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Home Sales Set New Records

home-for-saleHome sales reached new heights nationwide in January, with last month seeing a record number of home sales at the highest prices, according to RE/MAX.

The Denver-based real-estate company released a report on Friday that also found that these sold homes spent the fewest days on market than in any year over the last nine years of its reporting.

According to RE/MAX, total sales in January leapt up by 4.5 percent across 53 metro areas, demolishing records previously set for the same category in the same month last year.

The median sales price also rose to $208,500, reflecting the tenth such consecutive month of year-over-year increases.

"January may have set the tone for the coming home-buying season with homes selling faster and at higher prices," RE/MAX CEO Dave Liniger said in a statement.

"Home-buyer demand is strong, and not enough sellers are listing to keep up with the demand, despite rising prices. At any rate, the beginning of 2017 continued the strong pace of 2016,” Liniger added.

Of the surveyed metro areas, RE/MAX found that home sales ticked up in some two thirds, with double-digit increases occurring in twelve cities.

Markets with the most significant increases in home sales included Charlotte, Hartford, Honolulu, Providence, and Seattle.

Those with better-than-average median sales included Cleveland, Dallas/Fort Worth, and Portland.

As home sales set new milestones, however, they also spent much less time on market than on average—at a new January low of 66 days—continuing declines in housing inventory that have been ongoing since the heady days of the financial crisis in October 2008.

RE/MAX found that 46 metro areas reported falling below what might typically be considered a seller’s market.

The number of homes listed for sale declined 4.3 percent from December last year, down 16.9 percent from the start of 2016, according to the company’s report.

 

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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