Despite home sales dropping -3.5% m/m from July to August, home sales were still up +0.6% y/y.
RE/MAX’s August National Housing Report Analyzes MLS Data from 51 US Metros
RE/MAX’s latest monthly National Housing Report tells us that home sales dropped -3.5% on a month-to-month basis yet August 2021 home sales remained higher, +0.6% higher, than one-year ago.
Metros with Greatest Home Sales Increases Year-Over-Year
RE/MAX found that 36 or 51 US metros experienced double-digit y/y percentage increases in home sales during August.
Metros with the greatest increases in home sales during August included:
- New York – +55.1%
- Honolulu – +37.3%
- Las Vegas – +12.5%
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Metros with Greatest Changes in Median Sale Prices y/y
The median sale prices of for-sale homes decreased -1.2% m/m in August to $335,000. Comparatively on a year-to-year basis, this August median sale price of $335,000 was +13.2% higher than that of August 2020.
RE/MAX found that 36 of 51 metros had double digit y/y percentage increases during August 2021. Metros with the greatest changes in median sale prices y/y during August included:
- Boise – +30.6%
- Phoenix – +24.9%
- Salt Lake City – +22.3%
This latest data from RE/MAX is consistent with other industry research. House Canary found that Boise has been the fastest growing city in the US since December 2020 with Provo/Orem just behind Boise. The Case-Shiller Indexfound that Phoenix had the highest price growth rate of any large city…Phoenix has held this number one position in terms of highest price growth rate for 25 consecutive months.
Additional RE/MAX Data to Pay Attention to:
- DOM in August – 24 days
- Number of for-sale homes – -6.2% (-26.7% in August 2020)
- Markets with the lowest August inventory supplies included Albuquerque NM, Raleigh-Durham NC, Seattle, Denver and Charlotte NC
Critique of August National Home Report
Nick Bailey, president of RE/MAX, said, “The slight seasonal decline in home sales from July to August was countered by this being the second-highest August sales total in the 13-year history of our report. So, although we appear to be past the blistering summer peak, the market is still very active. In any case, it seems likely that the combination of super-quick sales and a severe lack of inventory will be with us for the foreseeable future.”
Thanks to RE/MAX, House Canary, Case-Shiller Index and HousingWire.