RE/MAX National Housing Report for October 2021
DENVER, November 18, 2021 / PRNewswire / – Wedged between a steep median selling price of $ 336,000 and record low inventory levels, home sales in October were down 6.4% from September – almost double the typical seasonal decline. September saw almost record sales, which also contributed to the fact that the drop in sales was so strong compared to the previous month.
October inventories fell 12.7% from September to the fifth lowest level in the report’s 14-year history, and October’s 1.3-month inventory was the second-lowest in the reporting period, along with July and August of this year.
“We are seeing the impact of long, sustained spikes in prices and home sales month to month, and the market could go beyond days of instant sales, multiple bids and bidding wars on virtually any property,” said Nick Bailey, President, RE / MAX, LLC. “That’s fine. The fall in sales in October, especially after such a busy September, is a step towards a more balanced market and was a little overdue.
“Home buyers may see some relief from price increases in the coming months, even if sales levels remain high. Sellers remain in a very strong position, but with price stabilization and interest rates remaining competitive, buyers could look forward to the months ahead feel promising. ” more advantageous than ever this year. “
The averages from September to October for 2015-2019 illustrate what is typical in autumn. With only two months of home sales remaining, fall 2021 unlike 2020 reflects seasonal norms in many ways, but the shortage of inventory when demand is strong exacerbates those movements. For example, the 6.4% decline in home sales from September was almost double the 2015-2019 average decline of 3.3%. Compared to the previous year, sales fell by 10.2%.
Considering the number of apartments coming on the market and the speed of sales, the 12.7% decrease in active inventory compared to the previous month was more than double the average decrease of 5.3% in the period from September to October 2015- 2019. Inventory was down 28% year over year and has declined month by month this year with the exception of June and July.
An exception is the median sales price, which increased 0.8% from September, in contrast to the average decrease from September to October of 1.3% in 2015-2019. The average sales price has increased by 11.8% October 2020. Average selling price in October from $ 336,000 has set the record June 2021. Home prices have now risen 34 months in a row compared to last year.
The highlights and leading local markets include several metrics for October:
Closed transactions
Of the 51 metropolitan areas examined in October 2021, the average total number of home sales is down 6.4% compared to September 2021, and by 10.2% compared to October 2020. The markets with the biggest drop in sales compared to the previous year were Birmingham, AL at -32.1%, Billing, MT at -30.0% and Providence, RI at -21.5%. Leading the way in percentage growth in sales over the previous year Honolulu, HI at + 16.7% and Wilmington/Dover, DE at +1.4.
|
Closed transactions: |
|||
|
market |
Oct 2021 |
Oct. 2020 |
Year-over- |
|
Birmingham, AL |
1,431 |
2,108 |
-32.1% |
|
Billing, MT |
250 |
357 |
-30.0% |
|
Providence, RI |
1,198 |
1,526 |
-21.5% |
|
Boston, MA |
4,059 |
4,955 |
-18.1% |
|
Wichita, KS |
912 |
1.101 |
-17.2% |
Median Selling Price – Median of 51 Metro median prices
In October 2021, was the median of all 51 Metro median sales prices $ 336,000, compared to 0.8% September 2021, and up 11.8% versus October 2020. No metropolitan area recorded a decrease in the median sales price compared to the previous year. Thirty metropolitan areas grew double-digit percentages year over year, led by Boise, ID at + 29.6%, Phoenix, AZ at + 25.4% and Salt Lake City, UT at +23.4.
|
Median sales price: |
|||
|
market |
Oct 2021 |
Oct. 2020 |
Year-over- |
|
Boise, ID |
$ 479,900 |
$ 370,423 |
+ 29.6% |
|
Phoenix, AZ |
$ 420,000 |
$ 335,000 |
+ 25.4% |
|
Salt Lake City, UT |
$ 475,000 |
$ 385,000 |
+ 23.4% |
|
Raleigh-Durham, NC |
$ 381,250 |
$ 310,000 |
+ 23.0% |
|
Tampa, Florida |
$ 317,048 |
$ 260,000 |
+ 21.9% |
Days on Market – average of 51 metropolitan areas
The average days in the market for homes sold in October 2021 was 27, a day more than average in September 2021, and 11 days less than average in October 2020. The metro areas with the lowest days on market were Nashville, TN at 11, Omaha, NE with 13 and Cincinnati, Ohio at 14. The highest averages for Days on Market were in Des Moines, IA at 84, Miami, Florida 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: |
|||
|
market |
Oct 2021 |
Oct. 2020 |
Year-over- |
|
Raleigh-Durham, NC |
17th |
36 |
-52.8% |
|
Nashville, TN |
11th |
21 |
-46.4% |
|
Birmingham, AL |
17th |
32 |
-46.3% |
|
Orlando, Florida |
27 |
50 |
-46.0% |
|
Tampa, Florida |
23 |
42 |
-45.2% |
Monthly inventory supply – average of 51 metropolitan areas
The number of houses for sale in October 2021 declined 12.7% from September 2021 and by 28.0% of October 2020. Based on the rate of home sales in October 2021, the monthly supply of inventory decreased to 1.3 from 1.5 in September 2021and decreased compared to 1.9 in October 2020. A six month offer indicates a balanced market between buyers and sellers. In October 2021, Of the 51 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 supply of inventory were a three-way tie between Albuquerque, NM, Raleigh-Durham, NC, and Seattle, WA at 0.6.
|
Months supply of inventory: |
|||
|
market |
Oct 2021 |
Oct. 2020 |
Year-over- |
|
Albuquerque, NM |
0.6 |
1.9 |
-68.4% |
|
Hartford, CT |
0.8 |
2.5 |
-68.0% |
|
Miami, Florida |
2.0 |
6.1 |
-67.2% |
|
Providence, RI |
1.1 |
2.8 |
-60.7% |
|
Orlando, Florida |
0.9 |
2.1 |
-57.1% |
To request an interview, please contact [email protected].
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 more than 140,000 agents in over 8,600 offices in more than 110 countries and territories. Nobody in the world sells more real estate than RE / MAX when measured by 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 approx. 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 inventory 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. If there is no “pending” data available, this calculation is performed on closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract 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. Every 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
