DENVER, Dec. 17, 2021 /PRNewswire/ -- The
historically strong housing market continued to surge forward in
November, as buyers gobbled up available homes seemingly as soon as
they hit the market. Buyers finally saw some welcome relief on
prices, with November's Median Sales Price dropping 2.9% to
$330,000 – the largest monthly
decline since the pandemic began. And home sales declined only 4.9%
from October, far less than the normal seasonal decrease of 12.0%
this time of year. Adding to the complex conditions, the number of
homes for sale fell to a new low in the 14-year history of the
report, declining 17.7% from October.
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Overall, November generally followed seasonal trends while at
the same time setting records for the month of November in almost
every category, such as the fewest average number of days homes
were listed before selling. While November's average of 29 days was
two more than October's, it was only the sixth month in report
history with an average below 30. All six months have occurred
consecutively, starting with June
2021.
"The market is roaring along, with only half the seasonal
slowdown we typically see from October to November," said
Nick Bailey, President, RE/MAX, LLC.
"The small drop in prices is great news for buyers, and it could be
an early sign of some balance coming back into the market.
"The lack of available inventory continues to be a challenge,
but 2021 has been a very strong year for home sales. That says a
lot about the resiliency of the housing market and the importance
of homeownership in people's lives. With work flexibility, low
interest rates, generational factors and continued high demand,
we're heading into 2022 with plenty of reasons to be
optimistic."
November's Median Sales Price across the report's 51 metro areas
dropped $10,000 below October's
$340,000, falling 2.9%. That was the
largest month-to-month drop since January
2020, when the median price declined 3.4%. And while price
drops are typical in January, they are unusual in November. Based
on report averages for the five-year period from 2015-2019
(excluding 2020 because of pandemic impacts), the median November
price rose an average of 0.9%.
Other comparisons of note for the month of November 2021 relative to trends from 2015-2019
include:
- The five-year average for October-to-November home sales is a
decline of 12.0%, more than twice the drop of 4.9% in November 2021.
- The five-year average for October-to-November inventory is a
decline of 8.9%, slightly over half of the drop of 17.7% in
November 2021.
- After dropping in January, prices typically rise each month
from February through June, then decline each month from July
through October. They generally rebound slightly in November and
December. The first nine months of 2021 followed the 2015-2019
pattern before October posted an unusual 0.8% price increase,
followed by November's uncommon decline.
Despite declining month over month, November's median home price
was 11.9% higher than November 2020's $295,000 and marks the 35th consecutive month
that home prices have risen year over year.
The 1.2 Months Supply of Inventory in November dropped from
October's 1.4 and was only 0.1 of a month more than the report
record of 1.1 set in March and matched in April, May and June.
Highlights and the local markets leading various metrics for
November include:
Closed Transactions
Of the 51 metro areas
surveyed in November 2021, the
overall average number of home sales is down 4.9% compared to
October 2021, and down 0.1% compared
to November 2020. The markets with
the biggest decrease in year-over-year sales percentage were
Billings, MT at -13.0%,
San Antonio, TX at -11.4%, and
San Diego, CA at -11.0%. Leading
in year-over-year sales percentage increase were Honolulu, HI at +31.5%, Tulsa, OK at +13.4%, and Wilmington/Dover,
DE at +12.7%.
Closed
Transactions:
5 Markets with the Biggest YoY Decrease
|
Market
|
Nov 2021
Transactions
|
Nov 2020
Transactions
|
Year-over-Year
% Change
|
Billings,
MT
|
248
|
285
|
-13.0%
|
San Antonio,
TX
|
2,782
|
3,140
|
-11.4%
|
San Diego,
CA
|
2,876
|
3,230
|
-11.0%
|
Birmingham,
AL
|
1,476
|
1,618
|
-8.8%
|
New York,
NY
|
2,789
|
3,026
|
-7.8%
|
Median Sales Price – Median of 51 metro median
prices
In November 2021, the
median of all 51 metro Median Sales Prices was $330,000, down 2.9% compared to October 2021, and up 11.9% from November 2020. No metro areas saw a
year-over-year decrease in Median Sales Price. Thirty-nine metro
areas increased year-over-year by double-digit percentages, led by
Phoenix, AZ at +27.2%,
Salt Lake City, UT at +25.3%, and
Boise, ID at +24.8%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
Market
|
Nov 2021
Median Sales
Price
|
Nov 2020
Median Sales
Price
|
Year-over-Year
% Change
|
Phoenix,
AZ
|
$425,000
|
$334,173
|
+27.2%
|
Salt Lake City,
UT
|
$487,250
|
$388,750
|
+25.3%
|
Boise, ID
|
$475,581
|
$381,000
|
+24.8%
|
Raleigh-Durham,
NC
|
$390,000
|
$315,000
|
+23.8%
|
Atlanta,
GA
|
$354,000
|
$286,500
|
+23.6%
|
Days on Market – Average of 51 metro areas
The average
Days on Market for homes sold in November
2021 was 29, up two days from the average in October 2021, and down 8 days from the average in
November 2020. The metro areas with
the lowest Days on Market were Nashville,
TN at 12, and a tie between Omaha,
NE and Cincinnati, OH at
16. The highest Days on Market averages were in Des Moines, IA at 86, Miami, FL at 78, and New York, NY at 69. Days on Market is the
number of days between when a home is first listed in an MLS and a
sales contract is signed.
Days on
Market:
5 Markets with the Biggest YoY Decrease
|
Market
|
Nov 2021
Days on Market
|
Nov 2020
Days on Market
|
Year-over-Year
% Change
|
Raleigh-Durham,
NC
|
20
|
37
|
-45.9%
|
Honolulu,
HI
|
28
|
49
|
-42.9%
|
Nashville,
TN
|
12
|
20
|
-40.3%
|
Tampa, FL
|
24
|
40
|
-40.0%
|
Billings,
MT
|
23
|
38
|
-39.5%
|
Months Supply of Inventory – Average of 51 metro
areas
The number of homes for sale in November 2021 was down 17.7% from October 2021 and down 30.1% from November 2020. Based on the rate of home sales in
November 2021, the Months Supply of
Inventory decreased to 1.2 compared to 1.4 in October 2021, and decreased compared to 2.1 in
November 2020. A six months supply
indicates a market balanced equally between buyers and sellers. In
November 2021, of the 51 metro areas
surveyed, zero metro areas reported a months supply at or over six,
which is typically considered a buyer's market. The markets with
the lowest Months Supply of Inventory were a tie between
Denver, CO and Seattle, WA at 0.5, and another tie between
Albuquerque, NM and Manchester, NH at 0.6.
Months Supply of
Inventory:
5 Markets with the Biggest YoY Decrease
|
Market
|
Nov 2021
Months Supply of Inventory
|
Nov 2020
Months Supply of Inventory
|
Year-over-Year
% Change
|
Hartford,
CT
|
0.8
|
2.6
|
-69.2%
|
Miami, FL
|
2.1
|
6.8
|
-69.1%
|
Albuquerque,
NM
|
0.6
|
1.9
|
-68.4%
|
Providence,
RI
|
1.0
|
3.1
|
-67.7%
|
Orlando,
FL
|
0.9
|
2.2
|
-59.1%
|
To request an interview, please contact
mediarelations@remax.com.
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Description
The RE/MAX National Housing Report is
distributed each month on or about the 15th. The first
Report was distributed in August 2008. The Report is based on
MLS data in approximately 51 metropolitan areas, includes all
residential property types, and is not annualized. For maximum
representation, many of the largest metro areas in the country are
represented, and an attempt is made to include at least one metro
from each state. Metro area definitions include the specific
counties established by the U.S. Government's Office of Management
and Budget, with some exceptions.
Definitions
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 (pended) during the
month. Where "pended" data is unavailable, this calculation is
made using closed transactions. Days on Market is the number of
days that pass from the time a property is listed until the
property goes under contract for all residential properties sold
during the month. Median Sales Price is the median of the
median sales prices in each of the metro areas included in the
survey.
MLS data is provided by contracted data aggregators, RE/MAX
brokerages and regional offices. While MLS data is believed to be
accurate, it cannot be guaranteed. MLS data is constantly
being updated, making any analysis a snapshot at a particular time.
Every month the RE/MAX National Housing Report re-calculates the
previous period's data to ensure accuracy over time. All raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC