RE/MAX National Housing Report for August 2021
DENVER, September 17, 2021 / PRNewswire / – August home sales fell 3.5% versus July total – and the median sales price slipped 1.2% $ 335,000 – as seasonal norms signaled that the busiest months of home buying and selling are likely to be behind us in 2021. Despite these declines, August almost still broke records in home sales, suggesting a still hot market.
The low number of days-on-market (24) in August and the meager supply of stocks (1.3) canceled out the two-month inventory increases as the strong demand continued despite the tight storage conditions.
“The slight seasonal decline in home sales from July to August was counteracted by making this the second-highest August sales amount in the 13-year history of our report. So even though we seem to have passed the glowing summer high, the market is still very active, “says Nick Bailey, President, RE / MAX, LLC. Indeed, the fall in home prices could signal to potential sellers that it is time to step off the fence if they keep falling, which in turn could bring more buyers back into the mix. In any case, it seems likely that the combination of super-fast sales and a serious shortage of inventory will be with us for the foreseeable future. “
Given the year-to-year comparisons distorted by the pandemic, the July-August averages for 2015-2019 illustrate what is typical in late summer:
- The monthly decrease of 1.2% in the median sales price in August compares to the average decrease from July to August 2015-2019 of 1.0%. The median sales price rose by 13.2% year-on-year.
- The 6.2% month-over-month decrease in active inventory was almost double the average July-August 2015-2019 decrease of 3.3%. The inventory has decreased by 26.7% compared to the previous year.
- Home sales were down 3.5% from July, compared to the average decrease of 2.1% over the 2015-2019 period. However, August home sales were one of the highest totals of any month in the report’s 13-year history and the second largest for the month and year year over year, with sales up 0.6%.
August’s average days on market of 24 was one day longer than July, reflecting sales that averaged 18 days faster than last year August 2020. The monthly supply of inventory in August of 1.3 decreased from 1.5 in July and was significantly lower than the 1.9 monthly supply in August 2020.
The highlights and the leading local markets include various key figures for August:
Closed transactions
Of the 51 metropolitan areas examined in August 2021, the average total number of home sales is down 3.5% compared to July 2021, and an increase of 0.6% compared to August 2020. The percentage increase in sales compared to the previous year was cited New York, NY at + 55.1%, Honolulu, HI at + 37.3% and Las Vegas, Nevada at + 12.5%.
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Closed transactions: |
|||
|
market |
August 2021 |
August 2020 |
Year-over- |
|
New York, NY |
3,799 |
2,450 |
+ 55.1% |
|
Honolulu, HI |
1,098 |
800 |
+ 37.3% |
|
Las Vegas, Nevada |
4.101 |
3,646 |
+ 12.5% |
|
Seattle, WA |
7,415 |
6,725 |
+ 10.3% |
|
Richmond, Virginia |
1,885 |
1,743 |
+ 8.1% |
Median Selling Price – Median of 51 Metro median prices
In August 2021, was the median of all 51 Metro median sales prices $ 335,000, compared to 1.2% July 2021, and increased by 13.2% from August 2020. No metropolitan area recorded a decrease in the median sales price compared to the previous year. 36 metropolitan areas increased by double-digit percentages year-on-year, led by Boise, ID at + 30.6%, Phoenix, AZ at +24.9% and Salt Lake City, UT at + 22.3%.
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Median sales price: |
|||
|
market |
August 2021 |
August 2020 |
Year-over- |
|
Boise, ID |
$ 476.005 |
$ 364,423 |
+ 30.6% |
|
Phoenix, AZ |
$ 405,950 |
$ 325,000 |
+ 24.9% |
|
Salt Lake City, UT |
$ 471,000 |
$ 385,000 |
+ 22.3% |
|
Billing, MT |
$ 328,450 |
$ 270,000 |
+ 21.6% |
|
Las Vegas, Nevada |
$ 375,000 |
$ 309,000 |
+ 21.4% |
Days on Market – average of 51 metropolitan areas
The average days in the market for homes sold in August 2021 was 24, a day more than average in July 2021, and 18 days less than average in August 2020. The metro areas with the lowest days on market were a tie between Cincinnati, Ohio and Nashville, TN at 10, and Omaha, NE at 13. The highest averages for Days on Market were in Des Moines, IA at 83, Miami, Florida with 67 and New York, NY at 57. Days on Market is the number of days between first adding a home to an MLS and signing a sales contract.
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Days on the market: |
|||
|
market |
August 2021 |
August 2020 |
Year-over- |
|
Raleigh-Durham, NC |
16 |
44 |
-63.6% |
|
Las Vegas, Nevada |
16 |
45 |
-63.3% |
|
Billing, MT |
19th |
51 |
-62.7% |
|
Tampa, FL |
20th |
51 |
-60.8% |
|
Augusta, ME |
30th |
76 |
-60.5% |
Monthly inventory supply – average of 51 metropolitan regions
The number of houses for sale in August 2021 was down 6.2% from July 2021 and 26.7% less than August 2020. Based on the rate of home sales in August 2021, the monthly supply of inventory decreased to 1.3 from 1.5 in July 2021and decreased compared to 1.9 in August 2020. A six month offer indicates a balanced market between buyers and sellers. In August 2021, of the 51 metropolitan regions examined, none of the metropolitan regions reported a monthly supply of six or more. The markets with the lowest inventory in months included a five-way tie below Albuquerque, NM, Raleigh-Durham, NC, Seattle, WA, Denver, CO, and Charlotte, NC at 0.6.
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Months supply of inventory: |
|||
|
market |
August 2021 |
August 2020 |
Year-over- |
|
Albuquerque, NM |
0.6 |
1.9 |
-68.4% |
|
Providence, RI |
1.0 |
2.8 |
-64.3% |
|
Hartford, CT |
0.9 |
2.5 |
-64.0% |
|
Orlando, Florida |
0.9 |
2.1 |
-57.1% |
|
Raleigh-Durham, NC |
0.6 |
1.3 |
-53.8% |
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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 51 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 portfolio is the total number of residential properties offered for sale at the end of the month (current portfolio) divided by the number of (outstanding) sales contracts signed during the month. If there is no “pending” data available, this calculation is performed using closed transactions. Days-on-Market is the number of days that elapse from the time a property is listed until 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. Each 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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