Second Quarter Results Give Insight to the Current US Market

September 16, 2020
Share this Post: 

RE/MAX has crunched the numbers for August and the results are in. The US real estate giant has reported that home sales are up 4.3% year-over-year, making this third quarter the third-highest total in the report’s 13-year history across 53 markets.  

Adam Contos, CEO of RE/MAX Holdings, Inc., said:

"Homeowners in a position to sell are seizing the opportunity – and benefiting from the one-two combination of enthusiastic, competitive buyers and significantly quicker turnaround times. In many respects, the current environment presents advantages on both sides of the equation."

Highlights from the report pertaining to 53 metro areas in August 2020 include:

  • Days on market: Average days on the market was 41, down 3 days from the month prior.
  • Months Supply of Inventory: Average number of homes for sale is down 6.1% from the month prior and 28.6% down year-over-year.
  • Median Sales Price: $290,000, up 1.8% from the month prior and up 11.5% year-over-year. 
  • Closed Transactions: Overall average number of sales is down 7.6% from the month prior, and up 4.3% year-over-year.

Interestingly enough, a portion of those sales can be equated to a rise in house flipping, whether that is from homeowner boredom, timing, or a rise in iBuying.  ATTOM Data Solutions released its second-quarter 2020 Home Flipping Report, showing that 53,621 single-family homes and condominiums in the United States were flipped in the second quarter. That makes up 6.7% of all home transactions in the second quarter or one in every 15 transactions.

September 16, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Rightmove Opt 1
Rightmove Appoints Former Just Eat MD, Matthew Bushby as Its New CMO

British market leader Rightmove has announced the appointment of Matthew Bushby as its new Chief Marketing Officer. Bushby joins the...

Read More
Shutterstock 603344765
Casai Merges with Fellow LatAm Short Term Rentals Specialist Nomah After Job Losses

The Mexican short-term rentals marketplace operator Casai has merged with its Brazilian counterpart Nomah. Existing investors including a16z and Monashees...

Read More
Shutterstock 147091049
REA India Sidesteps Agents with Country's First User Subscription Service - 'Housing Premium'

The REA India-owned real estate portal has announced the launch of a new user subscription service that aims to...

Read More
North Media Posts Q2 Financial Results—BoligPortal on Track

North Media, the media group and operator of Danish Portal BoligPortal, released its Q2 2022 financial report, with results "as...

Read More

Editor's Pick