RE/MAX: Home Sales, Median Sale Price Dropped in August

Inventory grew and prices fell in August according to a new report from RE/MAX, the latest sign the current red hot housing market may be cooling. Home sales dropped 3.5% and the Median Sale Price fell 1.2% to $335,000, according to RE/MAX’s National Housing Report for August. With fall just around the corner, August’s numbers suggest there won’t be any more record-breaking high points this year. August saw homes sitting on the market for only an average of 24 days. Month’s Supply of Inventory fell from 1.5 in July to 1.3 in August. Last August it was 1.9. A six months supply indicates a market balanced equally between buyers and sellers. Of the 51 metro areas surveyed in August, zero…

RE/MAX Reports “Very Encouraging” Q3 Results

RE/MAX reported “very encouraging” financial results for the third quarter for its real estate and mortgage brokerage service arms. “The continued execution of our strategy, coupled with the U.S. housing market’s remarkable run, drove our very encouraging results for the third quarter,” stated Adam Contos, RE/MAX Holdings Chief Executive Officer.  RE/MAX reported the following results for RE/MAX real estate brokerage and Motto Mortgage brokerage: Total revenue of $71.1 million, with revenue excluding marketing funds increased 0.5% percent to $53.8 million.Net income attributable to RE/MAX Holdings, Inc. of $3.6 million and earnings per diluted share (GAAP EPS) of $0.19.Adjusted EBITDA of $30.3 million, Adjusted EBITDA margin of 42.7% and Adjusted earnings per diluted share (Adjusted EPS) of $0.64.Total agent count increased 5.1 percent to 134,769 agents, while decreasing 0.3 percent in…