RE/MAX National Housing Report for November 2019
DENVER, 17th December 2019 / PRNewswire / – A fifth straight month of inventory declining year-on-year set off several November records in the 11-year history of the RE / MAX National Housing Report: the fewest market days at 49, the lowest inventory at 3.3 months and the highest median sales price $ 257,000.
Overall home sales in the 54 metro areas covered by the report were 1.0% lower in November November 2018 after significant year-on-year growth in September and October. So far, four months of 2019 have seen year-over-year sales growth and seven months, including November, have been down. However, three of the monthly declines were less than 2% below the 2018 sales level.
When inventory fell 13.3% from November 2018It took an average of 49 days to sell a home last month, compared to 51 days a year ago. The 3.3 month inventory was a sharp drop from 4.4 months a year ago.
“We continue to see favorable economic conditions and solid demand, but market buyers are facing increasingly limited supplies of homes for sale,” said RE / MAX CEO Adam Tales. “This has helped accelerate the pace of sales and increase prices, two factors that are favoring sellers. As we near 2020, inventory levels are likely to be the main throttle of the market for the next year. If more houses come on the market, sales should benefit. ” If it does not, the sale can be questioned. The buyers are out there and ready to go. We just need more offers to meet demand. “
The mean selling price in November of $ 257,000 This corresponds to an increase of 7.9% compared to the previous year. It was the third highest year-over-year increase in 2019. While prices declined month-to-month from June to September, the price increase began to accelerate in October and the median selling price in November exceeded October by 0.7%. November prices have exceeded October prices for nine consecutive years and go back to 2011.
Of the 54 metropolitan areas examined in November 2019The average total number of home sales is down compared to 14.0% October 2019and a decrease of 1.0% compared to November 2018. The leading factor was the percentage increase in sales compared to the previous year Los Angeles, California at + 22.5%, Anchorage, AK at + 14.5% and Wichita, KS at + 10.5%.
Median Selling Price – Median of 54 Metro median prices
in the November 2019The median of all 54 Metro median sales prices was $ 257,000by 0.7% compared to October 2019and by 7.9% compared to November 2018. Just one subway area Anchorage, AK At -2.2%, there was a decrease in the average sales price compared to the previous year. Five metro areas showed double-digit year-over-year growth, with the largest increases being recorded Trenton, NJ at + 15.9%, Birmingham, AL at + 15.3% and Boise, ID at + 13.7%.
Days on the Market – 54 subway areas average
The average market days for houses sold November 2019 was 49, equal to the average in October 2019and two days after the average in November 2018. The metro areas with the lowest market days were Omaha, NE at 23, Nashville, TN at 29 and Cincinnati, OH The highest days on the market were on average Des Moines, IA at 100, Augusta, me at 85 and Miami, Florida At 81st 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.
Monthly Inventory – 54 subway areas average
The number of houses for sale in November 2019 was 10.9% lower than October 2019 and by 13.3% of November 2018. Based on the rate of home sales in November 2019the monthly inventory was constant at 3.3 compared to October 2019and decreased compared to 4.4 in November 2018. A six month offer indicates a market that is equally balanced between buyers and sellers. in the November 2019Of the 54 metro areas examined, two are metro areas, Miami, Florida at 7.9 and Indianapolis, IN At 6.3, a monthly supply of at least six years was reported, which is usually considered a buyer’s market. The markets with the lowest monthly inventory were San Francisco, CA. at 1.4 and a three-way tie between Seattle, WA, Manchester, NH, and Denver, CO at 1.7.
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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 approximately 54 metropolitan areas, covers all types of residential property, and is not annualized. For maximum representation, many of the largest subway areas in the country are represented and an attempt is made to include at least one subway from each state. The metropolitan area definitions, with a few exceptions, include the specific counties established by the US Government’s Bureau of Administration and Budget.
Transactions is the total number of completed transactions in residential areas during a given month. The monthly inventory offer 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. When “outstanding” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days that pass from listing a property to signing a contract for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metro areas included in the survey.
MLS data is provided by contracted data aggregators, RE / MAX brokers and regional offices. Although MLS data is believed to be correct, this cannot be guaranteed. MLS data is constantly updated so that each analysis is a snapshot at a specific point in time. The RE / MAX National Housing Report recalculates the data from the previous period every month to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.
SOURCE RE / MAX, LLC