RE/MAX National Housing Report for November 2020
DENVER, 17th December 2020 / PRNewswire / – The real estate market continued its extraordinary six months of high activity November 2020 Home sales up nearly 20% November 2019 – Setting a new monthly high in the 13-year history of the report.
November was a normal seasonal decline from October, with home sales falling 14.5% month on month. However, this decrease was in line with the average of 12% over the past five years. Actually, November 2020 broke several records for the RE / MAX National Housing Report, and inventory hit its lowest level since the report published in 2008.
In addition to home sales that surpassed previous November 2017 highs, new records were set in November reflecting averages in 52 US markets:
- The median selling price of $ 292,000 was 13.8% higher than November 2019
- The days on the market were only 36 – almost two weeks less than last year (49)
- Monthly inventory was 1.8 – just slightly more than the record low of 1.7 set in August
“The nearly 20% year-over-year sales growth is another sign of the continued strength and appeal of the property market. People are on the move and we expect buyer demand to remain high through next year,” said Adam Contos, CEO of RE / MAX Holdings, Inc. “The low interest rate environment presents opportunities for both buyers and sellers, so price increases are not slowing things down much. The main headwind continues to be the severe shortage of available inventory in the US land.”
“Ultimately, generational factors, lifestyle choices, and flexibility in the workplace should bring more salespeople to market in order to address the current imbalance. If that happens next year, 2021 could be one of the record books.”
The home sales continued to be far more numerous than the new offers. November was the fourth month in a row in 2020 that a new reporting record was set for the fewest entries.
The highlights and the local markets that lead different metrics include:
Of the 52 metropolitan areas examined in November 2020The average total number of home sales is up compared to 19.7% November 2019and decreased by 14.5% compared to October 2020. The percentage increases in sales compared to the previous year were leading Little Rock, AR at + 36.5%, Chicago, IL at + 32.3% and Hartford, CT at + 30.6%.
Median Selling Price – Median of 52 Metro median prices
in the November 2020The median of all 52 Metro median sales prices was $ 292,000by 13.8% compared to November 2019 and by 1.0% of October 2020. In no subway area has the average sales price decreased compared to the previous year. Thirty-nine metropolitan areas saw double-digit year-on-year growth, led by Augusta, me at + 26.4%, Tulsa, OK at + 20.7% and Boise, ID at + 19.2%.
Days in the Market – Average of 52 metro areas
The average market days for houses sold November 2020 was 36, 13 days less than average in November 2019and one day after the average in October 2020. The metro areas with the lowest market days were Omaha, NE with 16, Cincinnati, OH at 18 and Boise, ID at 19. The highest days on the market were averages Des Moines, IA at 91, Miami, Florida at 83 and New York, NY At 74th 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 – Average of 52 metro areas
The number of houses for sale in November 2020 was 31.8% lower than November 2019 and by 13.3% of October 2020. Based on the rate of home sales in November 2020The monthly inventory was unchanged at 1.8 October 2020and decreased compared to 3.7 in November 2019. in the November 2020Of the 52 metro areas examined, only two metro areas reported monthly supply of at least six, which is usually considered a buyer’s market. These markets were Miami, Florida at 6.7 and Indianapolis, IN at 6.2. The markets with the lowest monthly inventory were Boise, ID at 0.6 and a three-way tie between Albuquerque, NM, Denver, CO, and Manchester, NH at 0.8.
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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 over 135,000 agents in more than 110 countries and territories. Nobody in the world sells more real estate than RE / MAX when measured by the transaction pages of residential real estate. Dedicated to innovation and change in the real estate industry, RE / MAX launched Motto Mortgage, a groundbreaking mortgage franchisor, in 2016 and acquired booj, a real estate technology company, in 2018. 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. To learn more about RE / MAX, search for home listings, or find an agent in your community, please visit www.remax.com. For the latest news on RE / MAX, visit news.remax.com.
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 52 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 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 it takes 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