RE/MAX NATIONAL HOUSING REPORT FOR JUNE 2024

Rhea-AI Summary

The RE/MAX National Housing Report for June 2024 reveals a 7.2% decline in home sales from May and an 11.6% decrease year-over-year. Despite this, inventory rose 6.7% from May and 38.1% year-over-year, reaching 2.1 months of supply. The median sales price increased to $431,000, up 1.4% from May and 4.6% from June 2023.

Key findings include:

• New listings were down 5.2% from May but up 8.3% year-over-year
• Days on market shortened to 33 days
• Buyers paid 100% of list price for the third consecutive month
• Trenton, NJ saw the highest year-over-year increase in median sales price at 17.7%
• Hartford, CT and Trenton, NJ had the highest close-to-list price ratio at 105%

RE/MAX President Amy Lessinger noted that rising inventory provides more options for buyers, but lower interest rates are needed to stimulate significant market growth.

Inventory Continues to Increase Amid Modest Median Price Growth and Home Sales Decline

DENVER, July 17, 2024 /PRNewswire/ -- June home sales declined 7.2% from May's strong showing and were down 11.6% year over year – atypical considering June historically has more sales than May.

Across the 50 metro areas surveyed, inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May's year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Inventory compared to last June's 1.4 months.

The median sales price of $431,000 was $6,000 (1.4%) higher than in May and $19,000 (4.6%) higher than in last June. On average, buyers paid 100% of the list price for the third month in a row following eight months of paying 98-99%.

"It's good to see inventory levels rising, as more listings represent more options for buyers," said Amy Lessinger, President of RE/MAX, LLC. "Given the decline in sales, it's evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity."

Other metrics of note:

• Though down 5.2% from May, new listings in June remained above 2023 levels for the fourth consecutive month – at 8.3% higher than June 2023.
• Days on Market shortened by one day during June from May to 33 days but was two days more than June 2023.

Highlights and local market results for June include:

New Listings 
In the 50 metro areas surveyed in June 2024, the number of newly listed homes was down 5.2% compared to May 2024, and up 8.3% compared to June 2023. The markets with the biggest year-over-year increase in new listings percentage were Burlington, VT at +25.3%, Phoenix, AZ at +25.0%, and San Antonio, TX at +20.0%. The markets with the biggest decrease in year-over-year new listings percentage were Cleveland, OH at -16.0%, Indianapolis, IN at -7.6%, and Wichita, KS at -7.3%.

New Listings: 5 Markets with the Biggest YoY Increase
Market	Jun 2024 New Listings	Jun 2023 New Listings	Year-over-Year % Change
Burlington, VT	342	273	+25.3 %
Phoenix, AZ	7,942	6,354	+25.0 %
San Antonio, TX	5,466	4,556	+20.0 %
Richmond, VA	2,028	1,694	+19.7 %
Miami, FL	10,914	9,316	+17.2 %

Closed Transactions 
Of the 50 metro areas surveyed in June 2024, the overall number of home sales was down 7.2% compared to May 2024, and down 11.6% compared to June 2023. The markets with the biggest decrease in year-over-year sales percentage were Manchester, NH at -23.0%, Anchorage, AK at -21.4%, and New Orleans, LA at -21.0%. The markets with the biggest increase in year-over-year sales percentage were Fayetteville, AR at +3.4%, Houston, TX at +2.7%, and Salt Lake City, UT at +1.7%.

Closed Transactions: 5 Markets with the Biggest YoY Decrease
Market	Jun 2024 Transactions	Jun 2023 Transactions	Year-over-Year % Change
Manchester, NH	415	539	-23.0 %
Anchorage, AK	418	532	-21.4 %
New Orleans, LA	949	1,201	-21.0 %
Providence, RI	1,181	1,448	-18.4 %
Miami, FL	6,128	7,359	-16.7 %

Median Sales Price – Median of 50 metro area prices
In June 2024, the median of all 50 metro area sales prices was $431,000, up 1.4% compared to May 2024, and up 4.6% from June 2023. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +17.7%, Hartford, CT at +14.6%, and Honolulu, HI at +12.9%. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -5.8%, followed by a tie between New Orleans, LA and San Antonio, TX at -1.0%.

Median Sales Price: 5 Markets with the Biggest YoY Increase
Market	Jun 2024 Median Sales Price	Jun 2023 Median Sales Price	Year-over-Year % Change
Trenton, NJ	$500,050	$425,000	+17.7 %
Hartford, CT	$385,000	$336,000	+14.6 %
Honolulu, HI	$785,000	$695,000	+12.9 %
Dover, DE	$349,990	$312,000	+12.2 %
New York, NY	$627,000	$562,000	+11.6 %

Close-to-List Price Ratio – Average of 50 metro area prices
In June 2024, the average close-to-list price ratio of all 50 metro areas in the report was 100%, the same as in both May 2024 and June 2023. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it's less than 100%, the home sold for less than the list price. The metro areas with the highest close-to-list price ratios were a tie between Hartford, CT and Trenton, NJ at 105%, followed by San Francisco, CA at 104%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94%, followed by a three-way tie between New Orleans, LA, San Antonio, TX, and Tampa, FL at 97%.

Close-to-List Price Ratio: 5 Markets with the Highest Close-to-List Price Ratio
Market	Jun 2024 Close-to-List Price Ratio	Jun 2023 Close-to-List Price Ratio	Year-over-Year Difference*
Trenton, NJ	105.2 %	103.7 %	+1.6 pp
Hartford, CT	105.2 %	105.6 %	-0.4 pp
San Francisco, CA	104.0 %	103.5 %	+0.5 pp
Manchester, NH	103.3 %	103.6 %	-0.3 pp
Burlington, VT	102.4 %	103.0 %	-0.6 pp
*Difference displayed as change in percentage points

Days on Market – Average of 50 metro areas
The average days on market for homes sold in June 2024 was 33, down one day compared to the average in May 2024, and up two days compared to June 2023. The metro areas with the lowest days on market were a tie between Baltimore, MD and Washington, DC at 11, followed by another tie between Manchester, NH and Trenton, NJ at 12. The highest days on market averages were in Fayetteville, AR at 70, Bozeman, MT at 67, and San Antonio, TX at 63. 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 Lowest Days on Market
Market	Jun 2024 Days on Market	Jun 2023 Days on Market	Year-over-Year % Change
Baltimore, MD	11	11	+0.4 %
Washington, DC	11	11	-2.9 %
Manchester, NH	12	12	+2.9 %
Trenton, NJ	12	18	-29.5 %
Philadelphia, PA	13	15	-8.8 %

Months' Supply of Inventory – Average of 50 metro areas
The number of homes for sale in June 2024 was up 6.7% from May 2024 and up 38.1% from June 2023. Based on the rate of home sales in June 2024, the months' supply of inventory was 2.1, up from 1.9 in May 2024, and up from 1.4 in June 2023. In June 2024, the markets with the lowest months' supply of inventory were a three-way tie between Hartford, CT, Manchester, NH, and Trenton, NJ at 0.8. The markets with the highest months' supply of inventory were Bozeman, MT at 5.8, Miami, FL at 4.9, and San Antonio, TX at 4.5.

Months' Supply of Inventory: 5 Markets with the Lowest Months' Supply Inventory
Market	Jun 2024 Months' Supply of Inventory	Jun 2023 Months' Supply of Inventory	Year-over-Year % Change
Manchester, NH	0.8	0.6	+18.8 %
Trenton, NJ	0.8	0.6	+29.2 %
Hartford, CT	0.8	0.7	+27.5 %
Washington, DC	0.9	0.7	+36.9 %
Milwaukee, WI	0.9	0.8	+25.3 %

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 nearly 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 U.S. Office of Management and Budget.

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

FAQ

What was the percentage decline in home sales for June 2024 according to the RE/MAX (RMAX) report?

According to the RE/MAX National Housing Report, home sales in June 2024 declined 7.2% from May and were down 11.6% year-over-year.

How much did inventory increase in June 2024 compared to the previous year?

Inventory rose 38.1% in June 2024 compared to June 2023, with the months' supply of inventory increasing from 1.4 to 2.1 months.

What was the median sales price for homes in June 2024 as reported by RE/MAX (RMAX)?

The median sales price of homes in June 2024 was $431,000, which was 1.4% higher than May and 4.6% higher than June 2023.

Which market had the highest year-over-year increase in median sales price in June 2024?

Trenton, NJ had the highest year-over-year increase in median sales price at 17.7% in June 2024.

What was the average days on market for homes sold in June 2024?

The average days on market for homes sold in June 2024 was 33 days, down one day from May and up two days from June 2023.