Home sales up, inventory down
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Market Data
Friday, September 25, 2020
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The housing market in August set records for lowest inventory, days on market, and median sales price, according to a report from RE/MAX.
During August, year-over-year home sales rose 4.3 percent, which RE/MAX said was the third-highest total in the 13-year history of its report. Year-to-date, 2020 home sales trail 2019 by only 3 percent after being 9 percent lower through May, the company said.
“The demand for houses is easily eclipsing the available inventory in metro areas across the country. Buyers are moving forward in record numbers, unfazed by inventory challenges and consistently higher prices,” RE/MAX Holdings CEO Adam Contos said in a release. “Homeowners in a position to sell are seizing the opportunity – and benefiting from the one-two combination of enthusiastic, competitive buyers and significantly quicker turnaround times. In many respects, the current environment presents advantages on both sides of the equation.”
According to the report, the number of homes on the market in August dropped 29.6 percent year-over-year to an all-time report low. Meanwhile, median sales price in August reached $290,000, topping the previous report record of $285,000 set in July. Prices rose 11.5 percent from August 2019, the highest year-over-year increase in more than six years.
RE/MAX said homes spent 41 days on market – tying July 2018 for the shortest time in report history. It said 14 markets reported 30 days or less from listing to contract signing.
Chicago had the highest yearly sales increase in August (20.1 percent); followed by Boise, Idaho (15.7 percent); and Hartford, Conn. (15.2 percent).
RE/MAX said 30 metro areas had year-over-year double-digit percentage increases in median sales price, led by Augusta, Maine (22.8 percent); Tulsa, Okla. (21.8 percent); and Cincinnati (18.3 percent).
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