In April, homes stayed on the market an average 32 days, and the median sales price hit $320,000. Both metrics set new records in the 13-year history of a report published by RE/MAX Holdings, franchisor of real estate brokerage services. The data team there goes on to report more key housing market indicators that they say signal "a potentially torrid market" as we enter traditional peak sales months.
Quick sales further strained the housing inventory, which reached a record low of 1.1, compared to the previous report record of 1.3 in March. The shortage remains a primary issue, RE/MAX reports. However, with more homes coming onto the market in April, recent double-digit, month-to-month declines in active inventory dropped to just 2.4% from March to April, RE/MAX reported. Still, compared with last year, inventory was down 42.2%.
"Even with rising home prices, super-quick turnarounds, and fierce competition for available listings, April 2021 saw more home sales than any April in at least 13 years. That's a clear reflection of overwhelming demand and the resilience of today's buyers," said Adam Contos, CEO of RE/MAX Holdings, Inc. "The 32 days on market average—a report record—is noteworthy, too. Many listings are being snapped up the day they go on sale—or within just a few days."
In 53 metros covered by the RE/MAX report, April home sales were up 5.3% over the previous month. One year ago during this same period sales dipped 13.7%, but that was due to the coronavirus and socially distancing.
Just as other researchers have said, the team at RE/MAX remarked that their year-to-year- comparisons are skewed by pandemic-spurred restrictions during April 2020. Nonetheless, they say, housing activity nationwide last month hit several notable milestones:
- Home sales were the highest for April in report history and marked the 10th highest month in the past 13 years.
- April's record low of 32 days on market trimmed four days off the previous report record of 36 days set in November 2020—a significant change from April 2020's 46 days.
- The median sale price jumped 5.9% over March and was the highest month-to-month increase since 6.2% from May to June 2019.
The RE/MAX National Housing Report is distributed each month at news.remax.com/housing-reports.