Re/MAX’s national September housing report reveals some good news for buyers in certain areas. As the country’s largest franchise-owned real estate company, RE/MAX shared the numbers from its latest national housing report. Based on the stats from September 2018, it appears the playing field is beginning to level off between buyers and sellers. The attention grabber? Nationally, year-over-year home sales dropped 11.6%.
According to RE/MAX, “the decline in home sales was the largest since May 2011. While inventory did continue to decline at 4.7%, it was the smallest decrease since August 2014.”
Before buyers do the happy dance, the median home price (tracked in 54 metro areas) did show a year-over-year increase to $241,000. Only three areas including Birmingham, Alabama, Anchorage, Alaska and Honolulu, Hawaii experienced slight declines in sales prices. Birmingham led the three with a 2.1% decrease.
Conversely, year-over-year price increases were good news for sellers in Boise, Idaho, Manchester, New Hampshire, and Salt Lake City. Boise prices rose 17.9% while Manchester’s prices increased by 13.4% and Salt Lake City saw an increase of 11.9%
Moving around the country, agents with boots on the ground report interesting individual market trends. In San Diego for September 2018 closed transactions at 2,446 were down month-over-month by 20.4%. Inventory supply was up 31.8% from September 2017. Marilyn Dashe, of RE/MAX At The Coast in Encinitas and San Diego, reports days-on-market “have gone from under 30 days to two to three months.”
Dashe has a few cautionary notes. “Sellers cannot compare their houses against the last sale if that sale was before September,” she says. “Starting…