Housing report

RE/MAX National Housing Report for January 2022

DENVER, February 17, 2022 /PRNewswire/ — January home sales fell 31.4% from December’s total – a drop slightly above the seasonal norm – as inventories fell for the sixth consecutive month. Year over year, sales were down 5.3% from January 2021.

A decline in home sales from December to January is typical and expected. Over the past five years (2017-2021), the average drop in home sales between the two months has been 28.0%.

Across the 51 metro areas in the report, the median selling price remained stable, with January being the second consecutive month of little or no month-over-month price increase. January’s median sale price equaled December’s $335,000who was only $5,000 below the absolute record of the ratio of $340,000 settle down October 2021. However, year-over-year price increases remain strong, with January’s price up 15.9% from a year ago.

Inventory remains historically low. November, December and January each reset the mark for the lowest stock (in terms of units) in the past five years. Similarly, January’s 1.2-month inventory supply matched the low reached in May 2021. A year ago, there was 1.9 months of inventory supply.

“Sellers continue to benefit from favorable conditions, but with January activity slowing down a bit before the peak of the spring selling season, the steady rise in prices has also eased,” said Nick Bailey, President and Chief Executive Officer, RE/MAX, LLC. “Mortgage rates are starting to rise, which could actually accelerate sales as buyers and sellers rush to beat any further increases. Price stabilization in recent months is helping to counter affordability issues, and we expect an active selling season in the spring, driven by continued buyer demand.”

Homes spent an average of 34 days on the market in January – two more than in December, but seven less than a year ago.

Highlights and local markets leading various metrics for January include:

Closed deals
Of the 51 metropolitan areas studied in January 2022the overall average number of home sales is down 31.4% from December 2021and down 5.3% compared to January 2021. The markets with the largest year-over-year sales percentage decline were San Francisco, California at -24.2%, Manchester, NH at -18.0%, and Seattle, WA at -17.5%. Leading the year-over-year sales percentage increase are Honolulu, Hawaii at +25.7%, Boise, I.D. at +10.4%, and Tulsa, okay at +5.8%.

Closed trades:
5 markets with the largest year-over-year decline

Marlet

Jan 2022
Transactions

Jan 2021
Transactions

Year after year-
Year %
Change

San Francisco, California

2,942

3,881

-24.2%

Manchester, NH

318

388

-18.0%

Seattle, WA

3,247

3,937

-17.5%

Wilmington/Dover, DE

672

801

-16.1%

Birmingham, AL

1,049

1,247

-15.9%

Median sale price – Median of the median prices of 51 metros
In January 2022the median of the median selling prices of the 51 metros was $335,000flat compared to December 2021and up 15.9% compared to January 2021. No metro area saw a year-over-year decline in median selling price. Thirty-five metropolitan areas grew year-over-year by double-digit percentages, led by Phoenix, AZ at +28.5%, Raleigh-Durham, North Carolina at +28.4%, and Salt Lake City, UT at +26.7%.

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

Marlet

Jan 2022
Median sales
Price

Jan 2021
Median sales
Price

Year after year-
Year %
Change

Phoenix, AZ

$436,995

$340,000

+28.5%

Raleigh-Durham, North Carolina

$393,000

$306,000

+28.4%

Salt Lake City, UT

$501,550

$395,900

+26.7%

Tampa, Florida

$335,000

$265,000

+26.4%

Las Vegas, Nevada

$400,000

$320,000

+25.0%

Days on Market – Average of 51 metropolitan areas
The average number of days on the market for homes sold in January 2022 was 34, up two days from the average in December 2021and down seven days from the average in January 2021. Metropolitan areas with the lowest market days were Nashville, TN at 16 years old, Cincinnati, Ohio at 18, and a two-way equality between Omaha, NE and Manchester, NH to 20. The highest Days on Market averages were Des Moines, Iowa at 94, Miami, Florida at age 77, and Albuquerque, New Mexico to 75. 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

Jan 2022
days on
Marlet

Jan 2021
days on
Marlet

Year after year-
Year %
Change

Raleigh-Durham, North Carolina

21

40

-47.5%

Orlando, Florida

32

54

-40.7%

Augusta, ME

47

77

-39.0%

Burlington, Vermont

35

55

-36.6%

Tampa, Florida

26

40

-35.0%

Months of inventory supply – Average of 51 metropolitan areas
The number of houses for sale in January 2022 was down 11.9% from December 2021 and down 32.1% compared to January 2021. Based on home sales rate in January 2022months of inventory supply decreased to 1.2 from 1.4 in December 2021and decreased from 1.9 in January 2021. A six month supply indicates an evenly balanced market between buyers and sellers. In January 2022, of the 51 metro areas surveyed, no metro area reported a monthly supply of six months or more, which is generally considered a buyer’s market. The markets with the lowest months of inventory supply were Denver, CO to 0.4, and a triple tie between Charlotte, North Carolina, Seattle, WAand Raleigh-Durham, North Carolina at 0.5.

Inventory Supply Months:

5 markets with the largest year-over-year decline

Marlet

Jan 2022
Months of supply
inventory

Jan 2021
Months of supply
inventory

Year after year-
Year %
Change

Albuquerque, New Mexico

0.6

3.2

-81.3%

Hartford, Connecticut

0.7

2.5

-72.0%

Providence, RI

0.8

2.8

-71.4%

Miami, Florida

1.7

5.4

-68.5%

Augusta, ME

1.3

2.9

-55.2%

To request an interview, please contact [email protected].

About the RE/MAX network
As one of the world’s leading real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in nearly 9,000 offices in more than 110 countries and territories. No one in the world sells more real estate than RE/MAX, as measured by residential transactions. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative entrepreneurial culture offering its agents and franchisees the flexibility to operate their business independently. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars each year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search real estate listings or find an agent in your community, please visit www.remax.com. For the latest news on RE/MAX, please visit news.remax.com.

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