RE/MAX Nationwide Housing Report for August 2021

DENVER, Sept. 17, 2021 /PRNewswire/ — August house gross sales dropped 3.5% from July’s complete – and the Median Sale Worth slipped 1.2% to $335,000 – as seasonal norms signaled that 2021’s busiest homebuying and promoting months are most likely behind us. Regardless of these drops, August nonetheless virtually broke data for house gross sales signaling a still-hot market.

August’s low variety of Days on Market (24) and meager Months Provide of Stock (1.3) reversed two months of stock beneficial properties as sturdy demand amid tight stock circumstances endured.

“The slight seasonal decline in house gross sales from July to August was countered by this being the second-highest August gross sales complete within the 13-year historical past of our report. So, though we look like previous the blistering summer season peak, the market continues to be very lively,” says Nick Bailey, President, RE/MAX, LLC. “In actual fact, the drop in house costs would possibly sign to potential sellers that it is time to get off the fence in case they fall additional, which in flip might draw extra consumers again into the combo. In any case, it appears seemingly that the mixture of super-quick gross sales and a extreme lack of stock can be with us for the foreseeable future.”

With year-over-year comparisons skewed by the pandemic, July-to-August averages for 2015-2019 illustrate what’s typical in late summer season:

  • The month-over-month decline of 1.2% in August’s Median Gross sales Worth compares with the 2015-2019 common July-to-August drop of 1.0%. Yr over 12 months, the Median Gross sales Worth is up 13.2%.
  • The 6.2% month-over-month drop in lively stock was almost double the 2015-2019 common July-to-August decline of three.3%. Stock is down 26.7% year-over-year. 
  • Dwelling gross sales dropped 3.5% from July, in comparison with the 2015-2019 common decline of two.1%. Nevertheless, August house gross sales had been one of many largest totals of any month within the 13-year historical past of the report and the second-largest for the month and 12 months over 12 months, gross sales had been up 0.6%.

August’s common Days on Market of 24 was at some point greater than July and mirrored gross sales that had been 18 days quicker, on common, than in August 2020. The Months Provide of Stock in August of 1.3 declined from July’s 1.5 and was considerably lower than August 2020’s 1.9 Months Provide.

Highlights and the native markets main numerous metrics for August embody:

Closed Transactions 

Of the 51 metro areas surveyed in August 2021, the general common variety of house gross sales is down 3.5% in comparison with July 2021, and up 0.6% in comparison with August 2020.  Main the year-over-year gross sales share improve had been New York, NY at +55.1%, Honolulu, HI at +37.3%, and Las Vegas, NV at +12.5%.

Closed Transactions:
5 Markets with the Largest YoY Enhance



Market

Aug 2021
Transactions

Aug 2020
Transactions

Yr-over-
Yr %
Change

New York, NY



3,799

2,450

+55.1%

Honolulu, HI

1,098



800

+37.3%

Las Vegas, NV

4,101

3,646



+12.5%

Seattle, WA

7,415

6,725

+10.3%



Richmond, VA

1,885

1,743

+8.1%

Median Gross sales Worth – Median of 51 metro median costs

In August 2021, the median of all 51 metro Median Gross sales Costs was $335,000, down 1.2% in comparison with July 2021, and up 13.2% from August 2020. No metro areas noticed a year-over-year lower in Median Gross sales Worth. Thirty-six metro areas elevated year-over-year by double-digit percentages, led by Boise, ID at +30.6%, Phoenix, AZ at +24.9%, and Salt Lake Metropolis, UT at +22.3%.

Median Gross sales Worth:
5 Markets with the Largest YoY Enhance

Market

Aug 2021
Median Gross sales
Worth

Aug 2020
Median Gross sales
Worth



Yr-over-
Yr %
Change

Boise, ID

$476,005

$364,423

+30.6%



Phoenix, AZ

$405,950

$325,000

+24.9%

Salt Lake Metropolis, UT



$471,000

$385,000

+22.3%

Billings, MT

$328,450



$270,000

+21.6%

Las Vegas, NV

$375,000

$309,000



+21.4%

Days on Market – Common of 51 metro areas

The common Days on Marketplace for properties bought in August 2021 was 24, up at some point from the typical in July 2021, and down 18 days from the typical in August 2020. The metro areas with the bottom Days on Market had been a two-way tie between Cincinnati, OH and Nashville, TN at 10, and Omaha, NE at 13. The best Days on Market averages had been in Des Moines, IA at 83, Miami, FL at 67, and New York, NY at 57. Days on Market is the variety of days between when a house is first listed in an MLS and a gross sales contract is signed.

Days on Market:
5 Markets with the Largest YoY Lower

Market



Aug 2021
Days on
Market

Aug 2020
Days on
Market

Yr-over-
Yr %
Change

Raleigh-Durham, NC

16



44

-63.6%

Las Vegas, NV

16

45



-63.3%

Billings, MT

19

51

-62.7%



Tampa, FL

20

51

-60.8%

Augusta, ME



30

76

-60.5%

Months Provide of Stock – Common of 51 metro areas

The variety of properties on the market in August 2021 was down 6.2% from July 2021 and down 26.7% from August 2020. Primarily based on the speed of house gross sales in August 2021, the Months Provide of Stock decreased to 1.3 in comparison with 1.5 in July 2021, and decreased in comparison with 1.9 in August 2020. A six months provide signifies a market balanced equally between consumers and sellers. In August 2021, of the 51 metro areas surveyed, zero metro areas reported a month’s provide at or over six. The markets with the bottom Months Provide of Stock included a five-way tie amongst Albuquerque, NM, Raleigh-Durham, NC, Seattle, WA, Denver, CO, and Charlotte, NC at 0.6.

Months Provide of Stock:
5 Markets with the Largest YoY Lower

Market

Aug 2021
Months
Provide of
Stock

Aug 2020
Months
Provide of
Stock

Yr-over-
Yr %
Change



Albuquerque, NM

0.6

1.9

-68.4%

Windfall, RI



1.0

2.8

-64.3%

Hartford, CT

0.9



2.5

-64.0%

Orlando, FL

0.9

2.1



-57.1%

Raleigh-Durham, NC

0.6

1.3

-53.8%



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In regards to the RE/MAX Community

As one of many main world actual property franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with almost 140,000 brokers in additional than 110 international locations and territories. No one on this planet sells extra actual property than RE/MAX®, as measured by residential transaction sides. RE/MAX was based in 1973 by Dave and Gail Liniger, with an progressive, entrepreneurial tradition affording its brokers and franchisees the flexibleness to function their companies with nice independence. RE/MAX brokers have lived, labored and served of their native communities for many years, elevating thousands and thousands of {dollars} yearly for Youngsters’s Miracle Community Hospitals® and different charities. To be taught extra about RE/MAX, to look house listings or discover an agent in your group, please go to www.remax.com. For the newest information about RE/MAX, please go to information.remax.com.

Description

The RE/MAX Nationwide Housing Report is distributed every month on or concerning the 15th. The primary Report was distributed in August 2008. The Report is predicated on MLS information in roughly 51 metropolitan areas, consists of all residential property sorts, and isn’t annualized. For max illustration, lots of the largest metro areas within the nation are represented, and an try is made to incorporate at the very least one metro from every state. Metro space definitions embody the precise counties established by the U.S. Authorities’s Workplace of Administration and Finances, with some exceptions.

Definitions

Transactions are the full variety of closed residential transactions throughout the given month. Months Provide of Stock is the full variety of residential properties listed on the market on the finish of the month (present stock) divided by the variety of gross sales contracts signed (pended) throughout the month. The place “pended” information is unavailable, this calculation is made utilizing closed transactions. Days on Market is the variety of days that cross from the time a property is listed till the property goes below contract for all residential properties bought throughout the month. Median Gross sales Worth is the median of the median gross sales costs in every of the metro areas included within the survey.  

MLS information is offered by contracted information aggregators, RE/MAX brokerages and regional workplaces. Whereas MLS information is believed to be correct, it can’t be assured. MLS information is consistently being up to date, making any evaluation a snapshot at a selected time. Each month the RE/MAX Nationwide Housing Report re-calculates the earlier interval’s information to make sure accuracy over time. All uncooked information stays the mental property of every native MLS group.

 

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SOURCE RE/MAX, LLC

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