RE/MAX Housing Report: Home Prices, Sales & Inventory Improve

May 16, 2013 by · Comments

home-sales-upLow inventory has characterized the housing recovery for several months, but may be finally showing signs of improvement.  The number of homes for sale in April inched 1.6% higher than the number seen in March, the first monthly increase since June 2010.  At the same time, Closed Transactions and Median Prices both remained 10% higher than last year’s levels. The April RE/MAX National Housing Report, a survey of MLS data from 52 U.S. metropolitan areas, contained signs of a strong housing recovery in regions across the country.  Low inventories contribute to a limited growth in sales, preventing some buyers from closing on the home of their choice.  But if inventories can rise to a more balanced level, the recovery should strengthen and experience even more home sales. The Months Supply of homes for sale at April’s pace of sales was just 3.6 months, the lowest supply since the RE/MAX National Housing Report began in August 2008.   A balanced market is achieved with a Months Supply of 6.

The above is an excerpt from the monthly RE/MAX National Housing Report; read the full two-page report.

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RE/MAX National Housing Report: Home Selling Season Starts Strong

March 18, 2013 by · Comments

home-sales-upIn February, both home sales and prices rose higher than a year ago. After a decisive housing turnaround in 2012, this year looks to improve on recovering market trends.  With data representing 52 metropolitan areas, the February RE/MAX National Housing Report shows home sales 2.3% greater than February 2012 and a median price 7.0% higher.  Still a concern is the number of available homes for sale, which continues to shrink, turning the market more favorable to sellers.  Home inventory fell 29.2% from last year, resulting in a 4.8-month supply.  In only the second month of the year, real estate agents are already seeing renewed consumer interest and are expecting increased traffic in the next few months.  As home prices recover in 2013, more homeowners will achieve positive equity and the number of foreclosures should be reduced.  The current recovery has not yet brought housing back to pre-crisis levels, but appears on its way to a more stable and sustainable environment.

The above is an excerpt from the monthly RE/MAX National Housing Report. Read the full two-page report.

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January Home Sales, Prices Push Higher

February 14, 2013 by · Comments

home-sales-upThe selling season in 2012 started early and continued through the whole year.  Now, the new year is starting at levels even higher than last January.  The January RE/MAX National Housing Report shows the recovery continues with home sales up 9.1% and prices up 8.0% from January last year.  Falling inventories are both a positive and negative factor for the recovery.  They have pushed prices higher, which helps underwater homeowners, but have also created a shortage of homes for potential buyers.  The inventory of homes for sale remains 28.9% below the levels seen in January 2012.  With fewer distressed properties and underwater homes, more home sellers in 2013 may be persuaded to place their homes on the market and move up.  As the inventory issue works its way back to a traditional balance, the housing market should continue a robust recovery in 2013.

The above is an excerpt from the monthly RE/MAX National Housing Report.  Click here for more information and to see the full two-page report.

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2012 Housing Market Finishes Strong

January 18, 2013 by · Comments

home-sales-upWithout question, 2012 was the long hoped-for turnaround year for the housing market. The RE/MAX National Housing Report shows a broad recovery across the country, with both home sales and prices rising almost every month of the year. For December, the number of home sales was up 3.8% and the median price of those homes rose 7.6%. Throughout the year, a favorable combination of record low interest rates, affordable prices and a shrinking inventory created opportunities that many consumers could not resist. The inventory of homes for sale fell each month of the year, ending the year at a level 29.1% below the inventory of December 2011. A reduced inventory helped home prices rise, but also made it difficult for many buyers to find the home of their dreams. The New Year should see the same trends continue.

“We can finally say that the worst of the housing crisis is now behind us, as 2012 saw dramatic increases in both sales and prices, with home buyers and sellers coming back to the market in numbers we’ve been anticipating for years,” said Margaret Kelly, CEO of RE/MAX, LLC. “The market started 2012 with a great surge, and we’re hoping that 2013 will be even stronger. We’re not completely out of the woods, but we’re well on the way to a solid and sustainable recovery.”

This is an excerpt from the RE/MAX National Housing Report; read the full two-page report here.

 

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November Home Sales and Prices Higher than Expected

December 18, 2012 by · Comments

November home sales saw the second-highest year-over-year increase in 2012, with a 15.7% rise from last November. October had a 17.8% increase, making sales this fall season unusually high. The November RE/MAX National Housing Report, a survey of MLS data in 52 metropolitan areas, also shows that home prices rose 6.9% higher than the prices seen in November 2011. The Median Price for homes sold this November was $163,750. Rising prices are due mostly to a dwindling inventory, which continued to drop across the country. The average number of homes for sale is now 29.1% lower than last year. Low inventory levels are having a negative impact on home sales in many markets, where there are more buyers than homes for sale.

The above is an excerpt from the monthly RE/MAX National Housing Report. Click here to read the full two-page report.

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RE/MAX Housing Report: Sales, Prices Remain Higher than 2011

November 16, 2012 by · Comments

Very Low Inventory Impacts Sales

October saw a continuation of the trend throughout the year, with both home prices and home sales rising above the levels seen one year ago. In the October RE/MAX National Housing report, a survey of MLS data in 52 metropolitan areas, closed transactions increased 17.8% over October 2011. The Median Home Price rose 2.1% higher than the median seen last October, representing the ninth month in a row that prices have been higher than the same month last year. The falling Inventory is a significant concern in many markets. The number of homes for sale in October was 28.9% lower than last October. This has caused prices to rise, but also presents a serious challenge for many homebuyers. Multiple offers and some bidding wars have occurred in markets where inventory is sharply lower.

The above is an excerpt from the monthly RE/MAX National Housing Report.  Click here to read the full two-page report.

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RE/MAX National Housing Report Says 2012 Housing Recovery is Real

October 16, 2012 by · Comments

Shrinking Inventory Reducing Sales

Both home prices and home sales in September continued at levels higher than last year, according to the RE/MAX National Housing report, a survey of MLS data in 52 metropolitan areas. For the eighth consecutive month, September’s median home price was higher than the previous year. Median prices rose 7.8% from September 2011. Home sales followed a seasonal pattern and dropped lower than levels seen in August, but maintained a level 0.5% higher than sales last year. Inventory was 29.1% below September 2011 and may have contributed to the drop in sales from August. While low inventories are creating bidding wars in some markets, they also have resulted in prices moving higher.

The above is an excerpt from the monthly RE/MAX National Housing Report.  Click here to read the full two-page report.

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2012 Housing Recovery Continues: July Sales, Prices Higher than 2011

August 27, 2012 by · Comments

2012 has become the year of the housing recovery. The July RE/MAX National Housing Report follows the trend of every month this year,  with increasing sales and increasing prices.  July home sales are 10.3% higher than sales last July and year-over-year home sales have now risen for 13 consecutive months.  Median home prices have now reached levels higher than the previous year for six months in a row, with an increase of 3.7% over July 2011.  Inventory is now becoming a serious challenge to this recovering market, with available homes-for-sale falling 26.8% lower than the same month last year. Home sales could be much greater if more inventory was available, especially in the lower price range ,where most sales are now occurring. With increased demand and shrinking inventory, the average Days on Market of homes sold in July was 82.

The above is an excerpt from the monthly RE/MAX National Housing Report.  Click here to read the full report.

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Home Prices & Sales Trend Higher, Recovery Continues

May 18, 2012 by · Comments

The national median home price rose for the third straight month in April, indicating that a housing recovery is strengthening in 2012. In the 53 metropolitan areas surveyed by the RE/MAX National Housing Report, median home prices were 3.2% higher than March and a solid 5.9% higher than April 2011. After 18 consecutive months of year-over-year price declines, February was the first month home prices experienced an increase. Now, March and April have followed suit creating a positive trend. The market continues to show strength with home sales 4.1% higher than April 2011. April becomes the 10thmonth sales have pushed higher than the same month a year earlier. Inventory, Months Supply and Days on Market are all trending lower. With current levels of sales and inventory, an expected up-tick in foreclosure properties could be absorbed if they come to market over a reasonable time frame.

The above is an excerpt from the monthly RE/MAX National Housing Report. Click here to read the full report.

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Home Prices Surge, Signaling Strong Selling Season

April 17, 2012 by · Comments

For the second month in a row, home prices have risen higher than a year ago. Median prices in March were an impressive 5.8% higher than March 2011 in the 53 metro areas surveyed for the RE/MAX National Housing Report. February marked the first time in 18 months that home prices rose higher than the previous year, and year-to-year price increases haven’t occurred in two consecutive months since August 2010. Home sales in March were 25.4% higher than February and 1.5% higher than March last year. For the last 9 months, sales have reached a level higher than the same month in the previous year. Following these trends, the spring and summer months should experience increased activity. With falling inventory and many markets witnessing multiple offers with bidding competitions, prices are likely to continue to rise in many areas.

The above is an excerpt from the monthly RE/MAX National Housing Report. Click here to read the full report.

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