Skip to main content

RE/MAX: Inventory Growth Highest in 10 Years

Feb 19, 2019
Do you agree with me that today’s housing supply has narrowed, and mortgage demand is uncertain

January recorded the greatest year-over-year growth in housing inventory in 10 years, according to new data from RE/MAX.
 
Although the number of homes for sale in January was down by 2.6 percent from December, it was up 6.4 percent from January 2018. This broke the previous record for inventory growth recorded by RE/MAX from December 2018, when the annualized growth was 4.7 percent.
 
But despite a wider selection of homes available, sales activity was desultory. Of the 54 metro areas tracked by RE/MAX in January, the overall average number of home sales was down 26.1 percent compared to December and down 11 percent compared to January 2018. Billings, Mont., was the only major metro with an increase in sales year-over-year, at 7.1 percent. The median sales price of all 54 metros in this data report was $234,000, down 2.5 percent from December and up 4.6 percent from January 2018.
 
"The winter chill extended to the housing market in January, as home sales remained cool," said RE/MAX CEO Adam Contos. "The good news is that inventory levels in January continued to rise on a year-over-year basis, providing incremental improvement in what's been a multi-year shortage of for-sale homes. This is a positive for homebuyers, as the market continues to swing their way."

 
About the author
Published
Feb 19, 2019
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024