Housing report

RE/MAX National Housing Report for July 2021

DENVER, August 17, 2021 /PRNewswire/ — July inventory rose an uncharacteristically 4.0% from June, marking the first two consecutive months of month-over-month inventory gains since April and May 2019. Meanwhile, July’s 1.3 months of inventory set a new low for the month. Home sales in July were the third highest total in the report’s 13-year history, although they were down 8.4% from June – a seasonal norm. The median home price in July of $331,000 was down 1.2% from June’s record $335,000.

“The month-over-month increase in inventory, continuing a short-term trend that began in June, was great news, although the shortage of listings remains a major challenge, says Nick BaileyPresident, RE/MAX, LLC. “Some buyers have pulled back in light of high prices, seller expectations, multiple offers and intense competition, but new listings are still selling quickly. Clearly, the demand is still there. The market should continue hot, especially if interest rates stay low, prices stabilize a bit and more sellers rush in to take advantage.”

With year-over-year comparisons skewed by the pandemic, the June-July averages for 2015-2019 illustrate what is typical in midsummer:

  • The 1.2% month-over-month decline in July’s median selling price was lower than the 2015-19 average June-July decline of 2.2%. Year-over-year, the median selling price increased by 16.2%.
  • The 4.0% month-over-month rise in inventories was atypical for this time of year – and a far cry from the 1.6% average June-July decline of 2015-2019. Although this was the second consecutive month of gain (June stocks were up 1.9% from May), stocks are still down 29.7% year over year.
  • The third-highest total in the report’s 13-year history, July 2021 home sales fell 8.4%, which is almost identical to the average drop of 8.2% from 2015-2019. Year over year, sales were down 3.1%. The only months with more sales than July 2021 were June 2021 and July 2020.

Bailey continues, “Over the past 13 months, we’ve had the first three months of business activity in 13 years of this report. That says a lot about today’s buyers. Considering all factors that are favoring sellers right now, buyers are driving this very active market.”

July’s average days on market of 23 was one day less than June and 21 days more than the same time last year. July’s 1.3 month inventory supply was the same as June’s, but significantly lower than July 2020’s 2.0 month supply.

Highlights and local markets leading various metrics for July include:

Closed deals
Of the 53 metropolitan areas studied in July 2021the overall average number of home sales is down 8.4% from June 2021and down 3.1% from July 2020. Leading the year-over-year sales percentage decline, Salt Lake City, UT at -22.5%, Dallas/Ft. Worth, TX at -20.8%, and Boise, I.D. at -20.3%.

Closed trades:

5 markets with the largest year-over-year decline

Marlet

July 2021

Transactions

July 2020

Transactions

Year after year-
Year %
Change

Salt Lake City, UT

1,599

2,064

-22.5%

Dallas/Fort Worth, TX

10,055

12,701

-20.8%

Boise, I.D.

1,829

2,294

-20.3%

Detroit, Michigan

4,905

6,097

-19.6%

Pittsburgh, Pennsylvania

2,829

3,433

-17.6%

Median sale price – Median of the median prices of 53 metros
In July 2021the median of the median selling prices of the 53 metros was $331,000down 1.2% compared to June 2021and up 16.2% compared to July 2020. No metro area saw a year-over-year decline in median selling price. Forty-five metropolitan areas grew year-over-year by double-digit percentages, led by Boise, I.D. at +35.7%, Phoenix, Arizona at +28.2%, and Augusta, ME at +24.0%.

Median Selling Price:

5 markets with the highest year-over-year increase

Marlet

July 2021

Median sales
Price

July 2020

Median sales
Price

Year after year-
Year %
Change

Boise, I.D.

$475,000

$350,000

+35.7%

Phoenix, Arizona

$405,000

$316,000

+28.2%

Augusta, ME

$261,000

$210,500

+24.0%

Salt Lake City, UT

$475,000

$384,000

+23.7%

Burlington, Vermont

$387,500

$315,000

+23.0%

Days on Market – Average of 53 metropolitan areas
The average number of days on the market for homes sold in July 2021 was 23, one day younger than the average in June 2021and down 21 days from the average in July 2020. Metropolitan areas with the lowest market days were Cincinnati, Ohio at 9 o’clock, Nashville, TN to 10, and Omaha, NE to 11. The highest Days on Market averages were Miami, Florida at 76, Des Moines, Iowa at age 75, and New York, NY to 63. 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

July 2021

days on
Marlet

July 2020

days on
Marlet

Year after year-
Year %
Change

Burlington, Vermont

21

61

-65.1%

Boise, I.D.

13

37

-64.9%

Raleigh-Durham, North Carolina

17

47

-63.8%

Tampa, Florida

20

55

-63.6%

Cincinnati, Ohio

9

24

-62.0%

Months of inventory supply – Average of 53 metropolitan areas
The number of houses for sale in July 2021 increased by 4.0% compared to June 2021 and down 29.7% compared to July 2020. Based on home sales rate in July 2021the month of inventory supply remained stable at 1.3 compared to June 2021 and decreased from 2.0 in July 2020. A six-month supply indicates a balanced market between buyers and sellers. In July 2021, of the 53 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 Albuquerque, New Mexico at 0.5, Raleigh Durham at 0.6, followed by a triple tie between Indianapolis, Indiana, Charlotte, North Carolinaand Seattle, WA at 0.7.

Inventory Supply Months:

5 markets with the largest year-over-year decline

Marlet

July 2021

Month
Supply
Inventory

July 2020

Month
Supply
Inventory

Year after year-
Year %
Change

Indianapolis, Indiana

0.7

5.0

-86.6%

Albuquerque, New Mexico

0.5

1.7

-70.6%

Hartford, Connecticut

0.8

2.5

-68.0%

Providence, RI

1.1

2.9

-62.1%

Raleigh-Durham, North Carolina

0.6

1.5

-60.0%

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 nearly 140,000 agents 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 Linigerwith 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 53 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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