{"id":969,"date":"2019-03-21T14:53:00","date_gmt":"2019-03-21T14:53:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2019\/03\/21\/declining-sales-growing-inventory-move-in-direction-of-buyers-market\/"},"modified":"2025-03-13T02:12:38","modified_gmt":"2025-03-13T02:12:38","slug":"declining-sales-growing-inventory-move-in-direction-of-buyers-market","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2019\/03\/21\/declining-sales-growing-inventory-move-in-direction-of-buyers-market\/","title":{"rendered":"Declining Sales, Growing Inventory Move in Direction of Buyer&#8217;s Market"},"content":{"rendered":"<h2>Declining Sales, Growing Inventory Move in Direction of Buyer&#8217;s Market<\/h2>\n<h6><em>RE\/MAX housing report for February notes conditions favor homebuyers. Riding two trends\u2014declining sales and growing inventory\u2014 the U.S. housing market continued to transition from a seller&#8217;s market to a buyer&#8217;s market in February, according to the RE\/MAX National Housing Report.<\/em><\/h6>\n<p><center><br \/>\n <iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/2wFuHA3V5GQ\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen><\/iframe><br \/>\n<\/center> <\/p>\n<h6 style=\"text-align: center;\">RE\/MAX National Housing Report video for February 2019<\/h6>\n<p><a href=\"existing-home-sales-drop-1-2-percent-in-january\/\">Home sales<\/a> in the 54-market report have declined year-over-year for seven consecutive months, though February&#8217;s downturn of 4.2% was the smallest since the 1.1% drop that started the streak in&nbsp;<span class=\"xn-chron\">August 2018<\/span>. At the same time, inventory grew 5.8% over February 2018, marking the fifth consecutive month of growth following a decade-long trend of shrinking <a href=\"housing-inventory-posts-record-increase-as-declining-sales-extend-to-sixth-month\/\">inventory<\/a>. The Months Supply of Inventory also grew in February from 3.1 in 2018 to 3.4 this year.<\/p>\n<p><!--more--><\/p>\n<p>Bucking these trends, the Median Sales Price increased to&nbsp;<span class=\"xn-money\">$240,000<\/span>, a year-over-year gain of 5.5% and a February record in the 10-year history of the report. That followed January&#8217;s upturn of 4.6%.<\/p>\n<p>Days on Market totaled 63\u2014one day more than&nbsp;<span class=\"xn-chron\">February 2018<\/span>&nbsp;and four days more than&nbsp;<a href=\"https:\/\/www.remax.com\/newsroom\/press-releases\/remax-national-housing-report-for-january-2019.htm\" target=\"_blank\" rel=\"noopener\"><span class=\"xn-chron\">January 2019<\/span><\/a>.<\/p>\n<blockquote>\n<p>&#8220;Trends of five months or more often indicate significant shifts, and the year-over-year trends in declining sales and rising inventory have both reached that length now,&#8221; said RE\/MAX CEO&nbsp;<span class=\"xn-person\">Adam Contos<\/span>. &#8220;It&#8217;s interesting to see the slowing sales and growing inventories that benefit buyers and at the same time the record prices that benefit sellers. The big picture supports an ongoing return to more balanced conditions.&#8221;<\/p>\n<p>&#8220;The next few months will determine whether the shift brings a wave of buyers into the market for the spring selling season. Members of our network are reporting high local demand along with a need for even more inventory. The optimism for a solid spring exists \u2013&nbsp;and a more balanced buyer&#8217;s market certainly contributes to it.&#8221;<\/p>\n<\/blockquote>\n<h4>Closed Transactions<\/h4>\n<p>Of the 54 metro areas surveyed in&nbsp;<span class=\"xn-chron\">February 2019<\/span>, the overall average number of home sales is up 10.2% compared to&nbsp;<span class=\"xn-chron\">January 2019<\/span>, and down 4.2% compared to&nbsp;<span class=\"xn-chron\">February 2018<\/span>. Leading the month-over-month sales percentage increase were&nbsp;<span class=\"xn-location\">Houston, TX<\/span>&nbsp;at +28.8%,&nbsp;<span class=\"xn-location\">Birmingham, AL<\/span>&nbsp;at +26.7%, and&nbsp;<span class=\"xn-location\">Raleigh-Durham, NC<\/span>&nbsp;at 26.5%.<\/p>\n<h4>Median Sales Price \u2013 Median of 54 metro median prices<\/h4>\n<p>In&nbsp;<a href=\"realtrends-february-newsletter\/\"><span class=\"xn-chron\">February 2019<\/span><\/a>, the median of all 54 metro Median Sales Prices was&nbsp;<span class=\"xn-money\">$240,000<\/span>, up 2.2% from&nbsp;<span class=\"xn-chron\">January 2019<\/span>, and up 5.5% from February 2018.&nbsp;Nine metro areas saw a year-over-year decrease in Median Sales Price including&nbsp;<span class=\"xn-location\">Birmingham, AL<\/span>&nbsp;at -4.2%,&nbsp;<span class=\"xn-location\">Hartford, CT<\/span>&nbsp;at -4.0%, and&nbsp;<span class=\"xn-location\">Anchorage, AK<\/span>&nbsp;at -3.9%. Four metro areas increased year-over-year by double-digit percentages, with the largest increases seen in&nbsp;<span class=\"xn-location\">Boise, ID<\/span>&nbsp;at +16.0%,&nbsp;<span class=\"xn-location\">Cincinnati, OH<\/span>&nbsp;at +13.2%, and&nbsp;<span class=\"xn-location\">Wilmington<\/span>\/<span class=\"xn-location\">Dover, DE<\/span>&nbsp;at +12.6%.<\/p>\n<h4>Days on Market \u2013 Average of 54 metro areas<b><br class=\"dnr\"><\/b><\/h4>\n<p>The average Days on Market for homes sold in&nbsp;<span class=\"xn-chron\">February 2019<\/span>&nbsp;was 63, up four days from the average in&nbsp;<span class=\"xn-chron\">January 2019<\/span>, and up 1 day from the&nbsp;<span class=\"xn-chron\">February 2018<\/span>&nbsp;average. The metro areas with the lowest Days on Market were&nbsp;<span class=\"xn-location\">Omaha, NE<\/span>&nbsp;at 34,&nbsp;<span class=\"xn-location\">San Francisco, CA<\/span>&nbsp;at 37, and a two-way tie between&nbsp;<span class=\"xn-location\">Denver, CO<\/span>&nbsp;and&nbsp;<span class=\"xn-location\">San Diego, CA<\/span>&nbsp;at 42. The highest Days on Market averages were in&nbsp;<span class=\"xn-location\">Augusta, ME<\/span>&nbsp;at 120,&nbsp;<span class=\"xn-location\">Trenton, NJ<\/span>&nbsp;at 113, and&nbsp;<span class=\"xn-location\">Hartford, CT<\/span>&nbsp;at 96. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.<\/p>\n<h4>Months Supply of Inventory \u2013 Average of 54 metro areas<b><br class=\"dnr\"><\/b><\/h4>\n<p>The number of homes for sale in&nbsp;<span class=\"xn-chron\">February 2019<\/span>&nbsp;was down 1.4% from&nbsp;<span class=\"xn-chron\">January 2019<\/span>&nbsp;and up 5.8% from&nbsp;<span class=\"xn-chron\">February 2018<\/span>. Based on the rate of home sales in&nbsp;<span class=\"xn-chron\">February 2019<\/span>, the Months Supply of Inventory decreased to 3.4 from 3.9 in&nbsp;<span class=\"xn-chron\">January 2019<\/span>, and increased compared to 3.1 in&nbsp;<span class=\"xn-chron\">February 2018<\/span>. A six months supply indicates a market balanced equally between buyers and sellers. In&nbsp;<span class=\"xn-chron\">February 2019<\/span>, five of the 54 metro areas surveyed reported a months supply at or over six months, including&nbsp;<span class=\"xn-location\">Miami, FL<\/span>&nbsp;at 7.6 and&nbsp;<span class=\"xn-location\">Indianapolis, IN<\/span>&nbsp;at 7.4, which is typically considered a buyer&#8217;s market. The markets with the lowest Months Supply of Inventory were&nbsp;<span class=\"xn-location\">Denver, CO<\/span>&nbsp;at 1.4 and&nbsp;<span class=\"xn-location\">San Francisco, CA<\/span>&nbsp;at 1.6.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Declining Sales, Growing Inventory Move in Direction of Buyer&#8217;s Market RE\/MAX housing report for February notes conditions favor homebuyers. Riding two trends\u2014declining sales and growing inventory\u2014 the U.S. housing market continued to transition from a seller&#8217;s market to a buyer&#8217;s market in February, according to the RE\/MAX National Housing Report. RE\/MAX National Housing Report video [&hellip;]<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Declining Sales, Growing Inventory Move in Direction of Buyer&#039;s Market<\/title>\n<meta name=\"description\" content=\"RE\/MAX housing report for February notes conditions favor homebuyers. 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