First Half of 2017 Finishes with Record Sales, Prices

July RE/MAX National Housing Report on MLS Data from 53 Metro Areas. Halfway through 2017, the U.S. housing market is on pace for yet another record year as four of the last half a year have topped same month sales from 2016, as reported by the July 2017 RE/MAX National Housing Report. June home sales were 1.4% more than June 2016, which had been previously the month with the best home sales in the nine-year history of the report. .

First Half of 2017 Finishes with Record Sales, Prices

The combination of increased sales along with a record low inventory that slipped further to 2.8 months concluded in higher sales prices. June’s median sales price of $245,000, up 7.5% over last June, also set a RE/MAX National Housing report record.The reality is, prices increased in 50 of the report’s 53 markets.

The typical number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87% of the markets.

Other notable numbers:

Thirty of the 53 metro areas experienced a boost in transactions.
The June 2017 Median Sales Price of $245,000 was the greatest in the history of the report.
Decreasing 15.2% from June 2016, inventory continued to drop year-over-year. This is actually the 104th consecutive month of year-over-year declines dating back to October 2008.
The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.

“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”

Closed Transactions
Of the 53 metro areas surveyed in June 2017, the overall average number of home sales increased 7.5% in comparison with May 2017 and 1.4% when compared to June 2016. Thirty of the 53 metro areas experienced an rise in sales year-over-year including, Trenton, NJ +14.9%, Fargo, ND +14.6%, Wilmington/Dover, DE +12.9%, Albuquerque, NM +10.4% and Billings, MT +10.4%.

Median Sales Price – Median of 53 metro median prices
In June 2017, the median of all 53 metro Median Sales Prices was $245,000, up 5.6% from May 2017 and up 7.5% from June 2016. Only three metro areas saw a decline in Median Sales Price (Trenton, NJ, -12.1%, Anchorage, AK, -2.5%, and Wilmington/Dover, DE, -1.3%). Ten metro areas increased by double-digit percentages, having the largest increases observed in Las Vegas, NV +13.7%, Nashville, TN +13.7%, Seattle, WA 12.3%, Manchester, NH +12.2%, and San Diego, CA +11.6%.

Days on Market – Average of 53 metro areas
The typical Days on Market for homes sold in June 2017 was 47, down four days from the average in May 2017, and down seven days from the June 2016 average. The four metro areas having the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 21 and San Francisco, CA at 22. The highest Days on Market averages were in Augusta, ME at 119 and Miami, FL at 85. Days on Market is the amount of days between each time a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The volume of homes for sale in June 2017 was up 1.2% from May 2017, and down 15.2% from June 2016. In accordance with the rate of home sales in June, the Months Supply of Inventory was 2.8, when compared with May 2017 at 2.6 and June 2016 at 3.2. This is the fourth consecutive month that months supply is actually below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In June 2017, 52 of the 53 metro areas surveyed reported a months supply of below 6.0, which happens to be typically considered a seller’s market. At 6.4, Miami, FL continued to be the only metro area that saw a months supply above 6.0, which is actually typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with San Francisco, CA at 1.0, Seattle, WA at 1.1, and Denver, CO at 1.2.

We have the stats for Hillsborough County available for you to download, if you would like to see any other county local to Tampa let us know and we can send you the information.

Ready to find your new home or maybe you want to see what the current market value of your present home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or:

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

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