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Housing Report: Inventory Improves – Sales, Prices Rise Higher

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For the 18th month in a row, both home sales and prices are higher than the same month in the previous year, says the recently released RE/MAX Housing Report. According to the national report, July home sales were 17.0 percent higher than last July and the median price, $189,950 was 11.5 percent higher. The RE/MAX Housing Report, a survey of MLS data in 52 metropolitan areas, also reports that the inventory situation slightly improved in July. The lower availability of homes for sale has caused prices to rise significantly in 2013, but as inventory issues ease, the rate of rising prices should slow down. At the rate of home sales in July, the number of months required to clear the entire inventory was 4.0, this indicates a market more favorable to sellers.

“Low inventory has been a serious concern this year, but with rising prices and fewer underwater homeowners, we’re starting to see more homes come on the market, resulting in inventory levels that are turning around,” said Margaret Kelly, CEO of RE/MAX, LLC. “Mortgage rates remain at historic lows, and home affordability is very attractive compared to historic levels.”

Transactions – Year-Over-Year Change

The July RE/MAX Housing Report showed a 1.5 percent increase in closed transactions over June, and a 17.0 percent increase over home sales in July 2012. July marks the 25th month in a row reporting higher sales than the same month in the previous year. The 2013 selling season continues to experience a broad-based housing recovery in all regions of the country. Of the 52 metro areas surveyed in July, 48 reported higher sales than July 2012, with 39 reporting double-digit gains, including: Albuquerque, NM +43.8 percent, Raleigh & Durham, NC +38.7 percent, Chicago, IL +38.3 percent, Boise, ID +36.8 percent, Providence, RI +35.5 percent and Indianapolis, IN +30.5.

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