{"id":59801,"date":"2017-10-19T04:55:35","date_gmt":"2017-10-19T11:55:35","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=59801"},"modified":"2020-10-06T12:59:46","modified_gmt":"2020-10-06T19:59:46","slug":"market-tracker-september-2017","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/market-tracker-september-2017\/","title":{"rendered":"Home Sales Fell 8.1 Percent in September, Third Month in a Row of Declining Sales"},"content":{"rendered":"

Sales fell 8.1 percent compared to last year, the largest decline posted since July 2016, and the third month in a row with declining sales. Meanwhile price-growth is strong, up 7.6 percent in September to a national median sale price of $288,000 across all markets Redfin serves. The median value of off-market homes in September was $251,000, as measured by the <\/span>Redfin Estimate<\/span><\/a>, up 0.7 percent from August. <\/span>
\nNationally, the number of homes for sale plunged 10.9 percent, continuing the 24-month streak of declining inventory. The number of new listings in September fell 7.7 percent from a year ago, leaving 3.3 months of supply. Less than six months of supply signals the market is tilted in favor of sellers.<\/span>
\nThe median days on market ticked up to 42 in September from 39 in August. The market was still five days faster than last September. The average sale-to-list price ratio was 98.4 percent and 23.6 percent of homes sold above their list price in September.<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nSeptember 2017<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$288,200<\/td>\n-1.0%<\/td>\n7.6%<\/td>\n<\/tr>\n
Homes sold<\/td>\n231,400<\/td>\n-17.1%<\/td>\n-8.1%<\/td>\n<\/tr>\n
New listings<\/td>\n262,200<\/td>\n-14.0%<\/td>\n-7.7%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n754,800<\/td>\n-2.1%<\/td>\n-10.9%<\/td>\n<\/tr>\n
Median days on market<\/td>\n42<\/td>\n3<\/td>\n-5<\/td>\n<\/tr>\n
Months of supply<\/td>\n3.3<\/td>\n0.5<\/td>\n-0.1<\/td>\n<\/tr>\n
Sold above list<\/td>\n23.6%<\/td>\n-1.4%<\/td>\n1.2%<\/td>\n<\/tr>\n
Median Off-Market Redfin Estimate<\/td>\n$250,600<\/td>\n0.7%<\/td>\n<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n98.4%<\/td>\n-0.1%<\/td>\n0.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Weather took its toll in several markets, with <\/span>Hurricane Irma<\/span><\/a> in Florida and Harvey in Houston. \u00a0Real estate activity was put on hold as communities dealt with the storm and its aftermath. As a result of hurricane-related disruptions, we expect real estate activity to be more volatile than normal in these markets.<\/span>
\nHome sales in Miami, Fort Lauderdale, West Palm Beach, Jacksonville, Orlando and Tampa all declined by more than 15 percent compared to last September. Miami sales took the biggest hit with a year-over-year decline of 38.4 percent. In Houston, home sales tumbled more than 25 percent in <\/span>August<\/span><\/a>, but recovered in September, and were essentially flat (0.2%) compared to a year ago.<\/span>
\n\u201cThe housing market is running on fumes due to low inventory,\u201d said Redfin chief economist Nela Richardson. \u201cSeptember marks the first time since 2014 that we\u2019ve seen three consecutive months of year-over-year sales declines. The inventory shortage is most severe for affordable homes. There has not been an increase in homes priced under $260,000 in two years.\u201d <\/span>
\nIn September, new listings from homes priced in the lowest tercile of the market (under $260,000) were down 14.9 percent year over year. Inventory for the middle tercile of new listings, priced between $260,000 and $470,000, was down 4.7 percent year over year. The only inventory increase was for listings above $470,000, up 2.3 percent from a year ago. \u00a0<\/span>
\n\u201cThe good news is that so far markets affected by Hurricane Harvey, like Houston, are rebounding in terms of sales quickly,\u201d said Richardson. \u201cThat bodes well for Floridian markets.\u201d<\/span>
\nConsistent with August, 43 percent of homes listed for sale in September were priced higher than their concurrent Redfin Estimate, a measure of a home\u2019s value and prediction of its eventual sale price. The median list price-to-Redfin Estimate ratio was 100.2 percent, which means the typical home for sale last month was priced in line with its estimated value.<\/span>
\n\"September<\/p>\n

Other September Highlights<\/b><\/h3>\n

Competition<\/b><\/p>\n