors®. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas. Sales of single-family homes statewide totaled 18,030 last month, down 20.4 percent compared to September 2016.

Florida Realtors Logo

“The impact from Hurricane Irma was wide-ranging across Florida, though the devastation and damage was certainly greater in some areas, such as the Keys and in Naples,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “But there were other consequences from Irma that disrupted the state’s economy and housing market as people took needed time for hurricane preparations and one of the largest evacuations in Florida’s history. Once Irma passed over the state, it took days or even longer to restore power to many areas, residents had to return from evacuations, and there was still debris cleanup, insurance claims and other issues to handle in the hurricane’s aftermath.

“It’s not surprising that Hurricane Irma had a negative impact on existing home and condominium sales across most local markets in September – but that’s a normal occurrence after a hurricane. To understand their housing market conditions, especially in times like this, consumers should work with a local Realtor, who can guide them through the complicated process of buying or selling a home.”

The statewide median sales price for single-family existing homes last month was $239,900, up 7.6 percent from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in September was $173,000, up 8.1 percent over the year-ago figure. September was the 70th month-in-a-row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in August 2017 was $255,500, up 5.6 percent from the previous year; the national median existing condo price was $237,600. In California, the statewide median sales price for single-family existing homes in August was $565,330; in Massachusetts, it was $398,125; in Maryland, it was $287,816; and in New York, it was $270,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,404 last month, down 15.9 percent compared to September 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for townhouse-condo properties declined 57 percent and foreclosures fell 62.3 percent year-to-year; short sales for single-family homes dropped 60.8 percent and foreclosures fell 60 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Perhaps the most important thing to understand about this month’s sales numbers is that these declines in real estate activity are not in any way indicative of a decline in the demand for housing going forward, or any other structural change in Florida’s housing market dynamics, for that matter,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “This is the result of a temporary economic decline brought about by Irma before and after it passed through. We should expect to see similar temporary drops in restaurant and retail sales, job hiring and other economic indicators at the local level.”

O’Connor noted that, looking at housing and other data following the 2004 hurricanes in Florida, there is “strong evidence that Florida real estate always has willing buyers as long as the lights are on and infrastructure is back in place. In parts of the state that are already back to business as usual after Irma, we likely will see a similar rebound in the October numbers.”

Inventory remained constrained in September with a 3.8-months’ supply for single-family homes and a 5.5-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.81 percent in September 2017; it averaged 3.46 percent during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the September 2017 data report PDFs under Market Data at: http://media.floridarealtors.org/market-data

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 170,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Existing-Home Sales Subside 1.7 Percent in August

Washington, D.C. – September 20, 2017 (nar.realtor) Existing-home sales stumbled in August for the fourth time in five months as strained supply levels continue to subdue overall activity, according to the National Association of Realtors®. Sales gains in the Northeast and Midwest were outpaced by declines in the South and West.

NAR logo

Total existing-home sales(1), which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, retreated 1.7 percent to a seasonally adjusted annual rate of 5.35 million in August from 5.44 million in July. Last month’s sales pace is 0.2 percent above last August, and is the lowest since then.

Lawrence Yun, NAR chief economist, says the slump in existing sales stretched into August despite what remains a solid level of demand for buying a home. “Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” he said. “What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale.”

Added Yun, “Some of the South region’s decline in closings can be attributed to the devastation Hurricane Harvey caused to the greater Houston area. Sales will be impacted the rest of the year in Houston, as well as in the most severely affected areas in Florida from Hurricane Irma. However, nearly all of the lost activity will likely show up in 2018.”

The median existing-home price(2) for all housing types in August was $253,500, up 5.6 percent from August 2016 ($240,000). August’s price increase marks the 66th straight month of year-over-year gains.

Total housing inventory(3) at the end of August declined 2.1 percent to 1.88 million existing homes available for sale, and is now 6.5 percent lower than a year ago (2.01 million) and has fallen year-over-year for 27 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.5 months a year ago.

Properties typically stayed on the market for 30 days in August, which is unchanged from July and down from 36 days a year ago. Fifty-one percent of homes sold in August were on the market for less than a month.

Inventory data from realtor.com® reveals that the metropolitan statistical areas where listings stayed on the market the shortest amount of time in August were San Jose-Sunnyvale-Santa Clara, Calif., 29 days; Seattle-Tacoma-Bellevue, Wash., 30 days; Vallejo-Fairfield, Calif., 31 days; and San Francisco-Oakland-Hayward, Calif., and Salt Lake City, Utah, both at 32 days.

Real Estate Infographic

“Market conditions continue to be stressful and challenging for both prospective first-time buyers and homeowners looking to trade up,” said Yun. “The ongoing rise in home prices is straining the budgets of some of these would-be buyers, and what is available for sale is moving off the market quickly because supply remains minimal in the lower- and mid-price ranges.”

First-time buyers were 31 percent of sales in August, which is down from 33 percent in July and is the lowest share since last August (also 31 percent). NAR’s 2016 Profile of Home Buyers and Sellers – released in late 2016(4) – revealed that the annual share of first-time buyers was 35 percent.

According to Freddie Mac, the average commitment rate (link is external) for a 30-year, conventional, fixed-rate mortgage fell to 3.88 percent in August from 3.97 percent in July and is the lowest since November 2016 (3.77 percent). The average commitment rate for all of 2016 was 3.65 percent.

All-cash sales were 20 percent of transactions in August, up from 19 percent in July but down from 22 percent a year ago. Individual investors, who account for many cash sales, purchased 15 percent of homes in August, up from 13 percent in July and 12 percent a year ago.

Distressed sales(6) – foreclosures and short sales – were 4 percent of sales in August, down from 5 percent both in July and a year ago. Three percent of August sales were foreclosures and 1 percent were short sales.

According to President William E. Brown, a Realtor® from Alamo, California, the housing market continues to recover from the depths of the financial crisis. However, the significant household wealth many homeowners have accumulated in recent years through rising home values could be at risk if any of the proposed tax provisions follow through with attempts to marginalize the mortgage interest deduction and eliminate state and local tax deductions.

“Consumers are smart and know that any attempt to cap or limit the deductibility of mortgage interest is essentially a tax on homeownership and the middle class,” said Brown. A study commissioned by NAR (link is external) found that under some tax reform proposals, many homeowners with adjusted gross incomes between $50,000 and $200,000 would see an average tax increase of $815, along with home values shrinking by an average of more than 10 percent. An even steeper decline would be seen in areas with higher property and state income taxes. Congress must keep homeowners in mind as it looks towards tax reform this year.”

Single-family and Condo/Co-op Sales
Single-family home sales decreased 2.1 percent to a seasonally adjusted annual rate of 4.74 million in August from 4.84 million in July, but are still 0.4 percent above the 4.72 million pace a year ago. The median existing single-family home price was $255,500 in August, up 5.6 percent from August 2016.

Existing condominium and co-op sales climbed 1.7 percent to a seasonally adjusted annual rate of 610,000 units in August, but are still 1.6 percent below a year ago. The median existing condo price was $237,600 in August, which is 5.4 percent above a year ago.

August existing-home sales in the Northeast jumped 10.8 percent to an annual rate of 720,000, and are now 1.4 percent above a year ago. The median price in the Northeast was $289,500, which is 5.6 percent above August 2016.

In the Midwest, existing-home sales rose 2.4 percent to an annual rate of 1.28 million in August, and are now 0.8 percent above a year ago. The median price in the Midwest was $200,500, up 5.0 percent from a year ago.

Existing-home sales in the South decreased 5.7 percent to an annual rate of 2.15 million in August, and are now 0.9 percent lower than a year ago. The median price in the South was $220,400, up 5.4 percent from a year ago.

Existing-home sales in the West fell 4.8 percent to an annual rate of 1.20 million in August, but are still 0.8 percent above a year ago. The median price in the West was $374,700, up 7.7 percent from August 2016.

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

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NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1. Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample – about 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2. The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3. Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

4. Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5. According to NAR’s Realtors® Confidence Index, an average of 62 percent of buyers who financed their purchase with a mortgage made a down payment of 6 percent or less.

6. Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at Realtor.org.

NOTE: NAR’s Pending Home Sales Index for August is scheduled for release on September 27, and Existing-Home Sales for September will be released October 20; release times are 10:00 a.m. ET.

Media Contact:

Adam DeSanctis
(202) 383-1178
Email

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