RE/MAX National Housing Report for August 2023
- Home sales increase by 7.4% in August
- New listings rise by 1.8% compared to July
- Median sales price up 3.7%
- None.
Home Sales and New Listings Both Increase as Summer Winds Down
Home sales rose
Meanwhile, year-over-year new listings were down
The number of homes for sale increased
"Buyers should be pleased to see the slow but ongoing ramp-up in available listings, regardless of comparisons to a year ago," says Nick Bailey, RE/MAX President and CEO. "More listings mean more options, and that's a plus for buyers who haven't been able to find the right home yet – and for potential buyers who've been reluctant to start looking. With new listings emerging, sales ticking up and prices stabilizing, there were several things to like in the August results."
Todd Luong, a real estate agent with RE/MAX DFW Associates in
Other notable metrics:
- Homes sold for an average of
99% of the listing price in August, compared to100% in both July and August 2022. - Months' supply of inventory in August was 1.7, the same as July 2023 and August 2022.
- Homes sold in August were on the market an average of 34 days, which was 3 days longer than in July and 5 days longer than August of last year.
Highlights and local market metrics for August include:
New Listings
Of the 50 metro areas surveyed in August 2023, the number of newly listed homes is up
New Listings: | |||
Market | Aug 2023 | Aug 2022 | Year-over-Year |
6,424 | 10,139 | -36.6 % | |
3,399 | 5,067 | -32.9 % | |
2,337 | 3,313 | -29.5 % | |
1,402 | 1,811 | -22.6 % | |
2,615 | 3,353 | -22.0 % |
Closed Transactions
Of the 50 metro areas surveyed in August 2023, the overall number of home sales is up
Closed Transactions: | |||
Market | Aug 2023 | Aug 2022 | Year-over-Year |
492 | 658 | -25.2 % | |
2,334 | 3,058 | -23.7 % | |
462 | 602 | -23.3 % | |
366 | 473 | -22.6 % | |
231 | 297 | -22.2 % |
Median Sales Price – Median of 50 metro area prices
In August 2023, the median of all 50 metro area sales prices was
Median Sales Price: | |||
Market | Aug 2023 | Aug 2022 | Year-over-Year |
+12.4 % | |||
+10.7 % | |||
+10.4 % | |||
+9.6 % | |||
+9.6 % |
Close-to-List Price Ratio – Average of 50 metro area prices
In August 2023, the average close-to-list price ratio of all 50 metro areas in the report was
Close-to-List Price Ratio: | |||
Market | Aug 2023 | Aug 2022 | Year-over-Year |
97.2 % | 98.8 % | -1.6 pp | |
98.0 % | 99.2 % | -1.2 pp | |
96.6 % | 97.7 % | -1.1 pp | |
99.4 % | 100.5 % | -1.1 pp | |
98.4 % | 99.4 % | -1.0 pp |
Days on Market – Average of 50 metro areas
The average days on market for homes sold in August 2023 was 34, up 3 days compared to the average in July 2023, and up 5 days from the average in August 2022. The metro areas with the lowest days on market were
Days on Market: | |||
Market | Aug 2023 | Aug 2022 | Year-over-Year |
44 | 24 | +86.5 % | |
61 | 34 | +78.7 % | |
61 | 36 | +69.4 % | |
38 | 23 | +64.1 % | |
51 | 32 | +57.6 % |
Months' Supply of Inventory – Average of 50 metro areas
The number of homes for sale in August 2023 was up
Months' Supply of Inventory: | |||
Market | Aug 2023 | Aug 2022 | Year-over-Year |
1.7 | 3.5 | -51.1 % | |
2.0 | 3.6 | -45.1 % | |
2.1 | 3.2 | -33.9 % | |
1.2 | 1.6 | -22.5 % | |
0.7 | 0.8 | -15.3 % |
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.
Report Details
The RE/MAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 50 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, most of the largest metro areas in the country are represented, and an attempt is made to include at least one metro area in almost every state. Metro areas are defined by the Core Based Statistical Areas (CBSAs) established by the
Definitions
Closed 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 (pending listings) during the month. Where "pending" data is unavailable, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days that pass from the time a property is listed until the property goes under contract. Median Sales Price for a metro area is the median sales price for closed transactions in that metro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all sale prices from the included metro areas. The Close-to-List Price Ratio is the average value of the sales price divided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month, the previous period's data is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.
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SOURCE RE/MAX, LLC