RE/MAX National Housing for November 2021 — RISMedia

The historically strong housing market shot up further in November as buyers seemingly immediately pushed the available housing onto the market. Buyers finally saw welcome relief in prices as the average retail price fell 2.9% to $ 330,000 in November – the biggest monthly decline since the pandemic began. And home sales were only 4.9% down from October, far less than the normal 12.0% seasonal decline this time of year. In addition to the complex conditions, the number of homes for sale fell to a new low in the report’s 14-year history, down 17.7% from October.

Overall, November generally followed seasonal trends, while at the same time setting records for the month of November in almost all categories, such as the fewest average days on which homes were listed prior to sale. While November was two more than October with an average of 29 days, this was only the sixth month in reporting history with an average below 30. All six months have occurred in a row, starting with June 2021.

“The market is booming, with only half the seasonal slowdown we normally see October through November,” Nick Bailey, president of RE / MAX, LLC, said in a statement. “The small drop in price is great news for buyers and could be an early sign that equilibrium is being regained in the market.

“The lack of available inventory remains a challenge, but 2021 was a very strong year for home sales. That says a lot about the resilience of the housing market and the importance of home ownership in people’s lives. With work flexibility, low interest rates, generational factors and sustained high demand, we are going into the year 2022 with optimism for many reasons. “

The average November sales price across the report’s 51 metropolitan areas fell $ 10,000 below $ 340,000 in October, and fell 2.9%. This was the biggest month-on-month decline since January 2020, when the median price fell 3.4%. And while price drops are typical in January, they’re unusual in November. Based on the reporting averages for the five-year period from 2015-2019 (excluding 2020 due to the impact of the pandemic), the median price increased by an average of 0.9% in November.

Other notable comparisons for November 2021 regarding the 2015-2019 trends are:

• The five-year average in home sales from October through November is a 12.0% decrease, more than double the 4.9% decrease seen in November 2021.
• The five-year average for inventory levels from October to November is an 8.9% decrease, a little more than half of the 17.7% decrease seen in November 2021.
• After the January drop, prices typically go up from February to June each month and then go down from July to October each month. They generally recover slightly in November and December. The first nine months of 2021 followed the 2015-2019 pattern before October saw an unusual price increase of 0.8%, followed by an unusual decline in November.

Despite the monthly decline, the median home price in November was 11.9% above $ 295,000 in November 2020, marking the 35th consecutive month that home prices have increased year over year.

The 1.2 month inventory in November was down from 1.4 months in October and was only 0.1 of a month more than the March reporting record of 1.1 set in April, May and June.

The highlights and the leading local markets include various key figures for November:

Closed transactions
Out of the 51 metropolitan areas surveyed in November 2021, the average total home sales decreased 4.9% compared to October 2021 and decreased 0.1% compared to November 2020 in Billings, Montana, -13.0%, San Antonio, Texas , -11.4%, and San Diego, California, -11.0%. Leading the way in percentage sales growth over the previous year were Honolulu, Hawaii with + 31.5%, Tulsa, Oklahoma with + 13.4% and Wilmington / Dover, Delaware with + 12.7%.

Median Sales Price – Median of 51 Metro median prices
In November 2021, the median of all 51 average sales prices in major cities was USD 330,000, 2.9% less than in October 2021 and 11.9% more than in November 2020. There was no year-over-year decrease in average sales prices in any metropolitan area . Thirty-nine metropolitan areas grew double-digit percentages year over year, led by Phoenix, Arizona at + 27.2%, Salt Lake City, Utah at + 25.3% and Boise, Idaho at + 24.8%.

Days on the Market – Average of 51 metropolitan areas
The average real estate market days sold in November 2021 were 29 days, two days more than October 2021, and eight days less than November 2020. The metropolitan areas with the lowest market days were Nashville, Tennessee with 12, and a tie between Omaha, Nebraska and Cincinnati, Ohio at 16. The highest market average days in Des Moines, Iowa at 86, Miami, Florida at 78, and New York, New York at 69 were the number of days between first admission an apartment in an MLS and the signing of a sales contract.

Monthly inventory supply – average of 51 metropolitan areas
The number of apartments for sale in November 2021 decreased by 17.7% compared to October 2021 and by 30.1% compared to November 2020. Based on the apartment sales rate in November 2021, the inventory supply decreased to 1.2 months from 1.4 in October 2021. and decreased from 2.1 in November 2020. An offer of six months indicates one between buyers and sellers balanced market. In November 2021, none of the 51 metropolitan regions examined reported a monthly supply of six or more, which is usually considered a buyer’s market. The markets with the lowest inventory for the month were one tie between Denver, Colorado and Seattle, Washington at 0.5 and another tie between Albuquerque, New Mexico and Manchester, New Hampshire at 0.6.

More information is available at www.remax.com.