RE/MAX Reports Rising Listings Amid Sales Declines Welcome
New Listings Show Encouraging Trends
In a recent update from RE/MAX, it is reported that new listings have increased by 1.6% compared to the previous month, reversing a downward trend from July and June. The year-over-year growth stands at 7.9%, indicating a healthy supply of homes entering the market. This trend is particularly promising as it offers greater opportunities for prospective buyers.
Declining Sales Yet Stable Market Prices
While new listings have risen, home sales have declined by 3.3% from July. Moreover, year-over-year sales show a 3.8% drop, marking only the third month in 2024 where sales are below 2023 levels. Despite these declines, the median sales price remains relatively stable, currently at $440,000, reflecting a minor decrease of 1.1% from the previous month but a 3.5% increase from last year. This price stability offers a reassuring sign for both buyers and sellers navigating the market.
Continuing Growth in Inventory
The inventory of available homes is expanding, up 2.4% from July and significantly higher by 37.6% compared to the same time last year. This consistent increase in inventory allows buyers a more substantial selection, fostering a better negotiating environment as sellers are encouraged to adjust their expectations based on market dynamics.
Expert Insights on Changing Market Conditions
Amy Lessinger, President of RE/MAX, expressed optimism about the current landscape, stating, "The rise in new listings signals that more homeowners appreciate the value of listing in today's market. Buyers and sellers can seize opportunities as inventories grow, making negotiations more favorable for those willing to engage."
Local Market Highlights
Particularly notable within this report are cities like Phoenix, AZ, which saw a whopping 25% increase in new listings from the previous year. Local broker Christy Walker emphasized how an influx of listings can pressure sellers to stay competitive, thus giving buyers leverage, especially with lower mortgage rates motivating potential sellers who felt locked-in previously.
Fast Facts Regarding Home Sales
- Buyers in August paid 99% of the asking price, consistent with July 2024 and August 2023.
- The average days on market for homes sold has increased to 38 days, up from 36 days in July.
- The months' supply of inventory stands at 2.4, marking an upward trend from July's 2.2.
Market Trends and Analyses
The RE/MAX report indicates significant variations across different metro areas. Markets such as Dover, DE, faced considerable challenges with a considerable 24.1% decrease in closed transactions year-over-year, while Burlington, VT experienced a robust 19% increase, showcasing the dynamic nature of regional real estate markets.
Key Takeaways from the RE/MAX Housing Report
The Aug 2024 RE/MAX National Housing Report reveals a blend of resilience and fluctuation in the housing market—a continued rise in new listings paired with a decline in closed sales offers both opportunities and challenges ahead. With adjustments in prices and inventory levels, stakeholders in the market must stay informed and agile.
Frequently Asked Questions
What does the RE/MAX report indicate about the current housing market?
The report highlights an increase in new listings but a decline in sales, suggesting a complex market wherein buyers have more choices, while prices remain relatively stable.
Which areas notably increased their new listings?
Phoenix, AZ stands out with a remarkable 25% increase in new listings, largely driven by an evolving buyer's market.
How are median sales prices performing?
The median sales price has stabilized at $440,000, showing minor fluctuations over the past year, indicating continued value appreciation.
What does the inventory growth mean for sellers?
Increased inventory supports buyers’ negotiating power, encouraging sellers to remain competitive with pricing and property conditions.
What is RE/MAX's position in the real estate industry?
RE/MAX is a global leader in real estate, boasting over 140,000 agents in nearly 9,000 offices worldwide, known for its strong local presence and community engagement.
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