Housing report

RE/MAX National Housing Report for August 2021

DENVER, September 17, 2021 /PRNewswire/ — August home sales fell 3.5% from July’s total – and the median sale price fell 1.2% to $335,000 — as seasonal norms have signaled that the busiest home buying and selling months of 2021 are likely behind us. Despite these declines, August still nearly broke home sales records, signaling a still hot market.

Low days on market (24) and low months of inventory supply (1.3) in August reversed two months of inventory gains as strong demand persisted under stock conditions tight.

“The seasonal slight decline in July-August home sales was countered by the fact that this was the second-highest August sales total in our report’s 13-year history. Thus, although that we seem to have passed the meteoric summer peak, the market is still very active, ”says Nick BaileyPresident, RE/MAX, LLC. “In fact, falling home prices could signal to potential sellers that it’s time to get out of the close in case they fall further, which in turn could draw more buyers into the mix. In all case, it seems likely that the combination of lightning-fast sales and a severe lack of inventory will be with us for the foreseeable future.”

With year-over-year comparisons skewed by the pandemic, the July-August averages for 2015-2019 illustrate what is typical at the end of summer:

  • The month-over-month decline of 1.2% in the median selling price in August compares to the average decline of 1.0% from July to August of 2015-2019. Year-over-year, the median selling price increased by 13.2%.
  • The 6.2% month-over-month drop in active inventory was nearly double the 3.3% average drop from July to August of 2015-2019. Inventories are down 26.7% year over year.
  • Home sales fell 3.5% from July, compared to an average drop of 2.1% over the period 2015-2019. However, August home sales were one of the highest monthly totals in the report’s 13-year history and the second highest for the month and year over year. sales increased by 0.6%.

August’s average days on market of 24 was one day longer than July and reflected sales that were 18 days faster, on average, than in August 2020. The August inventory month supply of 1.3 decreased from July’s 1.5 and was significantly lower than the 1.9 month supply in August 2020.

Highlights and local markets leading various metrics for August include:

Closed deals

Of the 51 metropolitan areas studied in August 2021the overall average number of home sales is down 3.5% from July 2021and up 0.6% from August 2020. Leading the year-over-year percentage increase in sales, New York, NY at +55.1%, Honolulu, Hawaii at +37.3%, and Las Vegas, Nevada at +12.5%.

Closed trades:
5 markets with the highest year-over-year increase

Marlet

August 2021
Transactions

August 2020
Transactions

Year after year-
Year %
Change

New York, NY

3,799

2,450

+55.1%

Honolulu, Hawaii

1,098

800

+37.3%

Las Vegas, Nevada

4,101

3,646

+12.5%

Seattle, WA

7,415

6,725

+10.3%

Richmond, Virginia

1,885

1,743

+8.1%

Median sale price – Median of the median prices of 51 metros

In August 2021the median of the median selling prices of the 51 metros was $335,000down 1.2% compared to July 2021and up 13.2% compared to August 2020. No metro area saw a year-over-year decline in median selling price. Thirty-six metropolitan areas grew year-over-year by double-digit percentages, led by Boise, I.D. at +30.6%, Phoenix, Arizona at +24.9%, and Salt Lake City, UT at +22.3%.

Median Selling Price:
5 markets with the highest year-over-year increase

Marlet

August 2021
Median sales
Price

August 2020
Median sales
Price

Year after year-
Year %
Change

Boise, I.D.

$476,005

$364,423

+30.6%

Phoenix, Arizona

$405,950

$325,000

+24.9%

Salt Lake City, UT

$471,000

$385,000

+22.3%

Billing, MT

$328,450

$270,000

+21.6%

Las Vegas, Nevada

$375,000

$309,000

+21.4%

Days on Market – Average of 51 metropolitan areas

The average number of days on the market for homes sold in August 2021 was 24, one day older than the average in July 2021and down 18 days from the average in August 2020. Metropolitan areas with the lowest market days were two-way between Cincinnati, Ohio and Nashville, TN to 10, and Omaha, NE to 13. The highest Days on Market averages were Des Moines, Iowa at 83, Miami, Florida at age 67, and New York, NY to 57. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.

Days on the market:
5 markets with the largest year-over-year decline

Marlet

August 2021
days on
Marlet

August 2020
days on
Marlet

Year after year-
Year %
Change

Raleigh-Durham, North Carolina

16

44

-63.6%

Las Vegas, Nevada

16

45

-63.3%

Billing, MT

19

51

-62.7%

Tampa, Florida

20

51

-60.8%

Augusta, ME

30

76

-60.5%

Months of inventory supply – Average of 51 metropolitan areas

The number of houses for sale in August 2021 was down 6.2% from July 2021 and down 26.7% compared to August 2020. Based on home sales rate in August 2021months of inventory supply decreased to 1.3 from 1.5 in July 2021and decreased from 1.9 in August 2020. A six-month supply indicates a balanced market between buyers and sellers. In August 2021, of the 51 metropolitan areas surveyed, no metropolitan area reported a monthly supply of six or more. Markets with the lowest months of inventory supply included a five-way tie between Albuquerque, New Mexico, Raleigh-Durham, North Carolina, Seattle, WA, Denver, COand Charlotte, North Carolina at 0.6.

Inventory Supply Months:
5 markets with the largest year-over-year decline

Marlet

August 2021
Month
Supply
Inventory

August 2020
Month
Supply
Inventory

Year after year-
Year %
Change

Albuquerque, New Mexico

0.6

1.9

-68.4%

Providence, RI

1.0

2.8

-64.3%

Hartford, Connecticut

0.9

2.5

-64.0%

Orlando, Florida

0.9

2.1

-57.1%

Raleigh-Durham, North Carolina

0.6

1.3

-53.8%

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The description

The RE/MAX National Housing Report is distributed each month on or around the 15and. The first report was distributed in August 2008. The report is based on MLS data in approximately 51 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the nation’s largest metropolitan areas are represented, and an attempt is made to include at least one metro from each state. Definitions of metropolitan areas include specific counties established by the US Government’s Office of Management and Budget, with some exceptions.

Definitions

Transactions is the total number of residential transactions concluded during the given month. The monthly inventory supply 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) during the month. When “pending” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days between when a property is listed and when the property goes under contract for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metropolitan areas included in the survey.

MLS data is provided by contracted data aggregators, RE/MAX brokers and regional offices. Although MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly updated, making any analysis a snapshot at any given time. Each month, the RE/MAX National Housing Report recalculates data from the previous period to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

SOURCE RE/MAX, LLC

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