Housing report

April 2022 RE/MAX National Housing Report

Competitive Spring Market Welcomes Buyers and Sellers with More Listings and Higher Prices

DENVER, May 17, 2022 /PRNewswire/ — Signaling a flattening of the spring seasonal surge, April 2022 home sales rose less than 1% from March — and fell 12.8% year over year — in all 53 metro areas in the report. That, combined with an 11.5% increase in new listings from March to April, led to a 24.0% increase in month-over-month inventory.

The median selling price of $420,000 increased by 3.4% compared to March and by 15.1% compared to April 2021. And housing offers have become more competitive. For example, the average sale-to-list price ratio measures how well homes are selling relative to their asking price, and in April the average sale-to-list price ratio was 104% of the list price, compared to 103% in March and 101 % in April 2021.

Although up 24.0% month-over-month, active inventory was down 10.4% from a year ago, partly due to a decline of 7, 4% of new registrations year over year. The monthly inventory supply fell from 0.7 in March to 0.8 in April. A year ago, months of inventory supply was 1.0.

Homes spent an average of 26 days on the market in April, five days less than in March and two days less than a year ago.

“Overall, the housing market remains strong, with rapid sales and demand easily outpacing supply,” said Nick Bailey, Chairman and CEO. “We are starting to see a cooling in sales, which is not surprising given the record 2021 results and the recent rise in interest rates. This should create more balance over time, thwarting the market from frantic sellers we’ve had for so long. Driven by generational demand, rising rental costs and still relatively low interest rates, 2022 could still be among the best years of the past decade.

Addition of RE/MAX Masters real estate agent Josh Hornerwhich is based at Salt Lake City, UT“The [local] real estate market changed in April. With inventory of established homes or new homes for sale still in short supply, recent and expected rate hikes have sidelined a segment of homebuyers to sit down for a bit. »

Highlights and local markets leading various metrics for April include:

Closed deals
Of the 53 metropolitan areas studied in April 2022the overall average number of home sales is up 0.5% from March 2022and down 12.8% compared to April 2021. The markets with the largest year-over-year sales percentage decline were Miami, Florida at -24.9%, Bozeman, Montana at -22.5%, and Coeur d’Alene, ID at -21.1%. Only one metropolitan area recorded a year-over-year percentage increase in sales, Honolulu, Hawaii at +0.2%.

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

Market

April 2022
Transactions

April 2021
Transactions

Year after year
% Switch

Miami, Florida

9,363

12,464

-24.9%

Bozeman, Montana

169

218

-22.5%

Coeur d’Alene, ID

329

417

-21.1%

Trenton, New Jersey

313

396

-21.0%

San Diego, California

3,059

3,831

-20.2%

Median Sale Price – Median of prices of 53 metropolitan areas
In April 2022the median selling price of the 53 metropolitan areas was $420,000up 3.4% compared to March 2022and up 15.1% compared to April 2021. No metro area saw a year-over-year decline in median selling price. Forty-one metropolitan areas grew year-over-year by double-digit percentages, led by Dallas, TX at +39.5%, Fayetteville, AR at +33.4%, and Coeur d’Alene, ID at +31.2%.

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

Market

April 2022
Median sales
Price

April 2021
Median sales
Price

Year after year
% Switch

Dallas, TX

$362,782

$260,000

39.5%

Fayetteville, AR

$331,809

$248,750

33.4%

Coeur d’Alene, ID

$610,000

$464,900

31.2%

Dover, DE

$335,000

$259,195

29.2%

Las Vegas, Nevada

$440,000

$342,050

28.6%

Days on Market – Average of 53 metropolitan areas
The average number of days on the market for homes sold in April 2022 was 26, down five days from the average in March 2022 and down two days from the average in April 2021. Metropolitan areas with the lowest market days were Denver, CO at 8, Omaha, NE at age 11, and Richmond, Virginia to 12. The highest Days on Market averages were Fayetteville, AR at age 64, San Diego, California at age 63, and Raleigh, North Carolina to 55. 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

Market

April 2022
days on
Market

April 2021
days on
Market

Year after year-
Year
% Switch

New Orleans, LA

26

54

-50.9%

Coeur d’Alene, ID

31

60

-47.6%

Burlington, Vermont

19

34

-43.3%

San Antonio, TX

22

36

-38.1%

Denver, CO

8

12

-36.9%

Months of inventory supply – Average of 53 metropolitan areas
The number of houses for sale in April 2022 increased by 24.0% compared to March 2022 and down 10.4% compared to April 2021. Based on home sales rate in April 2022months of inventory supply increased to 0.8 from 0.7 in March 2022and decreased from 1.0 in April 2021. In April 2022markets with the lowest months of inventory supply were tied at three between Albuquerque, New Mexico, Fayetteville, ARand Raleigh, North Carolina at 0.3.

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

Market

April 2022
Month
Supply
Inventory

April 2021
Month
Supply
Inventory

Year after year-
Year %
Switch

Fayetteville, AR

0.3

0.7

-57.5%

Miami, Florida

1.0

2.2

-53.8%

Honolulu, Hawaii

0.8

1.6

-51.4%

Tulsa, okay

0.4

0.8

-46.5%

Albuquerque, New Mexico

0.3

0.6

-39.5%

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Report details
Starting with the April 2022 report, RE/MAX uses a new source of aggregated data.

The RE/MAX National Housing Report is distributed monthly on or about the 15th. The report is based on MLS data for the month indicated in 53 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, the largest metropolitan areas in the country are represented and an attempt is made to include at least one metropolitan area in nearly every state. Metropolitan areas are defined by Central Statistical Areas (CBSAs) established by the U.S. Office of Management and Budget.

Definitions
Closed deals are the total number of residential deals closed in 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 listings) during the month. When “pending” data is not available, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days between when a property is listed and when the property is under contract. The median sale price for a metropolitan area is the median sale price of transactions made in that metropolitan area. The nationwide median selling price is calculated at the nationwide aggregate level using all included metropolitan area selling prices. New Listings is the total number of properties listed for sale during the month. The average sale to list price ratio is the average value of the sale price divided by the list price for each transaction concluded.

MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. Although MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly updated, making any analysis a snapshot at any given time. Each month, data from the previous period is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.

SOURCE RE/MAX, LLC