RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Brand Report: Strong Home Sales, Limited Inventory Ahead of Coronavirus Uncertainty

Home Industry News
By RISMedia Staff
March 19, 2020
Reading Time: 3 mins read

Representing the last full month before the coronavirus became a global pandemic, February saw the third consecutive month of year-over-year increases in U.S. home sales—a streak not seen since 2015. At the same time, inventory across the report’s 53 metro markets plunged 15.8 percent, marking the fourth successive month of double-digit percentage, year-over-year declines.

“Strong February home sales and limited inventory defined U.S. housing ahead of the challenges brought on by the coronavirus emergency,” says Adam Contos, CEO of RE/MAX Holdings, Inc. “Even as we all adjust to the new landscape of social distancing and limited in-person interaction, houses will continue to be bought and sold. Overall, demand in February was high, inventory remains low and interest rates are attractive, but exact circumstances vary by community. Professional agents—the local experts—can offer tremendous value right now, providing clarity and expert guidance in an environment that’s new for everyone and changing every day.”

Before the coronavirus struck the U.S. on a large scale, home sales in February—which enjoyed an extra weekend day for Leap Year—increased 7.5 percent year-over-year, following strong increases of 13.5 percent and 10.5 percent in December and January. The previous streak of increasing year-over-year sales of three months or longer began in December 2015 and continued seven months into June 2016. That was also a period of large inventory declines, like the current stretch of year-over-year drops in inventory that is now at eight months.

February’s median sales price of $260,000 posted a year-over-year increase of 7.9 percent—the 14th consecutive month where home prices have shot up.

In the nearly 12-year history of the report, three February records were set last month:

  • Fewest Months Supply of Inventory: 2.8
  • Fewest Days on Market: 60
  • Highest Median Sales Price: $260,000

Closed Transactions
Of the 53 metro areas surveyed in February 2020, the overall average number of home sales is up 7.4 percent compared to January 2020, and up 7.5 percent compared to February 2019. Leading the year-over-year sales percentage increase were Los Angeles, Calif., at +32.2 percent, Las Vegas, Nev., at +28.0 percent, and Billings, Mont., at +20.1 percent.

Median Sales Price
In February 2020, the median of all 53 metro median sales prices was $260,000, up 2.0 percent from January 2020, and up 7.9 percent from February 2019. Fifteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, Ala., at +16.5 percent, Augusta, Maine, at +14.5 percent, and Milwaukee, Wis., at +13.9 percent. Three metro areas saw a year-over-year decrease in median sales price, with the largest decrease seen in Billings, Mont., at -5.2 percent.

Days on Market
The average days on market for homes sold in February 2020 was 60, up one day from the average in January 2020, and down two days from the average in February 2019. The metro areas with the lowest days on market were Omaha, Neb., at 28, and a two-way tie between Nashville, Tenn., and San Francisco, Calif., at 34. The highest days on market averages were in Des Moines, Iowa, at 119, Augusta, Maine, at 112, and Hartford, Conn., at 97. 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
The number of homes for sale in February 2020 was down 2.6 percent from January 2020 and down 15.8 percent from February 2019. Based on the rate of home sales in February 2020, the months supply of inventory decreased to 2.8 compared to 3.2 in January 2020, and decreased compared to 4.1 in February 2019. A six months supply indicates a market balanced equally between buyers and sellers. In February 2020, of the 53 metro areas surveyed, four metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest months supply of inventory were Denver, Colo., and Seattle, Wash., both at 1.1.

For more information, please visit www.remax.com.

ShareTweetShare

RISMedia Staff

Related Posts

Foreclosure Activity Rises in August
Industry News

Foreclosure Activity Rises in August

September 21, 2023
Strong to the Core: Attracting and Empowering Great People Drives NextHome’s Continued Growth
Best Practices

Strong to the Core: Attracting and Empowering Great People Drives NextHome’s Continued Growth

September 21, 2023
Berkshire Hathaway HomeServices Expands in Italy
Brokers

Berkshire Hathaway HomeServices Expands in Italy

September 21, 2023
Existing-Home Sales Decreased 0.7% in August
Industry News

Existing-Home Sales Decreased 0.7% in August

September 21, 2023
The Power of a Strong Digital Presence
Agents

The Power of a Strong Digital Presence

September 21, 2023
Mortgage Rates Remain Relatively Flat This Week
Industry News

Mortgage Rates Remain Relatively Flat This Week

September 21, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Do You Know How to Create a Comparative Market Analysis?

Become a pricing master with the Center for REALTOR® Development’s one-day certification course, “Pricing Strategies: Mastering the CMA.” Register today for the upcoming live virtual edition. Learn more.

Business Tip of the Day provided by

Recent Posts

  • Foreclosure Activity Rises in August
  • Strong to the Core: Attracting and Empowering Great People Drives NextHome’s Continued Growth
  • Berkshire Hathaway HomeServices Expands in Italy

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X