April 2018 RE/MAX National Housing Report

Rising Prices, Fewer Sales Driven by Record-Breaking Low Inventory. If you are searching for a new home, odds are you’re not finding many homes on the market. If you’re a seller, you might have likely noticed the value of your home is rising – regardless of what area of the country you are located in. The April 2018 Report uses numbers from March 2018.

April 2018 National Housing Report

As per the April 2018 RE/MAX National Housing Report, home prices continued to climb year-over-year for the 24th consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it feel like a seller’s market in the majority of regions of the us.

“Homebuyers shouldn’t be discouraged by the record-breaking numbers – even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report,” said RE/MAX CEO Adam Contos. “It’s more important than ever to work with an experienced RE/MAX agent who is invested and involved in their community. They are dialed into the nuances of a neighborhood, making your home search or sale easier and quicker.”

Whenever the Months Supply of Inventory falls below 6 months, it’s a seller’s market, and every one of the 54 metro areas surveyed for the monthly housing reported under 6 months of inventory.

“We also look at the Days on Market as another indicator of tight inventory and the national average stands at 60 days,” said Contos. “That’s four days less than a year ago and another March record-breaker.”

Closed Transactions
Of the 54 metro areas surveyed in March 2018, the overall average quantity of home sales increased +36.6% in comparison to February 2018 and decreased -5.3% compared to March 2017. Nine of the 54 metro areas experienced a boost in sales year-over-year including, Milwaukee, WI, +22%, Boise, ID, 7.3%, Albuquerque, NM, +6.7%; and Anchorage, AK, +3.8%.

Median Sales Price – Median of 54 metro median prices
In March 2018, the median of all 54 metro Median Sales Prices was $236,000, up +3.2% from February 2018 and up +4.9% from March 2017. Four metro areas saw a year-over-year decline in Median Sales Price including, Anchorage, AK, -3.4%, Billings, MT, -1.1%, Trenton, NJ, -0.5%; and Manchester, NH, -.02%. Twelve metro areas increased year-over-year by double-digit percentages, with the largest increases observed in Boise, ID, +19.9%, San Francisco, CA, +19.4%; and Seattle, WA, and Las Vegas, NV, tied at +15.6%.

Days on Market – Average of 54 metro areas
The typical Days on Market for homes sold in March 2018 was 60, down 2 days from the average in February 2018, and down four days from the March 2017 average. The metro areas having the lowest Days on Market were San Francisco, CA, at 20, Seattle, WA, at 28, Denver, CO, at 30; and San Diego, CA, at 31. The highest Days on Market averages were in Augusta, ME, at 131, Burlington, VT, at 115, Chicago, IL, at 97; and Hartford, CT, at 96. 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 54 metro areas
The amount of homes for sale in March 2018 was down -0.5% from February 2018, and down -14.7% from March 2017. In accordance with the rate of home sales in March, the Months Supply of Inventory decreased to 2.5 from February 2018 at 3.1, along with decreased compared to March 2017 at 2.7. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In March 2018, all 54 metro areas surveyed reported a months supply less than 6.0, which is typically considered a balanced market. The markets with the lowest Months Supply of Inventory continue to be in the west with San Francisco, CA, at 0.7, Denver, CO, and Seattle, WA, both at 0.9; and Boise, ID, and Omaha, NE, at 1.1.

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(all data current as of 11/22/2024)

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