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RE/MAX: Home Sales Down, But Price on the Rise

Phil Hall
Oct 16, 2017
Home prices during September increased nationally by 3.5 percent from one year earlier and were also up by 0.4 percent from August

Home sales declined in September, marking the fifth month this year when sales fell year-over-year, according to new data from RE/MAX. However, sale prices were up in September, which marked the 71st consecutive month of year-over-year price increases.
 
Last month saw a 4.2 percent year-over-year downturn in home sales across the 54 metro areas Sixteen of the 54 metro areas experienced an increase in sales year-over-year, with Billings, Mont., as the only market with a double-digit increase at 18.4 percent.
 
The median sales price for September was $225,000, down five from August but up 2.3 percent from September 2016. All but five metro areas experienced decrease increases—including, oddly, Billings, Mont., which saw a 2.2 percent price decline even while enjoying increased sales volume. Eight metro areas increased year-over-year by double-digit percentages, with the largest activity in Seattle (a 13.7 percent spike) and San Francisco (up 13.2 percent).
 
The average number of days on the market for homes sold in September was 49, up two days from the average in August but down seven days from the September 2016 average. The number of homes for sale in September was down 3.6 percent from August and down 14.1 percent from one year earlier. The inventory supply increased from 3.1-months in August to 3.6-months in September, but was lower than the 3.9-months’ supply in September 2016.
 
The number of homes for sale in September 2017 was down 3.6 percent from August 2017, and down 14.1 percent from September 2016. Based on the rate of home sales in September, the Month’s Supply of Inventory increased to 3.6 from August 2017 at 3.1, compared to September 2016 at 3.9.
 
“We’re not seeing any relief from the nationwide housing shortage as we enter the typically slower fall and winter selling seasons,” said Adam Contos, RE/MAXC-CEO. “Plain and simple, we need more homes, particularly at the entry-level price point. Until then, it will most likely continue to be a seller’s market with homes going from listed to sold quickly.”

 
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