RE/MAX National Housing Report for July 2022

Median home prices edge down as sales fall, inventories rise

DENVER, August 17, 2022 /PRNewswire/ — A double-digit drop in home sales from June to July fueled a double-digit increase in homes for sale, triggering the first drop in median sale price since January.

Median July sale price of $415,000 was down 2.9% from June and the lowest since April $406,000. The 16.6% drop in home sales was also the first since January. Year-on-year, sales were down 26.3% from July 2021.

After a period of continuous contraction in recent years, stocks jumped for the fourth consecutive month. There were 13.3% more homes for sale than in June and 30.4% more than a year ago. Months of inventory supply has doubled since May and is now at 1.8, while days on market was 24. New listings, however, fell 7.8% from June and 7.2 % compared to June. July 2021.

“It’s an exciting time to be a homebuyer. For the first time in years, we’re seeing sustained inventory gains and slowing home price appreciation,” said Nick Bailey, Chairman and CEO. “The market is rebalancing after favoring sellers for so long. There’s still some catching up to do with new construction, but the change in recent months has brought some much-needed relief to buyers. it doesn’t mean stopping – and there are a lot of benefits to being on that side of the equation.”

Added real estate agent RE/MAX North Professionals Rich Gardnerwhich is based at ColchesterVT, “The housing market in Vermont remained strong by favoring sellers. Since January, we are still seeing values ​​in County of Chittenden increase in sales of single-family homes and townhouses.”

The average close-to-list price ratio in July was 101%, meaning homes, in general, sold for 1% above asking price. This figure fell from 102% in June 2022 and July 2021.

Highlights and local markets leading various metrics for July include:

New listings
Of the 53 metropolitan areas studied in July 2022the number of newly listed homes is down 7.8% from June 2022 and down 7.2% compared to July 2021. The markets with the largest year-over-year percentage declines in new listings were Kansas City, Mo. at -47.7%, St. Louis, Missouri at -36.9%, and Burlington, Vermont at -32.2%. Leading the increase in the percentage of new registrations year over year, Dover, DE at +39.4%, Phoenix, AZ at +34.1%, and Trenton, New Jersey at +19.1%.

New registrations:
5 markets with the largest year-over-year decline

Market

Jul 2022
New listings

Jul 2021
New listings

Year after year-
Year %
To change

Kansas City, Mo.

3,608

6,901

-47.7%

St. Louis, Missouri

4,862

7,700

-36.9%

Burlington, Vermont

244

360

-32.2%

Anchorage, AK

714

1,016

-29.7%

San Francisco, California

4,645

6,009

-22.7%

Closed deals
Of the 53 metropolitan areas studied in July 2022the total number of home sales is down 16.6% compared to June 2022and down 26.3% compared to July 2021. The markets with the largest year-over-year sales percentage decline were Houston, TX at -45.1%, San Diego, California at -42.1%, and Miami, Florida at -40.9%. No metro area saw a year-over-year percentage increase in sales.

Closed trades:
5 markets with the largest year-over-year decline

Market

Jul 2022
Transactions

Jul 2021
Transactions

Year after year-
Year %
To change

Houston, TX

5,836

10,625

-45.1%

San Diego, California

2,242

3,875

-42.1%

Miami, Florida

6,497

11,001

-40.9%

Salt Lake City, UT

1,137

1,874

-39.3%

Las Vegas, Nevada

2,730

4,394

-37.9%

Median Sale Price – Median of prices of 53 metropolitan areas
In July 2022the median selling price of the 53 metropolitan areas was $415,000down 2.9% compared to June 2022and up 8.1% compared to July 2021. One metro area saw a year-over-year decline in median selling price, Dallas, Texas at -1.9%. Twenty-seven metro areas grew year-over-year by double-digit percentages, led by Tampa, Florida at +23.7%, Fayetteville, AR at +21.6%, and Raleigh, North Carolina at +19.1%.

Median selling price:
5 markets with the highest year-over-year increase

Market

Jul 2022
Median sales
Price

Jul 2021
Median sales
Price

Year after year-
Year %
To change

Tampa, Florida

$377,260

$305,000

+23.7%

Fayetteville, AR

$335,000

$275,500

+21.6%

Raleigh, North Carolina

$448,250

$376,390

+19.1%

Miami, Florida

$445,000

$375,000

+18.7%

Nashville, TN

$459,000

$387,250

+18.5%

Price ratio close to the list – Average of prices of 53 metropolitan areas
In July 2022the average price ratio close to the list of 53 metropolitan areas in the report was 101%, down 1.3% from June 2022and down 1.1% compared to July 2021. The price ratio close to the current price is calculated by dividing the average value of the sale price by the current price for each transaction. When the number is greater than 100%, the house has closed for more than the listed price. If it is less than 100%, the house sold for less than the list price. The metropolitan areas with the lowest price ratio were Coeur d’Alene, ID and Miami, Floridatied at 97%, followed by another tie between Bozeman, Montana and New Orleans, LA at 98%. The highest near-list price ratios were in Burlington, Vermont at 105%, followed by a tie at five between Boston, MA, Hartford, Connecticut, Manchester, NH, Richmond, Virginiaand San Francisco, California at 104%.

Price ratio close to the list:
5 markets with the largest year-over-year decline

Market

Jul 2022
close to list
Price report

Jul 2021
close to list
Price report

Year after year-
Year %
To change

Seattle, WA

99.7%

105.6%

-5.5%

San Francisco, California

103.9%

109.2%

-4.9%

Denver, CO

100.4%

103.6%

-3.1%

Salt Lake City, UT

99.6%

102.5%

-2.9%

Raleigh, North Carolina

101.9%

104.9%

-2.8%

Months of inventory supply – Average of 53 metropolitan areas
The number of houses for sale in July 2022 increased by 13.3% compared to June 2022 and up 30.4% compared to July 2021. Based on home sales rate in July 2022monthly inventory supply increased to 1.8 from 1.4 in June 2022and increased from 1.2 in July 2021. In July 2022markets with the lowest months of inventory supply were Albuquerque, New Mexico at 0.7 followed by Manchester, NH at 0.8.

Inventory Supply Months:
5 markets with the highest year-over-year increase

Market

Jul 2022
Months of supply
inventory

Jul 2021
Months of supply
inventory

Year after year-
Year %
To change

Raleigh, North Carolina

1.6

0.5

+257.4%

Phoenix, AZ

4.4

1.2

+254.3%

Las Vegas, Nevada

3.8

1.1

+252.9%

Salt Lake City, UT

2.2

0.7

+209.9%

San Diego, California

2.0

0.7

+191.5%

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Report Details
Starting with the April 2022 report, RE/MAX uses a new source of aggregated data.

The RE/MAX National Housing Report is distributed monthly on or about the 15th. The report is based on MLS data for the month indicated in 53 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, the largest metropolitan areas in the country are represented and an attempt is made to include at least one metropolitan area in nearly every state. Metropolitan areas are defined by Central Statistical Areas (CBSAs) established by the U.S. Office of Management and Budget.

Definitions
Closed deals are the total number of residential deals closed in the given month. The monthly inventory supply 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. When “pending” data is not available, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days between when a property is listed and when the property is under contract. The median sale price for a metropolitan area is the median sale price of transactions made in that metropolitan area. The nationwide median selling price is calculated at the nationwide aggregate level using all included metropolitan area selling prices. The near list price ratio is the average value of the sale price divided by the list price for each closed transaction.

MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. Although MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly updated, making any analysis a snapshot at any given time. Each month, data from the previous period is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.

SOURCE RE/MAX, LLC

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