As outlined in the August 2019 RE/MAX National Housing Report, buyer demand continues to exceed available housing supply, continuing the favorable seller’s market that has been in place for years. While sellers have had the upper hand in negotiations in recent years with a reduced inventory remaining nationally, more buyers coming into the housing market could increase momentum.
Need for Housing Increases in August 2019
“The modest inventory growth that started last fall has been swallowed up by demand as buyers have returned to the market, likely spurred on by attractive interest rates,” said RE/MAX CEO Adam Contos. “Home sales dipping at the same time inventory falls suggests there may have been some reluctance on the part of sellers to list their homes,” added Contos.
The last of 2019’s peak months for home sales also prompted encouraging signs for buyers with a sharp decline in Median Sales Price from July 2019 to August 2019. Even though there are worries over a lack of inventory, the seasonal decline in inventory from July 2019 to August 2019 is on par with the national average since RE/MAX began releasing the RE/MAX National Housing Report over 10 years ago.
Here are some highlights of the most recent data found in the RE/MAX National Housing Report:
1. Home sales took a dip.
The overall average number of home sales is down 4.2% in comparison to July 2019, and down 1.6% compared to August 2018. Leading the month-over-month sales percentage decrease were Miami, FL at -13.5%, Dover, NH at -13.1%, and Washington, D.C. at -10.3%.
2. Home prices became increasingly more affordable.
In August 2019, the median of all 53 metro Median Sales Prices was $263,000, down 3.6% from July 2019 and marking the largest drop-off in report history from July to August.
3. The number of homes for sale declined.
The number of homes for sale in August 2019 was down 3.9% from July 2019 and down 5.5% from August 2018. Based on the rate of home sales in August 2019, the Months Supply of Inventory was 2.8, a reduction when compared to 2.9 in July 2019 and 3.5 in August 2018. A six months supply indicates a market balanced equally between buyers and sellers.
Sellers, are you preparing to put your home on the market?
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