RE/MAX National Housing Report for July 2021

DENVER, 17th August 2021 / PRNewswire / – July inventories were up atypically 4.0% versus June, marking the first two months in a row of month-over-month inventory gains since April and June May 2019. At the same time, the 1.3 months of inventory in July marked a new reporting low for the month. July home sales were the third largest sum in the report’s 13-year history, despite declining 8.4% from June – a seasonal norm. The average home price in July of $ 331,000 down 1.2% from the June record $ 335,000.

“The month-over-month increase in inventories, which continued a short trend that started in June, was great news – even if the shortage of supply is still a major challenge,” says Nick Bailey, President, RE / MAX, LLC. “Some buyers have stepped back in the face of high prices, seller expectations, lots of offers and intense competition, but new offers are still selling quickly. The demand is clearly there. The market should continue to run hot, especially if interest rates stay up.” low, prices are stabilizing a little and more sellers are stepping in to take advantage of the benefits. ”

With year-to-year comparisons skewed by the pandemic, the June to July averages for 2015-2019 illustrate what is typical in midsummer:

• The monthly decrease of 1.2% in the median sales price in July was smaller than the average decrease from June to July 2015-2019 of 2.2%. The median sales price increased by 16.2% year-on-year.
• The 4.0% month-on-month increase in inventories was untypical for this time of year – and far from the average decrease from June to July 2015-2019 of 1.6%. While this marked the second consecutive month of growth (inventories were up 1.9% in June versus May), inventories were down 29.7% year over year.
• The third largest sum in the report’s 13-year history, July 2021 Home sales were down 8.4% – almost the same as the 2015-2019 average decline of 8.2%. In a year-on-year comparison, sales fell by 3.1%. The only months with more sales than July 2021 was June 2021 and July 2020.

Bailey continues, “The past 13 months have seen the best three months of sales in the 13 years of this report. That says a lot about today’s buyers. Given all of the factors currently favoring sellers, it is the buyers who are driving this very active market. “

The average days on market in July of 23 were one day less than in June and 21 days faster than at the same time last year. The 1.3-month inventory in July was identical to that in June, but significantly lower than the 2.0-month inventory in July 2020.

The highlights and leading local markets include several metrics for July:

Closed transactions
Of the 53 metropolitan areas examined in July 2021, the average total number of home sales is down 8.4% compared to June 2021and 3.1% less than in July 2020. The percentage decline in sales year-on-year was cited Salt Lake City, UT at -22.5%, Dallas / Ft. Worth, TX at -20.8% and Boise, ID at -20.3%.

Closed transactions: 5 markets with the biggest year-over-year decline
market	July 2021 Transactions	July 2020 Transactions	Year-over- Year % change
Salt Lake City, UT	1,599	2,064	-22.5%
Dallas / Ft Worth, TX	10,055	12,701	-20.8%
Boise, ID	1,829	2,294	-20.3%
Detroit, Michigan	4,905	6.097	-19.6%
Pittsburgh, PA	2,829	3,433	-17.6%

Median Selling Price – Median of 53 Metro Median Prices
In July 2021, was the median of all 53 Metro median sales prices $ 331,000, compared to 1.2% June 2021, and by 16.2% versus July 2020. No metropolitan area recorded a decrease in the median sales price compared to the previous year. Forty-five metropolitan areas grew double-digit percentages year over year, led by Boise, ID at + 35.7%, Phoenix, AZ at + 28.2% and Augusta, ME at + 24.0%.

Median sales price: 5 markets with the biggest year-over-year increase
market	July 2021 Median sales price	July 2020 Median sales price	Year-over- Year % change
Boise, ID	$ 475,000	$ 350,000	+ 35.7%
Phoenix, AZ	$ 405,000	$ 316,000	+ 28.2%
Augusta, ME	$ 261,000	$ 210,500	+ 24.0%
Salt Lake City, UT	$ 475,000	$ 384,000	+ 23.7%
Burlington, VT	$ 387,500	$ 315,000	+ 23.0%

Days on Market – average of 53 metropolitan areas
The average days in the market for homes sold in July 2021 was 23, a day less than average in June 2021, and 21 days less than average in July 2020. The metro areas with the lowest days on market were Cincinnati, Ohio at 9, Nashville, TN at 10, and Omaha, NE at 11. The highest averages for Days on Market were in Miami, Florida at 76, Des Moines, IA with 75, and New York, NY at 63. Days on Market is the number of days between first adding a home to an MLS and signing a sales contract.

Days on the market: 5 markets with the biggest year-over-year decline
market	July 2021 Days on market	July 2020 Days on market	Year-over- Year % change
Burlington, VT	21st	61	-65.1%
Boise, ID	13th	37	-64.9%
Raleigh-Durham, NC	17th	47	-63.8%
Tampa, FL	20th	55	-63.6%
Cincinnati, Ohio	9	24	-62.0%

Monthly inventory supply – average of 53 metropolitan areas
The number of houses for sale in July 2021 was up 4.0% from June 2021 and 29.7% less than July 2020. Based on the rate of home sales in July 2021, the level of inventory in months was unchanged at 1.3 compared to June 2021 and decreased compared to 2.0 in July 2020. A six month offer indicates a balanced market between buyers and sellers. In July 2021, Of the 53 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 0.5, Raleigh-Durham at 0.6, followed by a three-way tie between Indianapolis, IN, Charlotte, NC, and Seattle, WA at 0.7.

Months supply of inventory: 5 markets with the biggest year-over-year decline
market	July 2021 months Supply of inventory	July 2020 months Supply of inventory	Year-over- Year % change
Indianapolis, IN	0.7	5.0	-86.6%
Albuquerque, NM	0.5	1.7	-70.6%
Hartford, CT	0.8	2.5	-68.0%
Providence, RI	1.1	2.9	-62.1%
Raleigh-Durham, NC	0.6	1.5	-60.0%

Via the RE / MAX network
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. 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 53 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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