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.