Homes Selling Like Hotcakes

RE/MAX has released its September 2017 National Housing Report, which showed that the continuing trend of restricted inventory and high demand resulted in short on-the-market times. The organization notes that future reports will focus on the lasting effects of natural disasters, such as Hurricane Harvey in Houston, Texas, Hurricane Irma in Florida, and the wildfires in California.

Compared to July, August’s home sales were up 2.8 percent; however, they dropped 0.84 percent year-over-year. In a nine-year history since RE/MAX began the report, August 2016’s home sale numbers still hold the record. Since Hurricane Harvey struck Houston at the end of August, home sales have dropped 21.3 percent compared to July, and 27.5 percent year-over-year.

In the rest of the country, homes for sale is down 3.9 percent month-over-month and 13.7 percent year-over-year. Month Supply of Inventory set another monthly record for the report, at 3.1 months, which is up from May’s figure of 2.6 months, both of which, according to the report, are well below the 6-month figure that represents a balanced market of buyers and sellers.

Days on the market for the month of August was 47 days, nearly unchanged from July’s average of 45 days. August’s number is down seven days compared to 2016.

“Overall, we’re still seeing home prices rise year-over-year at just above historical averages—even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”