Home Prices Continue Slide

By RE/MAX, LLC, Special for  USDR

While July home sales decreased slightly, homes sold at a faster rate than any month in nearly a decade, according to the August RE/MAX National Housing Report that analyzes housing data in 54* metro areas. To access the housing report infographic, visit  rem.ax/2cYFT50.

July home sales declined 0.8% year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4% higher year-over-year. Homes sold quickly in July, with an average 45 Days on Market, a record low for the  report.

Other notable numbers from this month’s RE/MAX National Housing Report  include:

  • Sales increased in 19 metro areas even as home sales declined 0.8% compared to July 2016.
  • The Median Sales Price of $239,950 was the highest for any July in the nine-year history of the report.
  • Inventory dropped 14.1% year-over-year, with 46 metro areas seeing fewer homes for sale or remaining unchanged. Year-over-year, inventory has declined every month since November 2008.
  • Months Supply of Inventory hovered at 3.1 months, a new July low in the report.

“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO“This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record  time.”

Closed  Transactions

Of the 54 metro areas surveyed in July 2017, the overall average number of home sales decreased 15.8% compared to June 2017 and 0.8% compared to July 2016. Nineteen of the 54 metro areas experienced an increase in sales year-over-year including, Las Vegas, NV, +19.8%, Wilmington/Dover, DE, +16.9%, Augusta, ME, +8.1%, Philadelphia, PA, +4.9% and Tampa, FL,  +4.8%.

Median Sales Price – Median of 54 metro median  prices

In July 2017, the median of all 54 metro Median Sales Prices was $239,950, down 1.0% from June 2017 but up 7.4% from July 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Billings, MT, -2.2%, Anchorage, AK, -0.7%, and Houston, TX, 0.0%). Seven metro areas increased by double-digit percentages, with the largest increases seen in Seattle, WA, +13.7%, Tampa, FL, +13.5%, Milwaukee, WI, +11.6%, Portland, OR, +11.4% and Charlotte, NC,  +11.0%.

Days on Market – Average of 54 metro  areas

The average Days on Market for homes sold in July 2017 was 45, down two days from the average in June 2017, and down eight days from the July 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 22 and San Francisco, CA at 24. The highest Days on Market averages were in Augusta, ME at 98 and Miami, FL at 81. 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 – Average of 54 metro  areas

The number of homes for sale in July 2017 was down 2.1% from June 2017, and down 14.1% from July 2016. Based on the rate of home sales in July, the Months Supply of Inventory was 3.1, compared to June 2017 at 2.8 and July 2016 at 3.5. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2017, 52 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 7.4 and 6.2 respectively, Miami, FL and Augusta, ME were the only metro areas that saw a months supply above 6.0, which is 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 1.2, Seattle, WA at 1.3, Denver, CO at 1.4 and Omaha, NE at  1.6.

About the RE/MAX  Network:

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 115,000 agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX, when measured by residential transaction sides. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE:RMAX). With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $157 million for Children’s Miracle Network Hospitals® and other charities. For more information about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit  www.remax.com/newsroom.


The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 54 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some  exceptions.


Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the  survey.

MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS  organization.

*The Cincinnati metro area was recently added to the RE/MAX National Housing  Report


All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.