National Home Report

March 2018 Housing Report: 4 Things to Know

One word sums up February home sales across the country – inventory. The lack of homes for sale continues to be the key factor as February marks the third consecutive month of year-over-year declines in home sales, coupled with quick sales and record prices. Here are key points from March’s report:

1. Slightly fewer transactions occurred

Of the 52 metro areas surveyed in February 2018, the overall average number of home sales increased about 3 percent compared to January 2018 and decreased .2 percent compared to February 2017. The beginning of the year is typically a slower selling season, but buyers should still work with their agents to navigate the competitive market.

2. Low inventory is driving prices up

The median sales price of a home sold in February was $228,700. That's nearly 8 percent higher than the median sales price in February 2017 and marks the 22nd consecutive month of year-over-year price increases.

3. Inventory continues to shrink

While the hot markets like Denver and San Francisco continue to see low supplies of inventory, we’re also watching more homebuyers migrate into unexpected markets. In one year, Billings, Montana, saw a 59 percent increase in home sales, along with Boise, Idaho, with a 25 percent increase in sales.

4. Days on market continue to drop

According to the March RE/MAX National Housing Report, home sales dropped 0.2% from February 2017, while the Days on Market average of 62 days was the lowest of any February in the report’s nine-year history.

Dig into the details of the ?...

February 2018 Housing Report: 4 Things to Know

We typically have to wait until March or even April to see the housing market begin to heat up. But with a record number of January home sales, it seems things are kicking into gear early this year. Here are key points from February’s report:

1. Homes are still selling fast

The average Days on Market for homes sold in January 2018 was 60, up three days from the average in December 2017, and down six days from the January 2017 average

2. Prices continue to rise

The median sales price of a home sold in January was $224,000. That’s nearly 7 percent higher than the median sales price in January 2017.

3. Home for sale are still in short supply

We still need more homes for sale.  The number of homes for sale in January 2018 was down 4.8% from December 2017, and down 14.8% from January 2017.

4. Slightly fewer transactions occurred

Of the 53 metro areas surveyed in January 2018, the overall average number of home sales decreased 27.4% compared to December 2017 and decreased 2.8% compared to January 2017. But we’re already starting to see the selling season heat up and whether you’re planning to buy or sell or both, now’s the time to contact an agent.

Dig into the details of the ?February 2017 RE/MA?X National Housing Report??? in the infographic below.

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