RE/MAX National Housing Report for November 2019
Years of shrinking inventory gave means by November to a second consecutive month of year-over-year increase the number of real estate listings, as per the RE/MAX National Housing Report. The no reason: Home sales declined for the fourth consecutive month in comparison to the same months in 2017. In spite of this, home remained strong.
Across the 53 metro areas surveyed, inventory rose 3.0% C the highest monthly year-over-year gain in the 10-year good reputation for the report, following October’s 1.0% increase that ended a streak of 119 months of year-over-year declines going back November 2008. The Months Availability of Inventory rose to a few.9, very high for virtually any month since 4.2 in December 2016.
November home sales, meanwhile, declined 6.9%, that has been the second-largest year-over-year decline of 2019 as well as the biggest year-over-year sales decline for November in 5 years. At the moment only April and July sales exceeded 2017 totals for that corresponding months.
“The path to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to begin to see the small uptick in inventory, and the drop in November sales isn’t too surprising C as a result of recent trends, the mid-term elections, plus the earlier-than-usual Thanksgiving holiday. When we near year-end, three main themes appear clear C buyers are grappling with affordability issues and tight inventory; sellers are unsure how to interact to the cooling market; and houses priced properly are nevertheless selling rather quickly. The three underscore the fact that the guidance of your professional agent is more critical in times like these.”
November’s Median Sales Cost of $235,000 was 4.0% above November 2017 the highest November price within the report’s history. It marked the 32nd consecutive month of year-over-year price increases. Comparing the primary 11 months of 2019 to 2017, home prices are up 6.0%.
Even with declining sales, homes sold at record speed for November. Homes spent around 51 Days on Market, as opposed to previous November low of 54 days set in 2009.
Of the 53 metro areas surveyed in November 2019, the general average number of home sales is down 10.1% as compared to October 2019, and down 6.9% as compared to November 2017. Nine of your 53 metro areas experienced a rise sales year-over-year, including Burlington, VT, +8.8%, Albuquerque, NM, +6.8%, New Orleans, LA, +5.4% and Tampa, FL, +5.1%.
Median Sales Price C Median of 53 metro median prices
In November 2019, the median of 53 metro Median Sales Price was $235,000, akin to October 2019, and up 4.0% from November 2017. Just two metro areas saw a year-over-year lessing of Median Sales Price: Honolulu, HI, -3.2%, and Birmingham, AL, -0.7%. Three metro areas increased year-over-year by double-digit percentages: Boise, ID, +18.2%, Las vegas, nv, NV, +12.2%, and Wichita, KS, +11.4%. Days on Market C Average of 53 metro areas The standard Days on Market for homes purchased November 2019 was 51, up 3 days from your average in October 2019, and down 72 hrs in the November 2017 average. The metro areas with all the lowest Days on Market were Omaha, NE, at 26; S . f ., CA, at 31; Boise, ID, and Nashville, TN, both at 33; and at 34, Salt Lake City, UT, Denver, CO, and Sin city, NV. The greatest Days on Market averages were in Augusta, ME, at 110, Hartford, CT, at 90, and also at 78, Chicago, IL, and Miami, FL. Days on Information mill the amount of days between anytime a property is first listed in an MLS as well as a sales contract is signed.
Months Source of Inventory C Average of 53 metro areas
The quantity of real estate in November 2019 was down 7.1% from October 2019 or older 3.0% from November 2017. In accordance with the rate of home sales in November, the Months Way to obtain Inventory increased to a few.9 from 3.5 in October 2019, and increased in comparison to November 2017 at 3.6. A six-month supply indicates industry balanced equally between clientele. In November 2019, all of the 53 metro areas surveyed except Miami, FL, at 9.0, and Augusta, ME, at 7.0, reported a months supply at or below six, which is typically considered a seller’s market. The markets using the lowest Months Flow of Inventory were, at 2.0, Frisco, CA, Boise, ID, and Denver, CO, with Minneapolis, MN, next at 2.2.