RE/MAX National Housing Report for November 2018

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RE/MAX National Housing Report for November 2018

Extremely Low Inventory Improves as Sales Drop for Fourth Month

PR Newswire

DENVER, Dec. 17, 2018 /PRNewswire/ – Years of shrinking inventory gave way in November to a second consecutive month of year-over-year growth in the number of homes for sale, according to the RE/MAX National Housing Report. The apparent reason: Home sales declined for the fourth consecutive month when compared to the same months in 2017. Even so, home prices remained strong.

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Across the 53 metro areas surveyed, inventory rose 3.0% – the highest monthly year-over-year gain in the 10-year history of the report, following October’s 1.0% increase that ended a streak of 119 months of year-over-year declines dating back to November 2008. The Months Supply of Inventory rose to 3.9, the highest for any month since 4.2 in December 2016.

November home sales, meanwhile, declined 6.9%, which was the second-largest year-over-year decline of 2018 and the biggest year-over-year sales decline for November in five years. This year only April and July sales exceeded 2017 totals for the corresponding months.

“The road to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to see the small uptick in inventory, and the drop in November sales isn’t too surprising – given the recent trends, the mid-term elections, and the earlier-than-usual Thanksgiving holiday. As we near year-end, three main themes appear clear – buyers are grappling with affordability issues and tight inventory; sellers are unsure how to react to the cooling market; and homes priced properly are still selling rather quickly. All three underscore the fact that the guidance of a professional agent is even more critical in times like these.”

November’s Median Sales Price of $235,000 was 4.0% higher than November 2017 and was the highest November price in the report’s history. It marked the 32nd consecutive month of year-over-year price increases. Comparing the first 11 months of 2018 to 2017, home prices are up 6.0%.

Even with declining sales, homes sold at record speed for November. Homes spent an average of 51 Days on Market, compared to the previous November low of 54 days set last year.

Closed Transactions
Of the 53 metro areas surveyed in November 2018, the overall average number of home sales is down 10.1% compared to October 2018, and down 6.9% compared to November 2017. Nine of the 53 metro areas experienced an increase in sales year-over-year, including Burlington, VT, +8.8%, Albuquerque, NM, +6.8%, New Orleans, LA, +5.4% and Tampa, FL, +5.1%.

Median Sales Price – Median of 53 metro median prices
In November 2018, the median of all 53 metro Median Sales Prices was $235,000, equivalent to October 2018, and up 4.0% from November 2017. Only two metro areas saw a year-over-year decrease in Median Sales Price: Honolulu, HI, -3.2%, and Birmingham, AL, -0.7%. Three metro areas increased year-over-year by double-digit percentages: Boise, ID, +18.2%, Las Vegas, NV, +12.2%, and Wichita, KS, +11.4%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in November 2018 was 51, up three days from the average in October 2018, and down three days from the November 2017 average. The metro areas with the lowest Days on Market were Omaha, NE, at 26; San Francisco, CA, at 31; Boise, ID, and Nashville, TN, both at 33; and at 34, Salt Lake City, UT, Denver, CO, and Las Vegas, NV. The highest Days on Market averages were in Augusta, ME, at 110, Hartford, CT, at 90, and at 78, Chicago, IL, and Miami, FL. 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 53 metro areas
The number of homes for sale in November 2018 was down 7.1% from October 2018 and up 3.0% from November 2017. Based on the rate of home sales in November, the Months Supply of Inventory increased to 3.9 from 3.5 in October 2018, and increased compared to November 2017 at 3.6. A six-month supply indicates a market balanced equally between buyers and sellers. In November 2018, all of the 53 metro areas surveyed except Miami, FL, at 9.0, and Augusta, ME, at 7.0, reported a months supply at or less than six, which is typically considered a seller’s market. The markets with the lowest Months Supply of Inventory were, at 2.0, San Francisco, CA, Boise, ID, and Denver, CO, with Minneapolis, MN, next at 2.2.

For specific data in this report or to request an interview, please contact newsroom@remax.com.

About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with over 120,000 agents in more than 100 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. Dedicated to innovation and change in the real estate industry, RE/MAX launched Motto Mortgage, a ground-breaking mortgage franchisor, in 2016 and acquired booj, a real estate technology company, in 2018. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more 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 53 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.

 

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SOURCE RE/MAX, LLC

FICO® Score Open Access Program Hits Milestone, Enabling Lenders and Financial Counselors to Offer Consumers Free Access to their FICO® Scores

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FICO® Score Open Access Program Hits Milestone, Enabling Lenders and Financial Counselors to Offer Consumers Free Access to their FICO® Scores

Now in its 5th year, the program has enabled more than 300 million consumer financial credit accounts to get FICO® Scores for free

PR Newswire

SAN JOSE, Calif., Dec. 17, 2018 /PRNewswire/ —

  • The FICO® Score Open Access program now reaches more than 300 million consumer accounts, providing free access to the FICO® Score used by lenders to manage accounts
  • More than 170 financial institutions participate in FICO® Score Open Access
  • Eight of the top 10 credit card issuers participate in the FICO® Score Open Access program
  • FICO® Score Open Access for Credit and Financial Counseling program has made nearly 200,000 scores available to consumers seeking credit counseling through partners such as Operation HOPE and Justine PETERSEN, increasing credit score transparency and driving financial health

FICO Corporate logo.  (PRNewsFoto/FICO)

Analytics software firm FICO (NYSE: FICO) today announced that more than 300 million consumer credit and loan accounts have free access to the same FICO® Score used by lenders to manage those accounts through its FICO® Score Open Access program. More than 170 financial institutions participate in the FICO® Score Open Access program including eight of the top 10 credit card issuers.  

“We have achieved an important milestone as we have surpassed 300 million consumer accounts with access to the FICO Score through our FICO Score Open Access program, demonstrating continued success in growing the program.  The FICO Score is the standard measure of U.S. consumer credit risk and is used in more than 90 percent of consumer lending decisions in the U.S.,” said Jenelle Dito, Director, Scores at FICO.  “With the FICO  Score Open Access program, millions of consumers see the same scores used by their lenders for credit decisions and the factors that affect them. It’s an invaluable tool to educate consumers and help them better understand their financial health.”

The FICO® Score Open Access program enables U.S. financial institutions of all sizes to provide increased transparency and more financial education to consumers. Participants range from the country’s largest banks and lenders to credit unions, startups, credit card issuers, mortgage servicers, auto lenders, and student loan providers.  FICO® Score Open Access provides consumers with regularly updated FICO Scores as well as the most important factors affecting the score. Participating institutions deliver the scores to consumers via a variety of channels, including online banking websites, mobile applications and paper statements. 

In addition, FICO® Score Open Access for Credit and Financial Counseling empowers credit and financial counseling providers in the U.S. such as Operation HOPE and Justine PETERSEN to share FICO® Scores — for example, for financial management plan review — with consumers for free. The program was designed specifically for credit and financial counselors to increase consumer understanding of the FICO Score and the role in everyday financial decisions.

“FICO® Score Open Access allows financial well-being coaches within our national HOPE Inside network to support clients in managing their financial health through increased understanding of their FICO Score details,” said Anita Ward, president of Operation HOPE. “Empowered with this information, clients are able to take effective action in creating a more secure financial future. We are grateful to FICO for this partnership.”

As part of an ongoing consumer education program titled “Score A Better Future,” FICO recently hosted an event in Atlanta, Georgia. FICO partnered with Operation HOPE, Urban League of Greater Atlanta, 100 Black Men of America (Atlanta), National Consumers League, and Clark Atlanta University to provide free consumer financial education to Georgia residents as part of an ongoing commitment to financial inclusion. The event came off a strong event in St. Louis where residents learned about the FICO Score and received financial counseling.  For more information, visit: www.fico.com/scoreabetterfuture.   

Through the FICO® Score Open Access program, FICO helps millions of American consumers understand their credit health.  Check out the list of the institutions that provide free access to FICO® Scores through the FICO® Score Open Access program.  Gain more information about the FICO® Score Open Access program here.

About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 190 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at http://www.fico.com.

Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/ .

For FICO news and media resources, visit www.fico.com/news.

FICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.

 

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SOURCE FICO

Richelieu Hardware Ltd. Announce Normal Course Issuer Bid

Richelieu Hardware Ltd. Announce Normal Course Issuer Bid

Canada NewsWire

MONTREAL, Dec. 17, 2018 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH) (“Richelieu” or the “Corporation”) announced today that it has the intention to purchase by way of a normal course issuer bid (the “Bid”), for cancellation purposes, some of its common shares through the facilities of the Toronto Stock Exchange or Alternative Canadian Trading Systems.

Under the Bid, the Corporation may repurchase for cancellation up to 1,500,000 common shares. This represents a maximum of 2.6% of its 57,114,234 issued and outstanding common shares as of December 5, 2018. These purchases will be made in accordance with applicable regulations over a maximum period of twelve months beginning on December 19, 2018 and ending on December 18, 2019. The average daily trading volume of Richelieu’s common shares over the six calendar months prior to the date hereof was 107,012. Accordingly, the Corporation is entitled to purchase, on any trading day, up to 26,753 common shares. The consideration that the Corporation will pay for any common shares acquired by it under the Bid will be paid cash at the market price of such common shares at the time of acquisition.

During the last twelve (12) months, the Corporation repurchased, either through the facilities of the Toronto Stock Exchange or Alternative Canadian Trading Systems, 966,143 securities at a weighted average price paid of $27.46, all pursuant to a previously approved program having authorized the Corporation to proceed with the purchase in the normal course of a maximum of 1,500,000 common shares.

The Corporation believes that the purchase by the Corporation of its own shares may, in appropriate circumstances, be a responsible investment of funds on hand.

About Richelieu Hardware Ltd.

Richelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, storage and closet, home furnishing and office furniture manufacturers, residential and commercial woodworkers, and hardware retailers including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers worldwide. Its product selection consists of over 110,000 different items targeted to a base of more than 80,000 customers who are served by 68 centres in North America – 34 distribution centres in Canada, 32 in the United States and two manufacturing plants in Canada, specifically Cedan Industries Inc. which specializes in the manufacturing of a wide variety of veneer sheets and edgebanding products and Menuiserie des Pins Ltée which manufactures components for the window and door industry and a broad selection of decorative mouldings.

 

SOURCE Richelieu Hardware Ltd.

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