Sept. 16, 2014
AUGUST 2014 HOUSING DATA
Volume 73
Fewer Home Sales, Slower Price Increases As has been true throughout 2014, August home sales remained below the pace set in 2013. However, last month’s sales were 10.2% above the number of sales seen in August 2012, and were 17.8% higher than August 2008 sales, when the RE/MAX Housing Report began. The Median Sales Price of all homes sold in the 52 metropolitan areas surveyed in August was $202,500, which was 7.5% higher than the median price last August. While home prices continue to rise in 2014, they’re rising at a much slower rate than in 2013. The inventory of homes for sale was 4.4% lower than last year. At the rate of home sales in August, the Months Supply of Inventory rose to 4.5 on a scale where 6.0 indicates a market balanced equally between buyers and sellers.
- 8.2%
SALES PRICE
TRANSACTIONS
7.5%
Days on Market
62 “Although 2014 home sales may not reach the levels seen in 2013, the market has performed much stronger than many had predicted early in the year. This year’s market may have started off slowly, but it bounced back and slower price growth is keeping housing from becoming less affordable.” Margaret Kelly, RE/MAX, LLC CEO
Months Supply of Inventory
4.5
25% 5% -15% Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug 2012 2012 2012 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014
In the 52 metro areas surveyed in August for the RE/MAX National Housing Report, the number of home sales dropped 6.6% below the sales in July and also fell 8.2% lower than August 2013 sales. Home sales in 2014 have not increased at the
rate seen in 2013, but they have reached levels greater than what was seen in 2012. Four of the last six months have reported higher sales than the previous month. Only four metro areas reported year-over-year sales increases in August.
SALES INCREASES Charlotte, NC +3.0% Tulsa, OK +2.8% Nashville, TN +2.6% Tampa, FL +0.4%