Re/Max has officially published results from its latest study, which revealed that home sales in July were able to rebound 3.8% from June, whereas the median sales price dropped for the first time this year across the 51 surveyed metro areas. Furthermore, median price of $425,000 was almost $5,000 lower than what we saw in June. If we compare it to the data of one year ago, though, July home sales would show a 6.7% uptick, with the median sales price also increasing by 3.7%. More on the same would reveal how markets that were among the biggest gainers during this period happen to include Burlington, VT at +19.8%, Dover, DE at +18.8%, and Providence, RI at +18.7%. Looking beyond them, only two markets experienced a decrease in year-over-year sales percentages, and these markets were Bozeman, MT at -14.5% and Raleigh, NC at -2.0%. Moving on, inventory was found to be up 1.8% over June and 36.7% year over year. Such an increase becomes all the more significant once you consider that it came despite a 9.4% decline in new listings from June. The markets with the biggest decrease in year-over-year new listings percentage were Coeur d’Alene, ID at -7.9%, Cleveland, OH at -7.2%, and Houston, TX at -5.2%. The markets with the biggest year-over-year increase in new listings percentage were Providence, RI at +37.3%, Honolulu, HI at +25.2%, and Nashville, TN at +24.3%. Having referred to the homes sales, as well as the listing volumes, we now must talk about the markets which saw the biggest year-over-year decrease in median sales price. The stated markets were reported to be Bozeman, MT at -8.6%, Dallas, TX at -2.2%, and Raleigh, NC at -1.3%. Conversely, markets that had the biggest increase in Burlington, VT at +13.4%, Milwaukee, WI at +11.8%, and Providence, RI at +11.1%.
“July was a relatively busy month as people were trying to get into homes before August when the end of summer vacations take place and school starts. With rates trending downward over the last few months, July lined up nicely for buyers to take advantage, which led to a slight increase in sales,” said Mike Opyd, Senior Vice President with RE/MAX Premier in Chicago.
Another detail worth a mention here is that, in July 2024, the average close-to-list price ratio of all the surveyed 51 metro areas was 99%, down compared to 100% in both June 2024 and July 2023. To offer you some context, the close-to-list price ratio is calculated when the average value of the sales price is divided by the list price for each transaction. Hence, when the number is above 100%, the home is closed for more than the list price. On the other, if it’s less than 100%, the home is sold for less than the list price. Markedly enough, metro areas with the lowest close-to-list price ratio were Miami, FL at 94%, Coeur d’Alene, ID at 96%, followed by a tie between Tampa, FL and New Orleans, LA at 97%. Against that, metro areas with the highest close-to-list price ratios were Hartford, CT at 106%, San Francisco, CA at 104%, followed by a tie between Manchester, NH and Trenton, NJ at 103%.
Re/Max’s report would also go on to reveal that average days on market for homes sold in July 2024 was 36, up two days compared to the average in June 2024, and up five days compared to July 2023. As for the metro areas with the lowest days on market, they included Baltimore, MD at 11, Washington D.C. at 13, and Philadelphia, PA at 14. Opposing that were metro areas with the highest days on market averages, and these areas were Fayetteville, AR at 73, San Antonio, TX at 68, and Coeur d’Alene, ID at 64.
“July’s real estate activity is a promising sign of market resilience. Inventory bounced back after the historic lows of recent years, giving buyers far more options – even with the recent declines in new listings,” said Amy Lessinger, President of RE/MAX, LLC.
