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Massachusetts’ economic boom puts pressure on housing costs

Massachusetts' economic boom puts pressure on housing costs

BOSTON/August 19, 2017 (AP)(StlRealEstate.News) — Massachusetts’ booming economy is bringing with it a downside for those looking to rent an apartment or buy a home in the state: soaring housing costs, particularly in the greater Boston area.

The problem isn’t new, but it’s more acute in places where the economy has taken off, spurred by a surge in the life sciences sector and the arrival of top companies like General Electric to the state.

That upward pressure is one reason why Beacon Hill leaders are continuing to look for ways to create new affordable housing units while preserving existing units.

Gov. Charlie Baker this week announced $72 million in housing subsidy funds and additional state and federal tax credits to 25 projects across the state. The goal is to help create, refurbish and preserve 1,970 housing units, including units reserved for low-income families and families making their way out of homelessness.

“Safe and affordable housing is a cornerstone to the success of our commonwealth’s families, including access to job opportunities for many of our most vulnerable populations,” Baker said in announcing the funds for 17 communities.

Among the projects is Mechanic Mill, a mixed-income historic rehabilitation project in Attleboro. When finished, the project will offer 91 housing units, including 56 affordable. Of the affordable residences, 10 will be reserved for households earning less than 30 percent of the area’s median income. All 91 units will be reserved for people who are 55 or older.

Baker isn’t alone in focusing on the state’s housing needs.

At the Statehouse, dozens of bills have been filed in response to the ever-tightening housing market.

One bill would give tenants of residential buildings with three or more units the right of first refusal to buy their building at fair market value; other legislation would expand or tighten the definition of affordable housing; and another bill would address affordable housing developments in certain communities.

The Legislature’s Joint Committee on Housing is holding a hearing Tuesday at the Statehouse to consider nearly two dozen bills, including some aimed at preventing homelessness and others that would attempt to stabilize the rental market and help those looking to buy their first home save the money needed for a down payment.

As of the end of June, Massachusetts home values had gone up 7.2 percent over the past year, according to real estate data provider Zillow, which predicts a rise of 3.3 percent during the next year. While the median home value in Massachusetts is $375,500, the median price of homes currently listed in Massachusetts is $425,000.

Rents are also high, with the median monthly rent in Massachusetts at $2,600.

In Springfield, the median home value is $143,200. Despite the more modest price compared to the state as a whole, the cost represents an increase of 8.6 percent over the past year, according to Zillow. The median rent in Springfield is $1,325.

In Boston, it’s another story. The median home value in New England’s largest city is $558,300, a jump of 11.5 percent over the past year. The median rent is $2,700.

In neighboring Cambridge, the story is equally dramatic. There the median home value jumped by 10.7 percent over the past year to $729,400. The median rent has soared to a daunting $3,000 a month.

Cambridge is also the location of one of the affordable housing projects Baker is touting.

That project seeks to replace some property damaged or destroyed in a massive fire in the East Cambridge neighborhood last December. The project includes a dozen units reserved for households earning less than 30 percent of the area’s median income.

By STEVE LeBLANC ,  Associated Press

Teamsters Support Citizen Veto Of Right-To-Work Law In Missouri

Teamsters Support Citizen Veto Of Right-To-Work Law In Missouri

WASHINGTON/ August 18, 2017 (PRN)(StlRealEstate.News) — The following is the official statement of Teamsters General President Jim Hoffa on the efforts of thousands of Missourians to repeal SB 19, the destructive right-to-work law passed earlier this year.

“Today, thousands of men and women from across Missouri – including members of the Teamsters Union – marched on the state capitol to deliver more than 300,000 signatures calling for a vote to repeal SB 19, the state’s right-to-work law championed by Republican Gov. Eric Greitens. By submitting nearly three times the necessary signatures to place a vote on the ballot, the working families of Missouri have taken a strong stand against this attack on the middle class.

“Right-to-work laws are wrong for working families. We see higher poverty rates in right-to-work states, and lower wages across the board. These laws do nothing to grow the middle class or improve the lives of workers. The only goal of right-to-work laws is to enrich corporations at the expense of workers.

“The Teamsters Union was proud to participate in today’s action in Jefferson City and stand ready to continue the fight against right-to-work laws.”

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at www.facebook.com/teamsters.

SOURCE: International Brotherhood of Teamsters

Widow won’t sign, and that puts timeshare giant in a bind

Widow won't sign, and that puts timeshare giant in a bind

ORLANDO, Fla./August 18, 2017 (AP)(StlRealEstate.News) — There’s a new twist in the standoff between an octogenarian widow in Florida who refused to sell her townhome and the giant developer that constructed a timeshare resort around her vacant, two-story building anyway.

In order to get a county permit for tenants to move into the new timeshare units, the company needs her signature — and she’s not giving it. That prompted the parent company of Westgate Resorts to sue Orange County, Florida, this month, demanding that the county issue the occupancy permit anyway.

The timeshare giant’s lawsuit is the latest development in the ongoing fight between Julieta Corredor and Westgate Resorts. Corredor was the last owner in her condominium development who refused to sell to Westgate so it could build the new timeshare complex in the heart of Orlando’s tourist district. The company tweaked its plans, but moved forward, building a seven-story, multimillion-dollar edifice within feet of the Corredor townhome.

The 82-year-old woman’s townhome was damaged when a contractor for the timeshare company was clearing the site for the construction of Westgate’s timeshare complex. No one now lives in the property, which was used as a vacation home by the South Florida-based Corredor family. The home, which Westgate said the family has not used in more than a decade, has now been deemed uninhabitable because of the damage.

Orange County officials have told Westgate their contractor needs a demolition permit for the unpermitted work done on Corredor’s building before it will grant the occupancy permit for one building and a building permit for the second building in the timeshare complex. That requires the signature of Corredor, who has so far steadfastly refused all of the company’s offers to buy out her unit.

The fact that Westgate apparently undertook demolition without proper permitting from Orange County, substantially damaging Mrs. Corredor’s condominium in the process and rendering it uninhabitable, is one of the big reasons that we’re in this mess,” said Corredor’s attorney, Brent Siegel.

County spokeswoman Doreen Overstreet said the county wouldn’t comment due to the pending litigation. Corredor and her sons weren’t named as defendants in the lawsuit, although their fight with Westgate looms large over the complaint.

In emails filed with the court, a lawyer for Westgate complained that the county’s decision not to issue the occupancy permit is costing Westgate “tens of thousands of dollars every day.” The lawsuit said the company has passed all final inspections and that the county has “a clear legal ministerial duty” to issue the occupancy permit.

The county also told Westgate it needs to make repairs to the Corredor home in order to get the permit, and that also requires Corredor’s signature. That’s something she is willing to sign off on, provided she gets all the details on the proposed repairs, her attorney said.

Officials at the timeshare company said they’ve offered to rebuild the Corredors’ unit at the same or a new location and provide $50,000 in furnishings. They’ve presented an offer of a $150,000 cash buy-out, and they’ve said they’re willing to offer a comparable, newly-renovated unit in a different building. The Corredors have repeatedly said “no.”

The Corredors have said that their case is a matter of principle on property rights and that they feel bullied by Westgate.

The Corredors have two lawsuits pending against Westgate. There have been no steps toward settlement talks since the beginning of the year, Siegel said.

By: MIKE SCHNEIDER

Winder-Based Community Partners Realty Affiliates With Century 21 Real Estate Franchise System

Winder-Based Community Partners Realty Affiliates With Century 21 Real Estate Franchise System

WINDER, Ga./  August 18, 2017 (PRN)(StlRealEstate.News) — Community Partners Realty, an independently owned and operated real estate brokerage company in Winder, announced today that it has joined the CENTURY 21® franchise system and will now do business as CENTURY 21 Community Partners Realty. The company will continue to provide full-service real estate services to buyers and sellers throughout the greater Atlanta metropolitan area.

“We are pleased to welcome the Community Realty Partners team to the CENTURY 21 System,” said Greg Sexton, chief operating officer, Century 21 Real Estate LLC. “This company is an excellent example of the repeat business that is possible when a team of agents prioritizes the well-being of its clients and remains focused on serving as a source of knowledge to consumers throughout their evolving real estate needs.”

Broker/owner Tim Hill brings more than 20 years of experience in the real estate and construction industry, and has been a staple of the local business community for upwards of 29 years.

Born and raised in Georgia, Hill prides himself on sharing with his clients his appreciation for the lifestyle his home state offers. As the North Georgia real estate market continues to boom, Hill and his team of agents have become a go-to source for land and farm sales throughout the region.

“The team and I are thrilled to join such a recognized and powerful real estate brand, as Century 21 Real Estate,” said Tim. “We’re primed and ready to take full advantage of not only the tools and technology the brand offers, but also the tremendous support of our fellow offices within the System. The international reach of the brand will now be a critical advantage for our clients.”

About CENTURY 21 Community Partners Realty
CENTURY 21 Community Partners Realty is a full service real estate company, serving the buyers and sellers of the greater Atlanta metropolitan area. The brokerage is located at 30 S Broad St, Winder, GA 30680.

CENTURY 21 Community Partners Realty is an independently owned and operated franchise affiliate of Century 21 Real Estate LLC (century21.com), franchisor of the iconic CENTURY 21 brand, comprised of approximately 7,450 independently owned and operated franchised broker offices in 79 countries and territories worldwide with more than 115,000 independent sales professionals.

SOURCE: CENTURY 21 Community Partners Realty

 

Hunt Mortgage Group Enters Commercial Real Estate Loan Securitization Arena

Hunt Mortgage Group Enters Commercial Real Estate Loan Securitization Arena

NEW YORK/ August 18, 2017 (PRN)(StlRealEstate.News) — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today the closing of its first commercial real estate collateralized loan obligation (CRE-CLO),  Hunt CRE 2017-FL1.

“This is a major milestone for Hunt Mortgage Group as it provides the Company with a predictable and stable source of long-term non-recourse balance sheet financing which will serve to supplement our existing warehouse lines,” commented James Flynn, President and Chief Investment Officer at Hunt Mortgage Group.

The transaction will finance approximately $350 million of Hunt Mortgage Group-originated floating rate bridge loans.  Approximately $291 million of investment-grade notes were sold to 15 different institutional investors, with the company retaining the first loss non-investment grade piece of just under 17%.

The CLO provides for a replenishment period for primarily multifamily assets, giving the asset manager, Hunt Investment Management the ability to replace collateral with qualifying Hunt Mortgage Group loans as existing deals mature or pay-off.

The securitization effort was led internally by the head of the Company’s proprietary lending business, Mike Becktel, Managing Director at Hunt Mortgage Group. “We were very pleased with the execution, and believe the levels achieved are a clear reflection of the strength of the collateral as well as the overall platform,” noted Becktel.

About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 198 professionals in 24 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.

SOURCE: Hunt Mortgage Group

Inc. Magazine Names Platinum Drive Realty One of America’s Fastest-Growing Private Companies–the Inc. 5000

Inc. Magazine Names Platinum Drive Realty One of America's Fastest-Growing Private Companies--the Inc. 5000

NEW YORK/ August 18, 2017 (PRN)(StlRealEstate.News) — Inc. Magazine named Platinum Drive Realty on its 36th annual Inc. 5000, the most prestigious ranking of the nation’s fastest-growing private companies for the fourth consecutive year. The real estate firm has been recognized for its impressive three-year sales growth of 220%. Platinum Drive Realty is also the fastest growing real estate firm in Westchester County on Inc. Magazine’s 2017 list.

“We are thrilled to have been once again named on the Inc. 5000’s list of America’s fastest-growing private companies,” said Zachary Harrison, President of Platinum Drive Realty. “It’s a true honor and recognizes our innovative marketing strategies, local expertise and commitment to providing extraordinary service beyond the real estate transaction to generate the absolute best results for our clients.”

The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small and midsized businesses. Companies such as Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees of the Inc. 5000.

“The Inc. 5000 is the most persuasive evidence I know that the American Dream is still alive,” says Inc. President and Editor-In-Chief Eric Schurenberg. “The founders and CEOs of the Inc. 5000 tell us they think determination, risk taking, and vision were the keys to their success, and I believe them.”

Heather Harrison, co-founder of Platinum Drive Realty added, “We are very excited to be recognized again by Inc. Magazine. It’s a tribute to our stellar team of real estate professionals and wonderful clients! Our firm’s commitment to excellence has helped us achieve incredible milestones and expand into new markets, including our newest location in Long Island!”

About Platinum Drive Realty
Platinum Drive Realty is an award-winning real estate firm that specializes in Westchester County, Long Island, Fairfield County, CT and the suburbs of New York City. The firm prides itself on delivering exceptional service to first time buyers and sellers, experienced homeowners, builders and investors throughout the process of buying and selling a home. Platinum Drive Realty has been named one of the Inc. 5000 Fastest Growing Private Companies in America for Four Consecutive Years, (2014-2017). The firm is headquartered in Scarsdale, New York and has five office locations including Larchmont, Chappaqua, Long Island and Greenwich, CT.

SOURCE: Platinum Drive Realty

Luxury Auction® Approaches for Waterfront Home Within FL Community Ranked as One of Nation’s Most Exclusive by Forbes Magazine

Luxury Auction® Approaches for Waterfront Home Within FL Community Ranked as One of Nation's Most Exclusive by Forbes Magazine

BOCA RATON, Fla./ August 17, 2017 (PRN)(StlRealEstate.News) — Luxury real estate auction firm Platinum Luxury Auctions is preparing for the upcoming auction sale of a contemporary waterfront estate located within the Sanctuary of Boca Raton, a gated residential community in Boca Raton, Florida. The ritzy neighborhood, situated on the western side of the Intracoastal Waterway in Palm Beach County, has been ranked by Forbes magazine as one of the most exclusive gated communities in the United States. Although recently offered for an asking price of $3.8 million, the property will now be sold to the highest bidder who meets or exceeds a bid of only $1.5 million at the live auction sale, to be held on the property site on August 26, 2017. Platinum, a firm specializing in the non-distressed auction sale of multimillion-dollar homes on behalf of their affluent sellers, was retained by the property’s owner to exclusively manage the sale.

“We’re pleased to be working within the Sanctuary, a community long-known to be one of Boca Raton’s best,” stated David Enriquez, Platinum’s vice president of operations. “Its relatively boutique size, excellent security and waterfront amenities have made it a preferred location for many prominent business moguls and their families. It’s extremely rare for an auction to be conducted within this coveted enclave.”

Completely renovated by its current owner in 2012, the single-story, contemporary estate offers 5,000 square feet of interior living area, with 5 bedrooms, 6 full and one half bath. It is situated on a wide, deep-water canal, and boasts 70 linear feet of dockage. The large canal, combined with the wake protection and privacy offered by a 27-acre wildlife preserve located immediately east of the community, create exceptional dockage conditions for the avid boater. There are no fixed bridges between the property and the nearest inlet, making a cruise to the Atlantic Ocean a breeze.

Designed in a beach chic style with a light color palette, the residence features lofted ceilings and bright, airy living spaces, with most rooms offering views of the pool and the waterway through floor-to-ceiling windows and doors. Several bedrooms feature direct access to the pool deck, creating a seamless blend between indoor and outdoor living areas. The impressive kitchen, located just off the main salon, was designed by Pedini New York, and features Viking appliances and a welcoming, open layout that flows into the other living areas.

Outdoor living areas include a large front yard with a semi-circular, paved entry, and a backyard offering a manicured pool deck outfitted in custom pavers and artificial grass, a custom pool and spa with sun-soaking deck, and a summer kitchen with video and audio systems.

Additional features include a +300-bottle wine room, integrated Smart Home features controllable via iPad, a spacious master bedroom suite with a designer bath, and a three-car garage.

The Sanctuary of Boca Raton has long been considered one of the most exclusive gated communities in Palm Beach County. Its ninety estates – two-thirds of which feature private, deep-water dockage – typically range from $2 million to more than $20 million in price. In addition to its namesake, 27-acre wildlife preserve, The Sanctuary offers a 23-slip marina (built to accommodate boats up to 65 ft. in length), Har-Tru tennis courts, a children’s playground and round-the-clock security patrolling both the roads and the waterways behind its manned gates.

About Platinum Luxury Auctions
Platinum Luxury Auctions is responsible for developing the luxury auction® model for high-priced real estate auctions. The firm specializes in the non-distressed sale of multimillion-dollar properties within and beyond the United States. Platinum’s team has closed more than $700 million in luxury real estate auction sales to date, while consulting on more than $2 billion in additional luxury properties worldwide.

SOURCE: Platinum Luxury Auctions LLC

Honolulu-Based iProperties Hawaii Affiliates With Century 21 Real Estate Franchise System

Winder-Based Community Partners Realty Affiliates With Century 21 Real Estate Franchise System

HONOLULU/ August 17, 2017 (PRN)(StlRealEstate.News) — iProperties Hawaii, an independently owned and operated real estate brokerage company in Honolulu, announced today that it has joined the CENTURY 21® Franchise System and will now do business as CENTURY 21 iProperties Hawaii. The company will continue to provide full-service real estate services to buyers and sellers throughout the island, and will now benefit from the world-class marketing, technology and productivity tools provided through its affiliation with the iconic CENTURY 21 brand.

“We are thrilled to welcome iProperties Hawaii team to CENTURY 21,” said Greg Sexton, chief operating officer, Century 21 Real Estate LLC. “The team is a great example of the success that is possible when a company prioritizes the education of its agents, while maintaining laser focus on the ever evolving needs of its clients.”

Broker/owner Abe Lee brings 43 years of experience to the table as a licensed REALTOR®, with 32 years of experience teaching fellow agents development, zoning issues, construction methods, law & ethics and more.

On the homebuyer and seller side, Abe and his team are well known throughout the island for their wide range of expertise. Not only does the company offer luxury listings for high-end international clients, but also prides itself on its affiliation with the Hawaii Homeownership Center. Alongside the organization, CENTURY 21 iProperties Hawaii provides education, information and support to create successful first-time homebuyers throughout the state.

“We couldn’t be more excited about joining the CENTURY 21 brand, one of the most recognized real estate brands in the world,” said Abe. “Not only can we benefit from the incredible reputation the franchise has through the global System, but the brand’s cutting edge tools and technologies will enhance the level of service we provide to our clients.”

About CENTURY 21 iProperties Hawaii
CENTURY 21 iProperties Hawaii is a full service real estate company, serving the buyers and sellers of the state of Hawaii, as well as a global clientele. The brokerage is located at 1585 Kapiolani Boulevard, Honolulu, HI 96814.

CENTURY 21 iProperties Hawaii is an independently owned and operated franchise affiliate of Century 21 Real Estate LLC (century21.com), franchisor of the iconic CENTURY 21 brand, comprised of approximately 7,450 independently owned and operated franchised broker offices in 79 countries and territories worldwide with more than 115,000 independent sales professionals.

SOURCE: CENTURY 21 iProperties Hawaii

 

Average US mortgage rates edge lower; 30-year at 3.89 pct.

Average US mortgage rates edge lower; 30-year at 3.89 pct.

WASHINGTON/August 17, 2017 (AP)(StlRealEstate.News) — Long-term U.S. mortgage rates edged lower this week.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages slipped to 3.89 percent from 3.90 percent last week. While historically low, that’s still above last year’s average of 3.65 percent. The benchmark rate stood at 3.43 percent a year ago.

The rate on 15-year, fixed-rate home loans, popular with homeowners who are refinancing their mortgages, fell to 3.16 percent from 3.18 percent last week.

Record-low interest rates have helped spur home purchases and boosted the housing market. Yet despite the low mortgage rates to lure prospective homebuyers, the housing market has remained hampered by tight mortgage credit, rising home prices and tight supply of homes on the market.

In the latest indication of low inventory constraining home purchases, real estate brokerage Redfin reported Thursday that sales in July declined 3.5 percent from a year earlier. The number of homes for sale fell 11 percent, marking 22 straight months of year-over-year declines in inventory, according to Redfin. There was a three-month supply of homes in July, higher than June’s record-low 2.5 months but well below the six months that represents a market balanced between buyers and sellers.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was 0.4 point, down from 0.5 point last week. The fee on 15-year loans was unchanged at 0.5 point.

Rates on adjustable five-year loans rose to 3.16 percent from 3.14 percent last week. The fee declined to 0.4 point from 0.5 point.

Home Sales Decreased in July, but Sold at Faster Pace

Home Sales Decreased in July, but Sold at Faster Pace

DENVER/ August 17, 2017 (PRN) (StlRealEstate.News) — While July home sales decreased slightly, homes sold at a faster rate than any month in nearly a decade, according to the August RE/MAX National Housing Report that analyzes housing data in 54* metro areas. To access the housing report infographic, visit rem.ax/2cYFT50.

July home sales declined 0.8% year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4% higher year-over-year. Homes sold quickly in July, with an average 45 Days on Market, a record low for the report.

Other notable numbers from this month’s RE/MAX National Housing Report include:

  • Sales increased in 19 metro areas even as home sales declined 0.8% compared to July 2016.
  • The Median Sales Price of $239,950 was the highest for any July in the nine-year history of the report.
  • Inventory dropped 14.1% year-over-year, with 46 metro areas seeing fewer homes for sale or remaining unchanged. Year-over-year, inventory has declined every month since November 2008.
  • Months Supply of Inventory hovered at 3.1 months, a new July low in the report.

“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO“This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”

Closed Transactions

Of the 54 metro areas surveyed in July 2017, the overall average number of home sales decreased 15.8% compared to June 2017 and 0.8% compared to July 2016. Nineteen of the 54 metro areas experienced an increase in sales year-over-year including, Las Vegas, NV, +19.8%, Wilmington/Dover, DE, +16.9%, Augusta, ME, +8.1%, Philadelphia, PA, +4.9% and Tampa, FL, +4.8%.

Median Sales Price – Median of 54 metro median prices

In July 2017, the median of all 54 metro Median Sales Prices was $239,950, down 1.0% from June 2017 but up 7.4% from July 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Billings, MT, -2.2%, Anchorage, AK, -0.7%, and Houston, TX, 0.0%). Seven metro areas increased by double-digit percentages, with the largest increases seen in Seattle, WA, +13.7%, Tampa, FL, +13.5%, Milwaukee, WI, +11.6%, Portland, OR, +11.4% and Charlotte, NC, +11.0%.

Days on Market – Average of 54 metro areas

The average Days on Market for homes sold in July 2017 was 45, down two days from the average in June 2017, and down eight days from the July 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 22 and San Francisco, CA at 24. The highest Days on Market averages were in Augusta, ME at 98 and Miami, FL at 81. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 54 metro areas

The number of homes for sale in July 2017 was down 2.1% from June 2017, and down 14.1% from July 2016. Based on the rate of home sales in July, the Months Supply of Inventory was 3.1, compared to June 2017 at 2.8 and July 2016 at 3.5. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2017, 52 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 7.4 and 6.2 respectively, Miami, FL and Augusta, ME were the only metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with San Francisco, CA at 1.2, Seattle, WA at 1.3, Denver, CO at 1.4 and Omaha, NE at 1.6.

About the RE/MAX Network:

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 115,000 agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX, when measured by residential transaction sides. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE: RMAX). With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $157 million for Children’s Miracle Network Hospitals® and other charities. For more information about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.

Description

The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 54 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.

Definitions

Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey.

MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

*The Cincinnati metro area was recently added to the RE/MAX National Housing Report  

SOURCE: RE/MAX, LLC