June 2017 RE/MAX National Housing Report

May’s Brisk Home Sales Set Post-Recession Records

After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report.

In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report.

Other notable numbers:

  • Over two-thirds of the metro areas experienced an increase in transactions.
  • The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
  • Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103rdconsecutive month of year-over-year declines dating back to October 2008.
  • The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.

Read the full article in RE/MAX’s newsroom

Watch the 40 second summary video on YouTube

Washington State NWMLS Market Snapshot for May 2017

May 2017 RE/MAX National Housing Report

April Home Sales Cooler Than Typical Spring Season

The brisk start to the 2017 home-selling season slowed down in April with home sales dropping 4.1% below March and 4.5% below the previous April, according to this month’s RE/MAX National Housing Report.

Yet the narrative of the ever-tightening inventory coupled with increased prices persisted, as the 53 metro area report saw the trends of a seller’s market continuing:

  • The average number of Days on Market declined for the third consecutive month and April’s 57 days set a new low for April in the report’s nine-year history.
  • The Median Sales Price of $226,000 was the highest price for any April and marked the 13th consecutive month of year-over-year price increases.
  • Months Supply of Inventory, which dropped below 3 months in March for the first time in the report’s history, was 2.8. A months supply of less than 6.0 is considered a seller’s market.
  • Inventory was down 17.6% from April 2016. This is the 102nd consecutive month of year-over-year declines dating back to October 2008.

More than three quarters of the report’s 53 metro areas saw April home sales decline year-over-year. By contrast, March posted a 6.6% year-over-year spike in sales. Even so, April saw homes sell for more than they did in March in 81% of the markets, while 92% of the markets saw higher year-over-year sale prices.

Read the full article in RE/MAX’s newsroom

Watch the 40 second summary video on YouTube

Why is real estate inventory so low?

Consumers are increasingly on the house hunt this spring. Though they’re enjoying solid employment and paycheck gains and in a rush to beat rising mortgage rates, they’re also struggling to find a home to buy in many housing markets.

Indeed, the supply of homes for-sale is at a nearly 20-year low. The most affordable homes—those that tend to attract first-time buyers—are in short supply too. Meanwhile, home prices are rising sharply as buyers find themselves competing for the few homes that are for sale.

Reports are growing of bidding wars erupting across hot markets. About 1.75 million homes were for-sale nationally at the end of February, down 6.4 percent from a year earlier, according to the National Association of REALTORS®. The supply of homes has dropped on an annual basis for the last 21 months.

Why is the supply so low? Housing experts point to several reasons. The average time that owners are staying in their homes before selling has doubled to nearly eight years, according to ATTOM Data Solutions. Investors own a larger portion of houses and they’ve been renting them out. Between 2006 and 2016, the share of single-family houses and condos owned by investors averaged around 30 percent. Also, builders–faced with rising land costs and a shortage or skilled workers–have done little to ramp up new-home supplies.

The shortages are prompting home prices to skyrocket. The median sales price jumped 7.7 percent from a year ago to $228,400—more than double the pace of average pay gains.

Source: REALTOR.mag

April 2017 RE/MAX National Housing Report

Strong March Home Sales, Low Inventory Means Tougher Market for Buyers

March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.

Last month, home sales were 6.6% higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the 53 metro areas in the report showed year-over-year increases.

Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.

Active inventory continued to decline, dropping 17% year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up 11% year-over-year. This was the 12th consecutive month of year-over-year price increases.

Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016.

March 2017 RE/MAX National Housing Report

Home Prices at New High in February Amid Record Low Inventory

February home prices reached a new high as steady demand combined with record low inventory drove prices up, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.

Last month saw a negligible decline (-0.02%) in home sales from February 2016, which posted the most sales in the nine-year history of the report. Less than half of the markets experienced an increase in sales year-over-year.

Meanwhile, active inventory reached a record low for February, dropping 17.9% year-over-year. This marks the 100th consecutive month of year-over-year declines dating back to October 2008.

As a result, the Median Sales Price of $212,000 – another February record – was up 6% year-over-year. This is the 11th consecutive month of year-over-year price increases.

Homes sold faster last month, with average Days on Market dropping from 75 in February 2016 to 68 last month.

Read the full article in RE/MAX’s newsroom…

Watch the short video on YouTube…

February 2017 RE/MAX National Housing Report

january2017nhr

Home Sales In January Set Record Pace

With the tug-of-war between rising home sales and shrinking inventory intensifying, January set records for the RE/MAX National Housing Report. Last month topped all other Januarys in the report’s nine-year history with the most sales, highest sales price and fewest days on market.

In the 53 metro areas surveyed, total sales were up 4.5% over January 2016, which was previously the January with the most sales. The Median Sales Price of $208,500 was up 4.3% and marked the 10th consecutive month of year-over-year price increases.

The new January low of 66 Days on Market underscores the fact that inventory has declined year-over-year for 99 consecutive months dating back to October 2008.

Read the full article in RE/MAX’s newsroom…

Watch the short video on YouTube…