Welcome!

News Feed Item

March Home Sales Rebound, Prices Rise Higher

RE/MAX National Housing Report on 52 Metro Areas

DENVER, April 17, 2014 /PRNewswire/ -- For the first time in 2014, March saw home sales increase over the previous month.  While sales were 10.1% below the levels of one year ago, they rose a significant 24.6% higher than February sales.  Every one of the 52 metro areas surveyed for the March RE/MAX National Housing Report saw an increase in sales over February. The median price of homes sold in March was 8.8% higher than the median price in March 2013.  A continuing low inventory of homes for sale has pressured prices to rise, especially in markets that have experienced an accelerated recovery. On a year-to-year basis, March became the 12th consecutive month with fewer inventory losses than the previous month. At the rate of sales in March, the Months Supply of inventory fell to 4.1, where a supply of 6.0 indicates a market balanced equally between buyers and sellers.

RE/MAX, LLC Logo.

"Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer.  Many potential homebuyers who weren't able to get out and tour homes in January and February may still enter the market and impact sales in the next few months," said Margaret Kelly, RE/MAX CEO.

Closed Transactions – Year-Over-Year Change
March home sales rose by an average of 24.6% over sales in February.  While unusually harsh weather impacted January and February sales, the March increase marks the beginning of the 2014 home selling season.  The market still has ground to make up from the slow start and remains 10.1% below March 2013 sales.  However, for the first time in the Report's history (since August 2008), all 52 metro areas surveyed saw a monthly sales increase. The sharpest increases were seen in: Fargo, ND +57.0%, Providence, RI +39.2%, Burlington, VT +38.7%, Raleigh & Durham, NC +35.8%, Des Moines, IA +35.8%, Milwaukee, WI +34.3% and Pittsburgh, PA +32.7%. 

Median Sales Price
In the 52 metro areas surveyed for the March RE/MAX National Housing Report, the Median Sales Price for all homes sold was $186,941, which is a higher price than both the previous month and the same month a year ago. The March Median Sales Price was 3.6% higher than February's price and 8.8% above the price seen last March.  On a year-to-year basis, the Median Sales Price has now increased for 26 consecutive months. Over these several months, the low inventory situation has caused significant pressure on home prices.  Among the 52 metro areas surveyed, 41 reported higher sales prices than one year ago.  Of those, 16 reported double-digit increases including:  Detroit, MI +34.9%, Las Vegas, NV +23.3%, San Francisco, CA +18.6%, Miami, FL +17.1%, Honolulu, HI +16.0% and Atlanta, GA +14.7%.

Days on Market – Average of 52 Metro Areas
The average Days on Market for all homes sold in March was 77, which was 2 days less than the average in February, but 8 days less than the average in March 2013.  March marks the 22nd consecutive month with an average Days on Market below 90.  The low Days on Market average is mostly associated with a reduced inventory of homes for sale. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed. 

Months Supply of Inventory – Average of 52 Metro Areas
A low supply of homes for sale continues to characterize today's market. However, the rate of year-to-year inventory reduction is declining. The inventory of homes for sale in March was just 0.2% less than February and 5.9% less than last March, when the year-to-year inventory loss was 29.5%.  At the current rate of sales, there is a 4.1 Months Supply of inventory.  Metros with a very low Months Supply include:  Denver, CO 0.5, San Francisco, CA 1.1, Boston, MA 2.1, Dallas-Ft. Worth, TX 2.1, Houston, TX 2.1, Seattle, WA 2.1, Los Angeles, CA 2.2, and Washington, DC 2.2. A supply of 6.0 is considered balanced.

Contact
For specific data in this report or to request an interview, please contact (303) 796-3405 or [email protected].

About the RE/MAX Network:
RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 93,000 agents provide RE/MAX a global reach of more than 95 countries. Nobody sells more real estate than RE/MAX.

RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, is a subsidiary of RE/MAX Holdings, Inc. (NYSE:RMAX).

With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $130 million for Children's Miracle Network Hospitals®, Susan G. Komen® and other charities.

For more information about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com.

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.  Month's 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 price of all residential properties sold during the month.

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.

Logo - http://photos.prnewswire.com/prnh/20130930/LA87949LOGO

SOURCE RE/MAX, LLC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.