High demand and tight inventory meant a competitive housing market this summer which continued through August
High demand and tight inventory meant a competitive housing market this summer which continued through August.
The RE/MAX National Housing Report shows that sales last month were 0.84% below August 2016, which is the month-record for the report’s 9-year history. However, sales exceeded July by 2.8%.
National sales were also impacted by a 21.3% month-over-month and 27.5% year-over-year drop in the Houston market following Hurricane Harvey.
Inventory continued to tighten in the 54 markets surveyed, to 3.9% below that of July and 13.7% below August 2016. Months of supply slipped to 3.1 months, a report record for the month. Days on market was also a record-breaker at 47 days.
"The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar," said Adam Contos, RE/MAX Co-CEO.
The median sales price was down slightly from $239,950 in July to $236,475 in August, 5.4% up from August 2016.
"Overall, we're still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern."
The RE/MAX National Housing Report shows that sales last month were 0.84% below August 2016, which is the month-record for the report’s 9-year history. However, sales exceeded July by 2.8%.
National sales were also impacted by a 21.3% month-over-month and 27.5% year-over-year drop in the Houston market following Hurricane Harvey.
Inventory continued to tighten in the 54 markets surveyed, to 3.9% below that of July and 13.7% below August 2016. Months of supply slipped to 3.1 months, a report record for the month. Days on market was also a record-breaker at 47 days.
"The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar," said Adam Contos, RE/MAX Co-CEO.
The median sales price was down slightly from $239,950 in July to $236,475 in August, 5.4% up from August 2016.
"Overall, we're still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern."
