DENVER, Dec. 16, 2016 /PRNewswire/ -- Despite the typical
winter slowdown, November home sales finished 19.1% above a year ago and prices increased 1.4% over October. All but one of the
53 markets in the RE/MAX National Housing Report posted an increased number of sales over November
2015, with nearly half of the markets at least 20% higher. In all, last month saw more homes sold than any other November
in the eight-year history of the report.
With one month to go, 2016 is on pace to exceed what was a strong 2015. Year-over-year, 2016 has posted price increases or
stayed flat in all 11 months to date, and sales increases in nine months. November posted the largest percentage year-over-year
sales increase thus far in 2016.
Last month, the Median Sales Price among the 53 markets edged above October at $220,000 and
finished 8.9% higher than November 2015. As in the first 10 months of 2016, inventory continued to
drop year-over-year, with a decline of 17.0%.
November's Months Supply of Inventory was 4.0, compared to the 5.0 months supply reported in November
2015. Days On Market averaged 59, compared to 58 in October and 65 a year ago. For this month's housing report
infographic, visit rem.ax/2cYFT50.
"The continued decline of inventory and talk of rising interest rates may have contributed to November's surge of home
sales," said Dave Liniger, RE/MAX CEO, Chairman of the Board
and Co-Founder. "Over the past 11 months, the majority of markets have seen home prices return to their
pre-recession levels, reaffirming that 2016 has been the best year for the housing market since the recession."
Closed Transactions
Of the 53 metro areas surveyed in November, the average number of home sales increased 19.1% compared to one year ago,
which marks the second highest increase in the eight-year history of the report. This month, only one of the 53 metro areas
surveyed experienced a decrease in sales year-over-year (Miami, FL at -11.4%) while the
remaining 52 saw increases. The markets with the largest increase in sales include Billings,
MT +38.1%, Las Vegas, NV +34.9%, Boise, ID +33.1%,
Burlington, VT +30.7%, Honolulu, HI +30.3% and Phoenix, AZ, +29.1%.
Median Sales Price – Median of 53 metro median prices
In November, the median of all 53 metro Median Sales Prices was $220,000, up 1.4% from
last month and up 8.9% from November 2015. Of the 53 metro areas surveyed, all but two
(Burlington, VT and Des Moines, IA) saw year-over-year
increases with respect to Median Sales Price, 15 rising by double-digit percentages. The largest double-digit increases were seen
in Honolulu, HI +17.7%, Tampa, FL +15.9%, Dallas/Ft. Worth, TX +15.0%, Seattle, WA +13.2% and Birmingham, AL +13.1%.
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in November was 59, up one day from the average in October 2016, but down six days from this time last year. The two metro areas with the lowest Days on Market
are San Francisco and Denver at 32 and 33 respectively. The
highest Days on Market averages continue to be in Augusta, ME at 148, and Burlington, VT at 97. Days on Market is the number of days between when a home is first listed in an MLS and
a sales contract is signed.
Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in November was down 9.3% from October, and down 17.0% from November 2015. Based on the rate of home sales in November, the Months Supply of Inventory was 4.0, compared to
last month at 3.9 and last year at 5.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In
November, 49 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller's
market. The remaining four reported a months supply above 6.0 which is typically considered a buyers market. The markets with the
lowest Months Supply of Inventory continue to be San Francisco, CA at 1.3, Denver, CO at 1.5 and Seattle, WA 1.6, with Denver and Seattle seeing the same Months Supply of Inventory as last
month.
Contact
For specific data in this report or to request an interview, please contact newsroom@remax.com.
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 110,000
agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX, when
measured by residential transaction sides. RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services,
is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by 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 $150
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 53 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. Months 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 of the median
sales prices in each of the metro areas included in the survey.
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/november-home-sales-defy-seasonal-trend-300379969.html
SOURCE RE/MAX, LLC