RE/MAX NATIONAL HOUSING REPORT FOR FEBRUARY 2024
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Home Sales Rise, With Sellers Getting Almost Full Listing Price
In a third of the markets of the 50 metros areas surveyed, buyers on average paid 98% or less, while in a quarter of the markets the average buyer paid 100% or more. At the current median sales price, 1% is equivalent to approximately
Meanwhile, inventory held relatively steady and dropped just 0.6% from January. Months supply of inventory (1.9) declined slightly from January's 2.1, but was up from last February's 1.6, and the number of homes for sale was 10.8% higher than a year ago.
In another indicator of increased demand, homes took an average of 44 days to sell in February – two days faster than January and one day faster than
"The February jump in sales activity illustrates the strength of demand in many markets. Buyers are out there looking for homes," said RE/MAX President
Highlights and local market results for February include:
Closed Transactions
Of the 50 metro areas surveyed in
Closed Transactions: | |||
Market |
|
| Year-over-Year |
974 | 836 | +16.5 % | |
107 | 93 | +15.1 % | |
2,657 | 2,317 | +14.7 % | |
795 | 710 | +12.0 % | |
1,879 | 1,681 | +11.8 % |
Median Sales Price – Median of 50 metro area prices
In
Median Sales Price: | |||
Market |
|
| Year-over-Year |
+23.7 % | |||
+21.7 % | |||
+16.7 % | |||
+16.7 % | |||
+12.7 % |
Close-to-
In
Close-to- | |||
Market |
|
| Year-over-Year |
103.7 % | 100.2 % | +3.5 pp | |
100.8 % | 98.4 % | +2.3 pp | |
99.2 % | 97.2 % | +2.1 pp | |
100.7 % | 99.0 % | +1.7 pp | |
101.6 % | 100.2 % | +1.4 pp | |
*Difference displayed as change in percentage points |
Days on Market – Average of 50 metro areas
The average days on market for homes sold in
Days on Market: | |||
Market |
|
| Year-over-Year |
20 | 28 | -29.6 % | |
32 | 44 | -26.6 % | |
26 | 33 | -23.0 % | |
43 | 55 | -21.0 % | |
62 | 79 | -20.6 % |
Months' Supply of Inventory – Average of 50 metro areas
The number of homes for sale in
Months' Supply of Inventory: | |||
Market |
|
| Year-over-Year |
3.1 | 1.0 | +207.6 % | |
2.8 | 1.8 | +53.4 % | |
4.3 | 2.8 | +52.0 % | |
2.5 | 1.7 | +47.7 % | |
1.5 | 1.0 | +46.9 % |
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and
Report Details
The RE/MAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 50 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, most of the largest metro areas in the country are represented, and an attempt is made to include at least one metro area in almost every state. Metro areas are defined by the Core Based Statistical Areas (CBSAs) established by the U.S. Office of Management and Budget.
Definitions
Closed 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 (pending listings) during the month. Where "pending" data is unavailable, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days that pass from the time a property is listed until the property goes under contract. Median Sales Price for a metro area is the median sales price for closed transactions in that metro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all sale prices from the included metro areas. The Close-to-
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month, the previous period's data is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.
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SOURCE RE/MAX, LLC
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