RE/MAX National Housing Report for January 2023

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

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.

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.

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RE/MAX National Housing Report for December 2022

December Declines Accentuate
Year of Transition Toward Balanced Market

The housing market decelerated throughout 2022 creating more opportunities for homebuyers, in stark reversal of the frenzied seller’s market of the previous year. The year’s most telling stats were punctuated in December: Home sales were down 38% from a year ago while the number of homes for sale was up 69% in the report’s 53 metro areas.

Sales in every month of 2022 fell short of the previous year, with the percentage of decline starting out in single digits during the first quarter before topping 30% in the fourth quarter. The Median Sales Price of $385,000 was 1.3% higher year over year in December, compared to 13.9% higher year over year last January.

As in October and November, the average Close-to-List Price Ratio in December was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio peaked at 103% in April and May compared to 100% in December 2021.

December inventory was down 12.2% from November but grew month-to-month in six of the last nine months.

Other notable metrics include:

• New listings recorded 2022’s largest month-to-month decline of 25.2% and finished 15.1% lower than a year ago.
• Homes sold in December were on the market for an average of 47 days. That was 10 more days than one year ago.
• December’s 2.5 months supply of inventory was unchanged from November but more than double the 1.2 of one year ago.

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RE/MAX National Housing Report for November 2022

Prices Moderate as New Listings and Home Sales Dip, For-Sale Homes Sit Longer

November begins a stretch of four months with typically the lowest home sales of the year – including December, January and February – and this November followed suit. Seasonality was just one factor contributing to November’s 12% drop in home sales from October in the report’s 53 metro areas as fluctuating interest rates and ongoing economic uncertainty weigh on the market.

New listings tumbled 21.4% from October – reaching their lowest point of the year ­­– as home sellers saw the Median Sales Price drop to $394,000. That was 1.3% less than October though still 3.7% higher than November 2021. The average Close-to-List Price Ratio in November was 98%, meaning that homes sold, on average, for 2% less than the asking price. The ratio was 101% a year ago and flat compared to October 2022.  

Other notable metrics include:
• Homes sold in November were on the market for an average of 39 days. That was four more days than in October and a full week more than in November 2021.
• November’s 2.5 months supply of inventory was up from 2.3 in October and more than double the 1.2 of one year ago.
• Though the fourth-highest year-to-date total, November’s 2.5 months supply of inventory was down 5.9% from October following month-to-month inventory increases of 3.9% in September and 2.9% in October.

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RE/MAX National Housing Report for October 2022

More Inventory, Fewer Homes Selling
As Sale Prices Slowly Dip

October revealed a vastly different housing market from one year ago, with 30.7% fewer closings, 36.8% more homes for sale, and the average home taking nearly a week longer to sell, at 35 days on market. As a result, the Median Sales Price was pushed down 0.3% to $399,000 from September’s $400,000 – the third straight month of decline.

Across the report’s 53 metro markets, all 10 months of 2022 thus far have posted lower home sales compared to 2021. October was the sixth consecutive month with more for-sale signs than the same month last year.

Compared to September, home sales in October were down 13.5% while inventory grew 2.9%. Homes were on the market one day longer.

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RE/MAX National Housing Report for September 2022

Inventory Grows, Home Prices Drop
as Homes Take Longer to Sell

Typical for this time of year, September home sales declined 9.7% from August across the report’s 53 metro areas. That led to inventory climbing to two months’ supply for the first time in nearly two years – an encouraging sign of a more balanced market to come.

September’s Median Sales Price of $400,000 was 6.1% lower than the year-high of $426,100 in June. The Median Sales Price dropped 1.2% below August’s but was 6.7% above September 2021. The average Close-to-List Price Ratio in September was 99%, meaning that homes sold for 1% less than the asking price for the second consecutive month after being at 100% or above through the first seven months of 2022.

Despite inventory growing 3.9% over August and 30.4% year-over-year, New Listings were down 7.6% month to month and down 11.4% compared to September 2021.

Other notable metrics include:
• September’s two months’ supply of inventory jumped from 1.6 months in August and 1.3 months a year ago. The National Association of REALTORS® last reported months’ supply of inventory above two in November of 2020, when it was 2.3.
• The number of homes for sale has grown in five of the past six months.
• Year-over-year, September home sales were down 23.5%.
• Days on Market averaged 34, five days higher than July and six days more than September 2021.

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RE/MAX National Housing Report for August 2022

Drops in Sales Price Result in More
Closings, Less Inventory

According to August data in the RE/MAX National Housing Report, home sellers, on average, accepted offers below their listing prices last month – a further indication of rebalancing in the housing market. Across the report’s 51 metro areas, the average Close-to-List Price Ratio in August was 99%, meaning that homes sold for 1% less than the asking price. That’s down from 101% in July and 104% in April. This change helped push August sales 5.3% higher than July, while the Median Sales Price declined 2.4% to $410,000 after peaking at $426,000 three months earlier.

At the same time, new listings dropped 12.8% from July and inventory declined 1.8% after four months of double-digit growth. Even so, the number of homes for sale was 20% higher than in August 2021.

Two-thirds of the way through 2022, home sales have declined every month compared to 2021. Other notable metrics include:

• Months Supply of Inventory was 1.6 months in August, a decline from 1.7 in July but an increase compared to 1.2 in August 2021.
• Days on Market averaged 28, four days higher than July and three days more than August 2021.
• August’s Median Sales Price of $410,000 was 2.4% below July but was up 7% year over year.

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RE/MAX National Housing Report for July 2022

Median Home Prices Inch Downward
While Sales Drop, Inventory Grows

A double-digit drop in home sales from June to July fueled a double-digit increase in homes for sale, triggering the first decline in the Median Sales Price since January.

July’s Median Sales Price of $415,000 was down 2.9% from June and the lowest since April’s $406,000. The 16.6% decline in home sales was also the first since January. Year-over-year, sales were down 26.3% from July 2021.

Following a period of continual contraction in recent years, inventory jumped for the fourth consecutive month. There were 13.3% more homes for sale than in June and 30.4% more than a year ago. Months Supply of Inventory has doubled since May and is now at 1.8, while Days on Market was 24. New listings, however, dropped 7.8% compared to June and 7.2% compared to July 2021.

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RE/MAX National Housing Report for June 2022

As Inventory Rises, June Home Sales
Post Year’s Highest Mark But Trail 2021

Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

• June posted the most home sales of any month thus far this year, topping May by 4.7% but falling 17.6% short of June 2021.
• Inventory grew for a third consecutive month by a whopping 34.1% over May and 27.5% year over year.
• While up 11% year over year, the Median Sales Price of $428,000 inched just 0.6% above May’s.

Bolstering the inventory was a 7.7% increase in new listings month over month, which was an increase of 1.6% over June 2021. Months Supply of Inventory jumped from 0.9 in May to 1.4 in June. A year ago, Months Supply of Inventory was 1.0.

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RE/MAX National Housing Report for May 2022

May Home Sales Down Year Over Year
as Inventory Grows

Although May is one of the most active months of the year for home sales, closings in May 2022 were 8.5% lower than May 2021. They did, however, climb 5.8% over April. That month-over-month increase was approximately half of the average gain in May during the pre-pandemic years of 2015-2019.

After a long decline, inventory grew for the second consecutive month, making May the first month of 2022 to top inventory levels compared to one year ago. May ended with 16.3% more homes for sale than in April, and 2.2% more than May 2021. Months Supply of Inventory increased from 0.8 in April to 0.9 in May. A year ago, Months Supply of Inventory was 1.0.

The Median Sales Price of $430,000 grew 1.2% over April’s $425,000 and was 13.2% higher than the $380,000 recorded in May 2021. The average Close-to-List Price Ratio in May was 103%, meaning that homes sold for 3% more than the asking price. That compared to nearly 104% last month and 102% in May 2021.

Homes spent an average of 23 days on the market in May. They sold three days faster than in April, and two days faster than a year ago.

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RE/MAX National Housing Report for April 2022

Competitive Spring Market Greets Buyers
and Sellers with More Listings, Higher Prices

Signaling a flattening of the seasonal spring ramp-up, April 2022 home sales increased less than 1% over March – and dropped 12.8% year over year – across the report’s 53 metro areas. That, coupled with an 11.5% increase in new listings from March to April, resulted in a 24.0% surge in inventory month to month.

The Median Sales Price of $420,000 was up 3.4% over March and 15.1% over April 2021. And home offers grew more competitive. For example, average sale to list price ratio measures how close homes are selling to their asking price and in April, the average sale to list price ratio was 104% of the list price, compared to 103% in March and 101% in April 2021.

Though up 24.0% month over month, active inventory was down 10.4% from a year ago, driven in part by a 7.4% decline in new listings year over year.  Months Supply of Inventory increased from 0.7 in March to 0.8 in April. A year ago, Months Supply of Inventory was 1.0.

Homes spent an average of 26 days on the market in April – five days less than March, and two days less than a year ago.

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