Housing report

RE/MAX National Housing Report for June 2021

DENVER, July 19, 2021 /PRNewswire/ — June created the perfect trifecta for a hot housing market: June home sales and prices both set records, while inventories rose for the first time in 15 months.

June, typically the biggest month of the year for home sales, saw sales climb 14.2% from a strong May and top all other months in the 13-year report history, which covers 53 metropolitan markets. The median selling price of $336,000 was also a reporting record, eclipsing the previous record of $320,000 – set in April and equal in May – by 4.9%.

The number of homes for sale, meanwhile, rose 1.9% from May – the first increase since March 2020. Inventory, however, remained 37.5% below June 2020 levels.

“June saw a unique case of supply and demand rising in unison, thanks to an increase in the number of sellers putting their homes up for sale – a very welcome sign for frustrated buyers,” said Nick BaileyPresident, RE/MAX, LLC. “People are moving as businesses and individuals make long-term decisions about working remotely and returning to the office. Also, sellers seem more confident about finding another home after selling theirs If these trends continue, inventory levels should continue to grow.”

With year-over-year comparisons skewed by the pandemic, the May-June averages for 2015-2019 are helpful in illustrating what’s typical at this time of year. June has been the best month for home sales in four of the past six years:

  • June 2021 home sales rose 14.2% month over month, more than double the average gain of 6.4% from May to June in 2015-2019. Year over year, sales increased by 26.4%.
  • June median selling price of $336,000 was 4.9% from May, which is very similar to the typical May-June increase of 4.6%. Year-over-year, June price is 21.9% higher than June 2020 $275,000.
  • The 1.9% increase in inventories from May to June was well above the typical gain of 0.6%. Yet inventories were down 37.5% year over year.

With the exception of 2020 related to the pandemic, June has been a strong month for home sales for the past six years:

Best months for home sales*

2020**:

July, August, Oct., Sept.

2019:

May, July, June, August.

2018:

June, May, August, July

2017:

June, May, August, July

2016:

June, August, May, July

2015 :

June, July, August, May

* The four months of each year are listed in order of most sales
**Stay-at-home orders were in place in many states in the spring and summer

June’s average days on market of 24 was four days lower than May and represented a 21-day faster sell-off compared to June 2020. Inventory supply of 1.1 months in June compares to 1.2 in May and 2.2 year over year.

Highlights and local markets leading various metrics for June include:

Closed deals
Of the 53 metropolitan areas studied in June 2021the overall average number of home sales is up 14.2% from May 2021and up 26.4% from June 2020. Leading the year-over-year sales percentage increases, Honolulu, Hawaii at +92.3%, New York, NY at +80.6%, and Miami, Florida at +78.4%.

Closed trades:

5 markets with the highest year-over-year increase

Marlet

June 2021
Transactions

June 2020
Transactions

Year after year-
Year %
Change

Honolulu, Hawaii

1,198

623

+92.3%

New York, NY

3,365

1,863

+80.6%

Miami, Florida

5,793

3,248

+78.4%

Philadelphia, Pennsylvania

8,334

5,066

+64.5%

Pittsburgh, Pennsylvania

3,003

1,897

+58.3%

Median sale price – Median of the median prices of 53 metros
In June 2021the median of the median selling prices of the 53 metros was $336,000up 4.9% compared to May 2021and up 21.9% compared to June 2020. Fifty-one metropolitan areas grew year-over-year by double-digit percentages, led by Boise, I.D. at +38.0%, Augusta, ME at +34.7%, and Phoenix, AZ at +30.1%. No metro area saw a year-over-year decline in median selling price.

Median Selling Price:

5 markets with the highest year-over-year increase

Marlet

June 2021
Median sales
Price

June 2020
Median sales
Price

Year after year-
Year %
Change

Boise, I.D.

$467,812

$339,018

+38.0%

Augusta, ME

$256,000

$190,000

+34.7%

Phoenix, AZ

$400,000

$307,500

+30.1%

Los Angeles, CA

$670,000

$525,000

+27.6%

Salt Lake City, UT

$470,000

$373,100

+26.0%

Days on Market – Average of 53 metropolitan areas
The average number of days on the market for homes sold in June 2021 was 24, down four days from the average in May 2021and down 21 days from the average in June 2020. Metropolitan areas with the lowest market days were Cincinnati, Ohio at 9 and Nashville, TN at 11 followed by a tie at four to 12 among Boise, I.D., Seattle, WA, Denver, COand Omaha, NE. The highest Days on Market averages were recorded in Miami, Florida at 80, Des Moines, Iowa at age 73, and New York, NY to 67. 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

June 2021
days on
Marlet

June 2020
days on
Marlet

Year after year-
Year %
Change

Charlotte, North Carolina

14

39

-64.1%

Boise, I.D.

12

33

-63.6%

Tampa, Florida

22

57

-61.4%

Baltimore, MD

17

44

-61.4%

Raleigh-Durham, North Carolina

19

47

-59.6%

Months of inventory supply – Average of 53 metropolitan areas
The number of houses for sale in June 2021 increased by 1.9% compared to May 2021 and down 37.5% compared to June 2020. Based on home sales rate in June 2021months of inventory supply decreased to 1.1 from 1.2 in May 2021and decreased from 2.2 in June 2020. A six-month supply indicates a balanced market between buyers and sellers. In June 2021, of the 53 metropolitan areas surveyed, no metropolitan area reported a monthly supply of six or more. The month’s lowest inventory supply was a tie at five between Albuquerque, New Mexico; Raleigh-Durham, North Carolina; Manchester, NH; Denver, CO; and Seattle, WA at 0.5.

Inventory Supply Months:

5 markets with the highest year-over-year increase

Marlet

June 2021
Month
Supply
Inventory

June 2020
Month
Supply
Inventory

Year after year-
Year %
Change

Boise, I.D.

0.8

0.9

-11.1%

Des Moines, Iowa

2.6

3.3

-21.2%

Philadelphia, Pennsylvania

1.2

1.6

-25.0%

Wichita, KS

0.8

1.1

-27.3%

washington d.c.

0.8

1.2

-33.3%

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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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