Skip to main content

RE/MAX: Median Price Soars as Home Sales Decline

Phil Hall
Jul 18, 2019
Photo credit: Getty Images/Andrii Yalanskyi

Contrary to the Rodgers and Hammerstein song, June was not busting out all over when it came to home sales, according to the latest RE/MAX National Housing Report.
Of the 54 metro areas surveyed by RE/MAX in June, the overall average number of home sales was down 4.7 percent from May and down 7.8 percent from to June 2018. Three New England metro areas had the strongest month-over-month sales percentage increases: Burlington, Vt. (21.8 percent), Boston (13.4 percent) and Hartford, Conn. (13.1 percent).
But while sales dropped, RE/MAX reported the median sales price for June was $276,000, an all-time high in the 10-year history of the report. Three metro areas increased year-over-year by double-digit percentages–Boise, Idaho (10.7 percent); Albuquerque, N.M. (10.4 percent); and Philadelphia (10 percent)–while San Francisco and Hartford were only markets with a year-over-year decline at two percent and 0.1 percent, respectively. RE/MAX also reported the number of days on the market in June was 44 while the supply of inventory was 2.8 months.
"Record prices appear to have kept June sales figures from topping a strong May," said RE/MAX CEO Adam Contos. "Nevertheless, there are indications, including the return of very favorable mortgage rates, that the pace could pick up in July. Several encouraging longer-term trends—ongoing demand, improving inventory levels, low interest rates—are helping the market make incremental progress on multiple fronts. But supply remains a concern, so we need more homes to be built."

Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021
FAU Index Shows Where Consumers Should Buy Or Rent

Consumers are better off renting in cities like Dallas, Texas

Industry News
Jun 07, 2021
Verus Title Inc. Expands Into Dallas-Fort Worth Texas

Verus plans to take advantage of the Dallas-Fort Worth market before expanding throughout the state.

Jun 07, 2021
Freddie Mac Multifamily Extends Forbearance Deadline To September

Freddie Mac Multifamily extended the deadline for requesting a new COVID-19 forbearance agreement for its Multifamily loans to September 30, 2021.

Industry News
Jun 04, 2021
Fannie Mae Launches 'Your Own Story' To Educate Future Homebuyers

Fannie Mae is seeking to help demystify the homebuying process for future homeowners with “Your Own Story.” A new campaign to educate future homebuyers on the entire process.

Industry News
Jun 04, 2021