Following a summer that was hot in both temperature and in real estate, home sales expectedly cooled off a little in September, but still set a post-crisis record for completed transactions, according to the October 2015 RE/MAX National Housing Report.
RE/MAX’s October 2015 National Housing Report showed that there were more completed transactions in September 2015 than in any September since the housing crisis began.
According to RE/MAX’s report, September home sales followed an expected seasonal trend and cooled off 8.6% lower than August, but were still 6.8% higher than September 2014.
“Home sales usually cool down in the fall and it looks like this year is no exception, but September is falling right in line with the summer months with sales much higher than last year,” said RE/MAX’s CEO, Chairman of the Board and Co-Founder Dave Liniger.
“Prices are also moderating on a month-to-month basis, and mortgage rates remain low,” Liniger added. “This translates to more attractive home affordability.”
According to RE/MAX’s report, including September sales, the last eight months have each recorded the highest number of sales in their respective month since the RE/MAX National Housing Report began in 2008.
In September, 45 of the 53 metropolitan areas surveyed reported higher sales on a year-over-year basis, with 22 experiencing double-digit increases.
The top sales increases were in Wichita, Kansas up 22.0%; Manchester, New Hampshire up 21.0%; Boise, Idaho up 18.8%; Wilmington, Delaware up 17.3%; Richmond, Virginia up 16.4%; and Kansas City, Missouri up 15.1%
RE/MAX’s report also showed that for the 53 metro areas surveyed the median sales price for homes sold in September was $209,000, which is 7.2% above the price one year ago.
For the first 9 months of 2015, the average price increase over the same month last year was 7.6%, RE/MAX ‘s report showed.
On a year-over-year basis, the median sales price has now risen for 44 consecutive months. Although prices appear to be dropping as fall begins, low inventory continues to pressure prices on a year-over-year basis, RE/MAX said in its report.
Among the 53 metro areas surveyed in September, 48 reported higher prices than last year, with 10 rising by double-digit percentages.
But RE/MAX noted that the inventory of homes for sale still presents a challenge to the market, due to inventory being 12.8% less than September 2014.
At the rate of home sales in September, the months supply of inventory was 4.5, nearly the same as the 4.9 average last September, RE/MAX’s report showed.
The number of homes for sale in September was 3.0% less than in August and 12.8% less than in September last year.
Additionally, in September, the average days on market for all homes sold was 62, up just 3 days from the average in August, but 4 days lower than the average in September 2014.
September became the 30th consecutive month with a days on market average of 80 or less.
In the two markets with the lowest inventory supply, Denver and San Francisco, days on market was just 25 and 26, respectively.
Augusta, Maine continued to have the highest days on market average with 148.