RE/MAX National Housing Report for October 2021

NHR 10-21

October Homes Sales See Atypical Drop,
Squeezed by High Median Price,
Record-Low Inventory

Pinched between a steep median sales price of $336,000 and record low inventory, October home sales tumbled 6.4% from September – almost double the typical seasonal decline. September had near-record sales, which also contributed to the steepness of the month-over-month sales decrease.

October’s inventory dropped 12.7% from September to the fifth-lowest level in the report’s 14-year history, and October’s 1.3 Months Supply of Inventory tied for second lowest in report history, alongside July and August of this year.

September-to-October averages for 2015-2019 illustrate what’s typical in the fall. With just two months of home sales remaining, the fall of 2021 is mirroring seasonal norms in many ways, unlike 2020, but the lack of inventory amid strong demand is exacerbating those moves. For example, the drop in home sales of 6.4% from September was nearly twice the 2015-2019 average decline of 3.3%. Year over year, sales were down 10.2%.

Also, reflecting both the number of homes coming on the market and the speed of sales, the 12.7% month-over-month drop in active inventory was more than double the 2015-2019 September-to-October average decline of 5.3%. Inventory was down 28% year-over-year and has declined month over month in all but June and July this year.

One exception is the Median Sales Price, which rose 0.8% from September, in contrast to the average September-to-October drop of 1.3% in 2015-2019. The Median Sales Price is up 11.8% over October 2020. October’s Median Sales Price of $336,000 tied the record set in June 2021. Home prices have now increased year over year for 34 consecutive months.

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RE/MAX National Housing Report for September 2021

NHR 09-21

September Home Sales Down Slightly as Inventory Challenges Persist

With three-quarters of the year complete, 2021 is mirroring seasonal norms, unlike 2020, but maintaining strong momentum. September home sales dropped 7.0% from August’s total and the Median Sales Price slipped 1.1% to $329,000 – both far less than the typical drop-offs as summer gives way to fall.

With abnormally high second-half home sales in 2020 skewing year-over-year comparisons, August-to-September averages for 2015-2019 illustrate what’s typical in late summer-early fall:

• The drop in home sales of 7.0% from August was less than half of the 2015-2019 average decline of 15.3%. Year over year, sales were down 4.2%.
• The month-over-month Median Sales Price decline of 1.1% was one-third of the 2015-2019 average August-to-September drop of 3.4%. Year over year, the Median Sales Price is up 12.5%, with September being the fourth highest in report history. Home prices have increased year over year for 33 consecutive months.
• Reflecting both the number of homes coming on the market and the velocity of sales, the 4.9% month-over-month drop in active inventory was more than double the 2015-2019 average August-to-September decline of 2.3%. Inventory was down 23.6% year-over-year. Nine months into 2021, inventory has declined month over month in all but June and July.

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RE/MAX National Housing Report for August 2021

NHR 08-21

Dips in Home Sales and Prices
Mirror Traditional Late-Summer Moves

August home sales dropped 3.5% from July’s total – and the Median Sale Price slipped 1.2% to $335,000 – as seasonal norms signaled that 2021’s busiest homebuying and selling months are probably behind us. Despite these drops, August still almost broke records for home sales signaling a still-hot market.

August’s low number of Days on Market (24) and meager Months Supply of Inventory (1.3) reversed two months of inventory gains as strong demand amid tight inventory conditions persisted.

With year-over-year comparisons skewed by the pandemic, July-to-August averages for 2015-2019 illustrate what’s typical in late summer:

• The month-over-month decline of 1.2% in August’s Median Sales Price compares with the 2015-2019 average July-to-August drop of 1.0%. Year over year, the Median Sales Price is up 13.2%.
• The 6.2% month-over-month drop in active inventory was nearly double the 2015-2019 average July-to-August decline of 3.3%. Inventory is down 26.7% year-over-year.
• Home sales dropped 3.5% from July, compared to the 2015-2019 average decline of 2.1%. However, August home sales were one of the largest totals of any month in the 13-year history of the report and the second-largest for the month and year over year, sales were up 0.6%.

August’s average Days on Market of 24 was one day more than July and reflected sales that were 18 days faster, on average, than in August 2020. The Months Supply of Inventory in August of 1.3 declined from July’s 1.5 and was significantly less than August 2020’s 1.9 Months Supply.

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RE/MAX National Housing Report for July 2021

NHR 07-21

Inventory Grows from June While
Home Prices, Sales Take Seasonal Dip

July inventory uncharacteristically climbed 4.0% from June, marking the first two consecutive months of month-over-month inventory gains since April and May 2019. At the same time, July’s 1.3 Months of Inventory set a new report low for the month. July home sales were the third largest total in the report’s 13-year history, although they declined 8.4% from June – a seasonal norm. The July median home price of $331,000 decreased 1.2% from June’s record $335,000.

With year-over-year comparisons skewed by the pandemic, June-to-July averages for 2015-2019 illustrate what’s typical in mid-summer:

• The month-over-month decline of 1.2% in July’s Median Sales Price was less than the 2015-2019 average June-to-July drop of 2.2%. Year over year, the Median Sales Price is up 16.2%.

• The 4.0% increase in month-over-month inventory was atypical for this time of year – and a far cry from the 2015-2019 average June-to-July decline of 1.6%. Although this marked the second consecutive month of gain (June inventory grew 1.9% from May), inventory remains down 29.7% year-over-year.

• The third largest total in the 13-year history of the report, July 2021 home sales dropped 8.4% – nearly identical to the 2015-2019 average decline of 8.2%. Year over year, sales were down 3.1%. The only months with more sales than July 2021 were June 2021 and July 2020.

July’s average Days on Market of 23 was one day less than June and 21 days faster compared to the same time last year. July’s 1.3 Months Supply of Inventory was identical to June’s, but significantly less than July 2020’s 2.0 Months Supply.

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RE/MAX National Housing Report for June 2021

NHR 06-21

Record Home Sales, Record Prices,
Growing Inventory

June created the perfect trifecta for a hot housing market: June home sales and prices both set report records, while inventory grew for the first time in 15 months.

The month of June, typically the biggest month of the year for home sales, saw sales soar 14.2% over a strong May and top all other months in the 13-year history of the report, which spans 53 metro markets. The Median Sales Price of $336,000 was also a report record, eclipsing the previous record of $320,000 – set in April and tied in May – by 4.9%.

The number of homes for sale, meanwhile, grew 1.9% over May – the first increase since March 2020. Inventory, however, still remained 37.5% below June 2020 levels.

With year-over-year comparisons skewed by the pandemic, May-to-June averages for 2015-2019 are helpful in illustrating what’s typical at this time of year. June has been the top month for home sales in four of the past six years:

• June 2021 home sales increased 14.2% month over month, more than doubling the 6.4% average gain from May to June in 2015-2019. Year over year, sales were up 26.4%.

• June’s Median Sales Price of $336,000 was 4.9% over May’s, very similar to the typical May-to-June increase of 4.6%. Year over year, June’s price is 21.9% higher than June 2020’s $275,000.

• The 1.9% increase in inventory from May to June was far greater than the typical gain of 0.6%. Still, inventory was down 37.5% year over year.

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RE/MAX National Housing Report for May 2021

NHR 05-21

Red Hot Market Cools Slightly, Stabilizing Prices

The typical May ramp-up in home sales didn’t happen last month, as sales dipped 0.2% from April and home prices were uncharacteristically flat in the report’s 53 metro areas.

Also defying seasonal trends was a 7.1% drop in listed homes at a time of year when active inventory is normally building for peak summer sales months. But two other metrics confirm that the frenzied sellers market marches on: Months Supply of Inventory dropped to 1.1 months and homes changed hands in a mere 28 days. Both are records in the 13-year history of the report.

With year-over-year comparisons heavily skewed by the pandemic, April-to-May averages for 2015-2019 show what is typical:

• While May 2021 home sales declined 0.2% month over month, 13.9% is the 2015-2019 average gain from April to May. Year over year, sales were up 53.4%.
• May’s Median Sales Price of $320,000 was the same as April’s, compared to the typical April-to-May increase of 3.2%. Year over year, May’s price is 17.0% higher than May 2020’s $273,498.
• Instead of the 7.1% decline from April to May, inventory typically grows by 1.8%. Year over year, inventory was down 43.0%.

May’s average Days on Market from listing to going under contract of 28 shaved four days off of April and represented a faster sale by 18 days compared to May 2020.

May’s 1.1 Months Supply of Inventory compares to 1.3 in April, and 2.9 in May 2020.

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RE/MAX National Housing Report for April 2021

NHR 04-21

Homes Sell at Record Speed
as Median Price Reaches All-Time High

On average, April home sales took just 32 days from listing to going under contract, while the Median Sales Price rose to $320,000 – both new records in the 13-year history of the report. These stats, and other key indicators, including a report record April for sales, signal a potentially torrid market going into the traditional peak sales months of May through August.

April home sales in the report’s 53 metro areas were up 5.3% over March, slightly topping the five-year March-to-April average gain of 5.0% from 2015-2019. In contrast, home sales in 2020 dropped 13.7% from March to April as pandemic-related stay-at-home orders were in effect in many states.

Limited inventory remains a primary issue. However, with more homes coming onto the market in April, recent double-digit, month-to-month declines in active inventory dropped to just 2.4% from March to April. Still, year over year, inventory was down 42.2%. Additional context:

• Months Supply of Inventory reached a record low of 1.1, compared to the previous report record of 1.3 in March.
• Home sales were the highest for April in report history and marked the 10th highest month in the past 13 years.
• April’s record low of 32 Days on Market trimmed four days off the previous report record of 36 days set in November 2020 – a significant change from April 2020’s 46 days.
• The Median Sale Price jumped 5.9% over March and was the highest month-to-month increase since 6.2% from May to June 2019.

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RE/MAX National Housing Report for March 2021

NHR 03-21

Median Home Price Tops $300,000
as Speed of Sales Shrinks Inventory

March home sales jumped by one-third over February’s total as demand from hordes of eager homebuyers pushed the Median Sales Price above $300,000 for the first time in the 13-year history of the report. Meanwhile, the pace of sales accelerated – to the fastest rate on record for the month of March – dropping an already strained housing inventory to nearly half of what it was a year ago.

Although year-over-year comparisons are skewed by the start of pandemic restrictions in mid-March 2020, housing activity in the report’s 53 markets nationwide last month hit several notable milestones and barely missed another, including:

• The Median Sales Price of $303,000 rose 4.5% above the previous report record of $290,050 in February – and was 14.3% higher year over year.
• Inventory dropped to a new report low for the ninth consecutive month and was 45.2% lower year over year.
• Average Months Supply of Inventory set a report record of 1.1, eclipsing the previous low of 1.7 months in February. The figure for March 2020 was 3.2 months of available supply.
• The average Days on Market of 38 was 16 days less than March 2020 and just two days more than the report record of 36 set last November. March was only the fifth month in report history with average Days on Market under 40. All five times have occurred in the past seven months.

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RE/MAX National Housing Report for February 2021

NHR 02-21

Prices Rise, Inventory Falls
but Sales Stay High as Spring Approaches

The median home price reached $291,000 in February – the highest in the 13-year history of the report – while sales set a new high for the month and inventory continued to drop to record lows.

The record February home sales were up 5.7% year over year, but the increase over January was flat at 0.3%. The February-over-January average for the previous five years has been 5.4% in the ramp-up toward the seasonally higher sales of spring.

The Median Sales Price across the report’s 53 metro areas topped the previous high of $290,000 reached in August and tied in October and December during last year’s housing surge. In February of last year, the Median Sales Price was $260,000.

At the same time, February’s Months Supply of Inventory was down 11.9% from January’s and 42% year-over-year, as buyers continued to close on properties in greater numbers than sellers opted to list their homes. Inventory has declined month over month for 20 of the past 21 months.

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RE/MAX National Housing Report for January 2021

Sales Approach Pre-COVID Rate of Increase While Inventory and Days on Market Dwindle

  • Home Sales increased 13.5% over January 2020
  • Inventory decreased 35.7% to 1.7 months supply (a balanced market is 4-6 months)
  • Average Days on Market was 40, compared to 59 last year
  • Median Sale Price was $285,000, an increase of 11.8% over January 2020

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