RE/MAX National Housing Report for September 2021
DENVER, Oct 18, 2021 / PRNewswire / – After closing three quarters of the year, 2021, as opposed to 2020, reflects seasonal norms, but maintains strong momentum. September home sales were down 7.0% versus August total and the median selling price was down 1.1% $ 329,000 – both of which are far less than the typical drop-offs when summer gives way to autumn.
“This was the top-selling September in 14 years, just after 2020, which was an outlier in many ways,” said Nick Bailey, President, RE / MAX, LLC. “In addition, the expected seasonal drop in sales from August to September was only half what it usually was, suggesting that buyers and sellers are still very much on the move.
“The intensity on the buyer side has been exhausting, but buyers can handle the ups and downs with the help of an experienced full-time professional. Affordability remains a challenge in most large cities, where shortages continue to drive prices down. Home builders are trying to fill the gap are closing – especially when building apartment buildings – but many of them are being held back by labor and material shortages. However, the market is still active – just not quite at the pace we saw earlier this year. “
Given unusually high home sales in the second half of 2020 that skew comparisons with the previous year, the averages from August to September for 2015-2019 illustrate what is typical in late summer to early fall:
- The 7.0% decline in home sales from August was less than half of the 2015-2019 average decline of 15.3%. In a year-on-year comparison, sales fell by 4.2%.
- The 1.1% month-on-month decrease in median sales price was a third of the average decrease from August to September 2015-2019 of 3.4%. Year-over-year, the average sales price is up 12.5%, with September being the fourth highest in reporting history. Home prices have increased 33 months in a row compared to the previous year.
- Considering the number of apartments coming on the market and the speed of sales, the 4.9% decrease in active inventory compared to the previous month was more than double the average decrease from August to September 2015-2019 of 2.3%. The inventory decreased by 23.6% compared to the previous year. For nine months through 2021, inventory has been going down month by month with the exception of June and July.
The average September Days on Market of 25 was one day longer than August, reflecting sales that averaged 14 days faster than last year September 2020. The September 1.5 month supply of inventory was an increase from the August 1.4 month supply but was below the September 2020 2.0 month supply.
The highlights and leading local markets include several metrics for September:
Closed transactions
Of the 52 metropolitan areas examined in September 2021, the average total number of home sales is down 7.0% compared to August 2021, and a decrease of 4.2% compared to September 2020. The percentage increase in sales compared to the previous year was cited Honolulu, HI at +22.5%, Wilmington/Dover, DE at + 9.4% and Orlando, Florida at + 6.8%. The markets with the biggest drop in sales compared to the previous year were New Orleans, LA at -40.2%, Burlington, VT at -19.0% and Salt Lake City, UT at -14.9%.
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Closed transactions: |
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|
market |
September 2021 |
September 2020 |
Year-over- |
|
New Orleans, LA |
1,001 |
1,674 |
-40.2% |
|
Burlington, VT |
294 |
363 |
-19.0% |
|
Salt Lake City, UT |
1,568 |
1,842 |
-14.9% |
|
Omaha, NE |
850 |
989 |
-14.1% |
|
Boise, ID |
1,756 |
2,033 |
-13.6% |
Median Selling Price – Median of 52 Metro median prices
In September 2021, which was the median of all 52 Metro median sales prices $ 329,000, minus 1.1% compared to August 2021, and 12.5% higher from September 2020. No metropolitan area recorded a decrease in the median sales price compared to the previous year. Thirty-one metropolitan areas grew double-digit percentages year over year, led by Boise, ID at + 28.8%, Salt Lake City, UT at + 27.3% and Phoenix, AZ at + 24.5%.
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Median sales price: |
|||
|
market |
September 2021 |
September 2020 |
Year-over- |
|
Boise, ID |
$ 476,587 |
$ 369,990 |
+ 28.8% |
|
Salt Lake City, UT |
$ 490,000 |
$ 385,000 |
+ 27.3% |
|
Phoenix, AZ |
$ 411,000 |
$ 330,000 |
+ 24.5% |
|
Raleigh-Durham, NC |
$ 375,000 |
$ 310,500 |
+ 20.8% |
|
Tampa, FL |
$ 316,382 |
$ 264,000 |
+ 19.8% |
Days on Market – average of 52 metropolitan areas
The average days in the market for homes sold in September 2021 was 25, a day more than average in August 2021, and 14 days less than average in September 2020. The metro areas with the lowest days on market were Nashville, TN at 10, Cincinnati, Ohio at 12 and Omaha, NE at 14. The highest averages for Days on Market were in Des Moines, IA at 83, followed by a two-way tie between Miami, Florida and New York, NY at 60. Days on Market is the number of days between when a home is first included in an MLS and when a sales contract is signed.
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Days on the market: |
|||
|
market |
September 2021 |
September 2020 |
Year-over- |
|
Raleigh-Durham, NC |
18th |
41 |
-56.1% |
|
Billing, MT |
16 |
36 |
-55.6% |
|
Tampa, FL |
21 |
46 |
-54.3% |
|
Nashville, TN |
10 |
22nd |
-52.0% |
|
New Orleans, LA |
25th |
50 |
-50.0% |
Monthly stock supply – average of 52 metropolitan areas
The number of houses for sale in September 2021 was down 4.9% from August 2021 and 23.6% less than September 2020. Based on the rate of home sales in September 2021, the supply of inventory in months down to 1.5 versus 1.4 in. gone up August 2021 and decreased compared to 2.0 in September 2020. A six month offer indicates a balanced market between buyers and sellers. In July 2021, Of the 52 metropolitan areas examined, none reported a monthly supply of or more than six, which is usually viewed as a buyer’s market. The markets with the lowest monthly inventory supply were Albuquerque, NM at 0.6, followed by a three-way tie between Raleigh-Durham, NC, Charlotte, NC, and Seattle, WA at 0.7.
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Months supply of inventory: |
|||
|
market |
September 2021 inventory |
September 2020 |
Year-over- |
|
Albuquerque, NM |
0.6 |
2.0 |
-70.0% |
|
Hartford, CT |
1.0 |
2.5 |
-60.0% |
|
Providence, RI |
1.2 |
2.8 |
-57.1% |
|
Orlando, Florida |
1.0 |
2.2 |
-54.5% |
|
Honolulu, HI |
1.6 |
3.2 |
-50.0% |
|
Raleigh-Durham, NC |
0.7 |
1.4 |
-50.0% |
|
* Honolulu and Raleigh-Durham have the fifth largest year-over-year decline |
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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 more than 140,000 agents in more than 110 countries and territories. Nobody in the world sells more real estate than RE / MAX® based on residential transaction pages. RE / MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture that gives its agents and franchisees the flexibility to run their businesses with great independence. 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. Visit www.remax.com to learn more about RE / MAX, browse housing listings, or find a representative in your community. For the latest news about RE / MAX, please visit news.remax.com.
description
The RE / MAX National Housing Report is distributed each month on or around the 15th. The first report was distributed in August 2008. The report is based on MLS data in around 52 metropolitan areas, includes all residential property types and is not annualized. For maximum representation, many of the country’s largest metropolitan areas are represented and an attempt is made to include at least one metro from each state. The definitions of metropolitan areas include the specific counties established by the US Government’s Office of Management and Budget, with a few exceptions.
Definitions
Transactions are the total number of completed residential transactions during the respective month. The monthly inventory is the total number of residential properties offered for sale at the end of the month (current inventory) divided by the number of (outstanding) sales contracts signed during the month. If there is no “pending” data available, this calculation is performed on closed transactions. Days-on-Market is the number of days that elapse from the time a property is listed to the time the contract is signed for all residential properties sold during the month. The median sales price is the median of the median sales prices in each of the metropolitan areas included in the survey.
MLS data is provided by commissioned data aggregators, RE / MAX brokerages and regional offices. Although the MLS data is assumed to be correct, this cannot be guaranteed. The MLS data is constantly updated so that each analysis is a snapshot at a specific point in time. Every month the RE / MAX National Housing Report recalculates the 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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