The number of homes sold in the US usually decreases following the typically “hot” summer sales months. This past September was no exception.
However, despite the seasonal drop-off sales were the best of any September since 2008, according to the new RE/MAX housing report released yesterday.
Home sales slipped 11.7 percent from August. However, they were up 2 percent from last September, which had previously been the best September for home sales since 2008.
The September median sale price rose just over 5 percent to $219,780 year-over-year in the 52 metros it surveyed for the report.
Also, in what RE/MAX refers to as a “rare occurrence,” none of the metros studied posted price decreases over last year. In fact, 12 metros recorded double-digit increases.
The largest price gains were recorded in Birmingham, AL and Miami, FL, at 17 percent and 15.2 percent, respectively. Providence, RI was the only metro surveyed that remained unchanged year-over-year.
The number of homes for sale In September plunged just over 15 percent from last year. September’s inventory was 2.6 percent lower than the previous month’s.
RE/MAX observed that “based on the rate of home sales in September, the average months supply of inventory was 3.9 months.” September’s months of supply was the highest recorded this year since February.
September’s months of supply was up from the previous month’s figure of 3.4 months. However, it was lower than the 4.5 months recorded last year.
RE/MAX says a six month supply of inventory is indicative of a market balanced equally between buyers and sellers.
Six metros, mostly in the Northeast, recorded a six month or greater supply in September. Nineteen other metros have supply of three months or less — most of these being situated in the West.
San Francisco continued to struggle, recording only 1.6 months of inventory, the lowest among the 52 metros surveyed.
September marked the 42nd consecutive month that homes spent an average of 80 days or less on the market. Homes spent an average of 56 days on the market in September. This was five days less than the previous year. However, September’s figure was up two days from August.
“Price increases continue to be in the moderate 5-percent year-over-year range. Overall, this is a market that most everyone can be satisfied with,” said Dave Liniger, Chairman of the Board and RE/MAX Co-Founder, in a release.
Click here to view the entire RE/MAX report.