DENVER, Oct. 18, 2021 /PRNewswire/ -- With
three-quarters of the year complete, 2021 is mirroring seasonal
norms, unlike 2020, but maintaining strong momentum. September home
sales dropped 7.0% from August's total and the Median Sales Price
slipped 1.1% to $329,000 – both far
less than the typical drop-offs as summer gives way to fall.
"This was the second-most active September for sales in 14
years, trailing only 2020, which was an outlier in many ways," said
Nick Bailey, President, RE/MAX, LLC.
"Plus, the expected seasonal drop in sales from August to September
was half of what it usually is, indicating that buyers and sellers
are still very much on the move.
"The intensity on the buy side has been exhausting, but buyers
can navigate the ups and downs with the help of a full-time,
experienced professional. Affordability remains a challenge in most
metros, where tight inventory continues to push prices.
Homebuilders are trying to fill the gap – especially with
multi-family home construction – but many of them are held up
by shortages in labor and materials. That said, the market's still
active – just not quite at the pace we saw earlier this
year."
With abnormally high second-half home sales in 2020 skewing
year-over-year comparisons, August-to-September averages for
2015-2019 illustrate what's typical in late summer-early fall:
- The drop in home sales of 7.0% from August was less than half
of the 2015-2019 average decline of 15.3%. Year over year, sales
were down 4.2%.
- The month-over-month Median Sales Price decline of 1.1% was
one-third of the 2015-2019 average August-to-September drop of
3.4%. Year over year, the Median Sales Price is up 12.5%, with
September being the fourth highest in report history. Home prices
have increased year over year for 33 consecutive months.
- Reflecting both the number of homes coming on the market and
the velocity of sales, the 4.9% month-over-month drop in active
inventory was more than double the 2015-2019 average
August-to-September decline of 2.3%. Inventory was down 23.6%
year-over-year. Nine months into 2021, inventory has declined month
over month in all but June and July.
September's average Days on Market of 25 was one day more than
August and reflected sales that were 14 days faster, on average,
than in September 2020. The 1.5
Months Supply of Inventory in September was an increase over
August's 1.4, but was below September 2020's 2.0 Months Supply.
Highlights and the local markets leading various metrics for
September include:
Closed Transactions
Of the 52 metro areas surveyed in September
2021, the overall average number of home sales is down 7.0%
compared to August 2021, and down
4.2% compared to September 2020. Leading the year-over-year
sales percentage increase were Honolulu,
HI at +22.5%, Wilmington/Dover,
DE at +9.4%, and Orlando,
FL at +6.8%. The markets with the biggest decrease in
year-over-year sales percentage were New
Orleans, LA at -40.2%, Burlington,
VT at -19.0%, and Salt Lake City,
UT at -14.9%.
Closed
Transactions:
5 Markets with the Biggest YoY
Decrease
|
Market
|
Sep 2021
Transactions
|
Sep 2020
Transactions
|
Year-over-
Year %
Change
|
New Orleans,
LA
|
1,001
|
1,674
|
-40.2%
|
Burlington,
VT
|
294
|
363
|
-19.0%
|
Salt Lake City,
UT
|
1,568
|
1,842
|
-14.9%
|
Omaha, NE
|
850
|
989
|
-14.1%
|
Boise, ID
|
1,756
|
2,033
|
-13.6%
|
Median Sales Price – Median of 52 metro median prices
In September 2021, the median of all
52 metro Median Sales Prices was $329,000, down 1.1% compared to August 2021, and up 12.5% from September 2020. No metro areas saw a
year-over-year decrease in Median Sales Price. Thirty-one metro
areas increased year-over-year by double-digit percentages, led by
Boise, ID at +28.8%, Salt Lake City, UT at +27.3%, and Phoenix, AZ at +24.5%.
Median Sales
Price: 5 Markets with the Biggest YoY
Increase
|
Market
|
Sep 2021
Median Sales
Price
|
Sep 2020
Median Sales
Price
|
Year-over-
Year %
Change
|
Boise, ID
|
$476,587
|
$369,990
|
+28.8%
|
Salt Lake City,
UT
|
$490,000
|
$385,000
|
+27.3%
|
Phoenix,
AZ
|
$411,000
|
$330,000
|
+24.5%
|
Raleigh-Durham,
NC
|
$375,000
|
$310,500
|
+20.8%
|
Tampa, FL
|
$316,382
|
$264,000
|
+19.8%
|
Days on Market – Average of 52 metro areas
The average
Days on Market for homes sold in September
2021 was 25, up one day from the average in August 2021, and down 14 days from the average in
September 2020. The metro areas with
the lowest Days on Market were Nashville,
TN at 10, Cincinnati, OH at
12, and Omaha, NE at 14. The
highest Days on Market averages were in Des Moines, IA at 83, followed by a two-way
tie between Miami, FL and
New York, NY at 60. Days on Market
is the number of days between when a home is first listed in an MLS
and a sales contract is signed.
Days on
Market: 5 Markets with the Biggest YoY
Decrease
|
Market
|
Sep 2021
Days on
Market
|
Sep 2020
Days on
Market
|
Year-over-
Year %
Change
|
Raleigh-Durham,
NC
|
18
|
41
|
-56.1%
|
Billings,
MT
|
16
|
36
|
-55.6%
|
Tampa, FL
|
21
|
46
|
-54.3%
|
Nashville,
TN
|
10
|
22
|
-52.0%
|
New Orleans,
LA
|
25
|
50
|
-50.0%
|
Months Supply of Inventory – Average of 52 metro
areas
The number of homes for sale in September 2021 was down 4.9% from August 2021 and down 23.6% from September 2020. Based on the rate of home sales
in September 2021, the Months Supply
of Inventory increased to 1.5 compared to 1.4 in August 2021 and decreased compared to 2.0 in
September 2020. A six months supply
indicates a market balanced equally between buyers and sellers. In
July 2021, of the 52 metro areas
surveyed, zero metro areas reported a months supply at or over six,
which is typically considered a buyer's market. The markets with
the lowest Months Supply of Inventory were Albuquerque, NM at 0.6, followed by a
three-way tie between Raleigh-Durham,
NC, Charlotte, NC, and
Seattle, WA at 0.7.
Months Supply of
Inventory: 5 Markets with the Biggest YoY
Decrease
|
Market
|
Sep 2021
Months
Supply of
Inventory
|
Sep 2020
Months
Supply of
Inventory
|
Year-over-
Year %
Change
|
Albuquerque,
NM
|
0.6
|
2.0
|
-70.0%
|
Hartford,
CT
|
1.0
|
2.5
|
-60.0%
|
Providence,
RI
|
1.2
|
2.8
|
-57.1%
|
Orlando,
FL
|
1.0
|
2.2
|
-54.5%
|
Honolulu,
HI
|
1.6
|
3.2
|
-50.0%
|
Raleigh-Durham,
NC
|
0.7
|
1.4
|
-50.0%
|
*Honolulu &
Raleigh-Durham are tied for 5th largest decrease YoY
|
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mediarelations@remax.com.
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Description
The RE/MAX National Housing Report is
distributed each month on or about the 15th. The first
Report was distributed in August 2008. The Report is based on
MLS data in approximately 52 metropolitan areas, includes all
residential property types, and is not annualized. For maximum
representation, many of the largest metro areas in the country are
represented, and an attempt is made to include at least one metro
from each state. Metro area definitions include the specific
counties established by the U.S. Government's Office of Management
and Budget, with some exceptions.
Definitions
Transactions are the total number of
closed residential transactions during the given month. Months
Supply of Inventory is the total number of residential properties
listed for sale at the end of the month (current inventory) divided
by the number of sales contracts signed (pended) during the
month. Where "pended" data is unavailable, this calculation is
made using 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. Median Sales Price is the median of the
median sales prices in each of the metro areas included in the
survey.
MLS data is provided by contracted data aggregators, RE/MAX
brokerages and regional offices. While MLS data is believed to be
accurate, it cannot be guaranteed. MLS data is constantly
being updated, making any analysis a snapshot at a particular time.
Every month the RE/MAX National Housing Report re-calculates the
previous period's data to ensure accuracy over time. All raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC