RE/MAX said the current seller’s market will continue unless new homes are built, particularly at the entry-level price point
Home sales declined in September, representing the fifth month in 2017 to record a drop and marking the 71st straight month of year-over-year sale price gains, RE/MAX said in its October National Housing Report.
The company’s analysis of housing data in 54 metro areas showed a 4.2% year-over-year decline in home sales. The median sales price moved in the opposite direction to increase to $225,000. The September median sales price rose 2.3% from the year-ago period but is the lowest price since March.
In addition, the report found that home sales in Miami fell 35.2% year-over-year in the wake of Hurricane Irma. Meanwhile, Houston recorded a 3.2% gain in home sales in spite of the impact of Hurricane Harvey.
Housing inventory continued to be low in September, which saw 3.6 months of supply, the lowest for any September in the report’s nine-year history. The report also found that 23 markets had inventories of three months or less. Overall, inventory fell 14.1% from September 2016 with 46 metro areas recording declines in homes for sale.
“We’re not seeing any relief from the nationwide housing shortage as we enter the typically slower fall and winter selling seasons,” RE/MAX Co-CEO Adam Contos said. “Plain and simple, we need more homes, particularly at the entry-level price point. Until then, it will most likely continue to be a seller’s market with homes going from listed to sold quickly.”
Related stories:
Houston housing market rebounds post-Harvey
Strong close for summer housing market says RE/MAX
The company’s analysis of housing data in 54 metro areas showed a 4.2% year-over-year decline in home sales. The median sales price moved in the opposite direction to increase to $225,000. The September median sales price rose 2.3% from the year-ago period but is the lowest price since March.
In addition, the report found that home sales in Miami fell 35.2% year-over-year in the wake of Hurricane Irma. Meanwhile, Houston recorded a 3.2% gain in home sales in spite of the impact of Hurricane Harvey.
Housing inventory continued to be low in September, which saw 3.6 months of supply, the lowest for any September in the report’s nine-year history. The report also found that 23 markets had inventories of three months or less. Overall, inventory fell 14.1% from September 2016 with 46 metro areas recording declines in homes for sale.
“We’re not seeing any relief from the nationwide housing shortage as we enter the typically slower fall and winter selling seasons,” RE/MAX Co-CEO Adam Contos said. “Plain and simple, we need more homes, particularly at the entry-level price point. Until then, it will most likely continue to be a seller’s market with homes going from listed to sold quickly.”
Related stories:
Houston housing market rebounds post-Harvey
Strong close for summer housing market says RE/MAX
