August 2018 RE/MAX National Housing Report: 3 Things to Know
The August 2018 RE/MAX National Housing Report shows increasing home prices, low inventory and a reduction in days on market. These combined factors made August 2018 the sixth time this year that home sales lagged behind last year’s pace-but only slightly at -1.1%. To access the housing report infographic, visit: https://rem.ax/2phKHWT.
“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic,” said RE/MAX CEO Adam Contos. “That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning. The economy is strong and potential buyers are out there-they just need more listings, at the right price points, to consider. We believe that balance will return, which will be good for everyone in the long run. It’s just a matter of when.”
- Record Prices
The Median Sales Price of $248,500 marked the 29th consecutive month of year-over-year price increases.
- Active Inventory Dropped
The number of homes for sale in August 2018 was down 1.0% from July 2018 and down 5.4% from August 2017. Based on the rate of home sales in August, the Months Supply of Inventory increased to 3.0 from 2.9 in July 2018, and decreased compared to August 2017 at 3.1.
- Days on Market Decreases
The average Days on Market for homes sold in August 2018 was 43, down 4 days from the August 2017 average.