|By PR Newswire||
|August 14, 2014 04:26 PM EDT||
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.
"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.
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.
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.
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
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 27, 2017 04:00 AM EDT Reads: 969
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Mar. 27, 2017 03:45 AM EDT Reads: 2,935
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 27, 2017 03:15 AM EDT Reads: 3,124
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Mar. 27, 2017 03:00 AM EDT Reads: 2,956
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
Mar. 27, 2017 02:15 AM EDT Reads: 4,133
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 27, 2017 01:45 AM EDT Reads: 2,876
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 27, 2017 01:45 AM EDT Reads: 2,947
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 27, 2017 01:15 AM EDT Reads: 1,815
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 27, 2017 12:45 AM EDT Reads: 2,012
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 27, 2017 12:30 AM EDT Reads: 827
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Mar. 27, 2017 12:00 AM EDT Reads: 3,326
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Mar. 26, 2017 09:45 PM EDT Reads: 2,042
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Mar. 26, 2017 09:45 PM EDT Reads: 7,583
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
Mar. 26, 2017 08:30 PM EDT Reads: 6,133
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Mar. 26, 2017 07:45 PM EDT Reads: 9,595