RE/MAX National Housing Report for September 2019
DENVER, 17th October 2019 / PRNewswire / – As the end of the 2019 busy sales season was signaled, home sales rose 8.1% year over year in September – the largest year over year increase November 2016. Home purchases spiked in 47 of the report’s 54 markets, causing already-scarce inventory levels to decline 6.1% year-over-year, the largest decline in over a year.
The year-on-year increase in September 2019 Revenue was the largest increase in September since 2013. This was accompanied by a decrease of 17.0% from August to September, which, although above average, was well below the decrease of 24.4% compared to the previous month September 2018when sales fell sharply in an uncertain interest rate environment.
September 2019 This was the third month in a row that inventory levels fell year over year. This reversed the strongest 9-month period of year-over-year inventory growth – from October 2018 to June 2019 – in the report history. The seasonal population decline from August to September of 1.5% was below the average decline of 2.3% from August to September by 5 years.
“It was encouraging to see improvement in home sales in September, especially given last September’s tough results,” said the CEO of RE / MAX Holdings Adam Tales. “The market still poses some challenges for buyers – framed by rising prices and falling inventories – but we are moving into the fourth quarter on a much better footing than a year ago. Continued decline in sales, the dynamism of the real estate market increases the chances of more Months with strong sales growth compared to the previous year. ”
Average selling price in September from $ 254,500 This corresponds to an increase of 4.5% compared to the previous year, which corresponds to the average increase of 4.9% in the first nine months of 2019 compared to the previous year.
Of the 54 metropolitan areas examined in September 2019The average total number of home sales is down compared to 17.0% August 2019and by 8.1% compared to September 2018. The percentage increases in sales compared to the previous year were leading Los Angeles, California at + 31.4%, Little Rock, AR at + 24.2% and Tulsa, OK at + 22.1%.
Median Selling Price – Median of 54 Metro median prices
in the September 2019The median of all 54 Metro median sales prices was $ 254,500by 2.5% compared to August 2019and by 4.5% compared to September 2018. Five metro areas showed double-digit year-over-year growth, with the largest increases being recorded Detroit, MI at + 15.6%, Birmingham, AL at + 15.3% and Charlotte, NC at + 11.8%. In two metropolitan areas, the average sales price fell compared to the previous year – San Francisco, CA. at -2.1% and Billings, MT at -0.5%.
Days on the Market – 54 subway areas average
The average market days for houses sold September 2019 was 46, one day higher than average in August 2019and like that September 2018 average. The metro areas with the lowest market days were Omaha, NE at 19, Cincinnati, OH at 26 and Nashville, TN The highest days on the market were on average Des Moines, IA at 98, Miami, Florida at 91 and Hartford, CT At 79th Days on Market, is the number of days between when a home is first added to an MLS and when a sales contract is signed.
Monthly Inventory – 54 subway areas average
The number of houses for sale in September 2019 was 1.5% lower than August 2019 and by 6.1% of September 2018. Based on the rate of home sales in September 2019The monthly inventory increased to 3.2 inches from 3.0 inches August 2019and decreased compared to 4.2 in September 2018. A six month offer indicates a market that is equally balanced between buyers and sellers. in the September 2019of the 54 metro areas examined only Miami, Florida at 7.5 and New York, NY at 6.3 a monthly offer came up at or above six in what is typically viewed as a buyer’s market. The markets with the lowest monthly inventory were Manchester, NH at 1.7 and Phoenix, AZ at 1.8.
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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