Welcome!

News Feed Item

Home Sales Hit Slower Pace, Prices Rise

RE/MAX National Housing Report on 52 Metro Areas

DENVER, Aug. 14, 2014 /PRNewswire/ -- July home sales moderated from the month-over-month increases of the last four months, falling below June sales by 3.1% and dropping 6.8% below the number of sales seen in July 2013. While 2014 sales have not been rising as rapidly as sales in 2013, this year remains well above the sales of the same period in 2012.  Home prices continue to rise, but at a slower rate than in 2014. July home prices were 7.9% higher than prices last July. The inventory of homes for sale is moving in the right direction, with year-over-year losses growing smaller each month. Three of the last four months have seen month-over month increases in inventory. At the rate of home sales in July, the Months Supply of inventory increased to 4.3, where a supply of 6.0 indicates a market balanced equally between buyers and sellers.

RE/MAX, LLC Logo

"After a slow start to the year, 2014 home sales have been improving. Sales are following the expected seasonal pattern and are approaching the levels we saw last year. As inventory continues to build the recovery continues at a more stable and sustainable rate," said Margaret Kelly, RE/MAX CEO.  

Closed Transactions – Year-Over-Year Change
In the July RE/MAX National Housing Report, the number of home sales dropped 3.1% below the sales in June and also fell 6.8% lower than July 2013 sales. Home sales in 2014 have not risen to the levels seen in 2013, but they are greater than what was seen in 2012 and are following the normal seasonal trends. Four of the last five months have reported higher sales than the previous month. However, only 13 of the 52 metros survey reported sales higher than one year ago including: Tulsa, OK +9.8%,  Burlington, VT +9.6%, Honolulu, HI +5.7%, Manchester, NH +3.8%, Birmingham, AL +3.5% and New Orleans, LA +3.1%. 

Median Sales Price
In the 52 metropolitan areas surveyed in July, the Median Sales Price of all homes sold was $204,550. This was 2.4% lower than the median price in June, but 7.9% higher than the median price seen in July 2013. On a year-over-year basis, the Median Sales Price has now risen for 30 consecutive months. Because inventory is improving, home prices are not rising as rapidly as last year, when the July Median Sales Price rose 11.5%. Among the 52 metro areas surveyed, 44 reported higher sales prices than one year ago. The largest price increases occurred in:  Miami, FL +10.5%, Las Vegas, NV +9.7%, Dallas-Ft. Worth, TX +9.1%, Orlando, FL +9.0%, San Francisco, CA +7.9% and Nashville, TN +7.6%.

Days on Market – Average of 52 Metro Areas
The average Days on Market for all homes sold in July was 60, two days less than the average seen in both June and July last year. July becomes the 26th consecutive month with an average Days on Market below 90.  The low Days on Market average continues to be the result of a low inventory of homes for sale and high demand. 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
The inventory environment continues to improve. The inventory of homes for sale in July was just 1.1% lower than June and 3.5% lower than last July. For seven of the last eight months, year-over-year inventory reductions have been less than the previous month. At the rate of July home sales, there was a 4.3 Months Supply of Inventory, up slightly from 4.1 in June and 4.0 in July 2013. Metros continuing to experience low Months Supply include:  San Francisco, CA 1.5, Denver, CO 1.7, Boston, MA 2.4, Houston, TX 2.4, Dallas-Ft. Worth, TX 2.4, San Diego, CA 2.7, Seattle, WA 2.8 and Honolulu, HI 2.9.

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 96,000 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 $140 million for Children's Miracle Network Hospitals® 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.

For the latest news about RE/MAX, please visit www.remax.com/newsroom.

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.

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
"Storage is growing. All of IDC's estimates say that unstructured data is now 80% of the world's data. We provide storage systems that can actually deal with that scale of data - software-defined storage systems," stated Paul Turner, Chief Product and Marketing Officer at Cloudian, in this SYS-CON.tv interview at 17th Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...