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Housing Report: Inventory Improves – Sales, Prices Rise Higher

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Median Sales Price

For the month of July, the median price of all homes sold was $189,950, 2.1 percent lower than the median price in June, but 11.5 percent higher than the median price in July 2012. July is the 18th consecutive month with a median price higher than in the same month of the previous year. As buyer demand continues to run high, while the supply of homes for sale is low, home prices remain significantly higher than last year. Of the 52 metro areas surveyed in July, 49 experienced higher sales prices than one year ago. In fact, 26 metro areas reported double-digit increases, including: Detroit, MI +55.8 percent, Atlanta, GA +45.2 percent, Las Vegas, NV +37.5 percent, San Francisco, CA + 28.9 percent, Los Angeles, CA +27.0 percent, and Phoenix, AZ +26.7 percent.

Days on Market – Average of 53 Metro Areas

The average Days on Market for all homes sold in July was just 62, three days lower than the average of 65 in June, but 18 days lower than the 80-day average in July 2012. The 62-day average in July marked the 14th consecutive month with an average below 90. The low Days on Market average is the direct result of few homes for sale and high buyer demand. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.

Months Supply of Inventory – Average of 54 Metro Areas

July was the fourth month in a row that inventory levels decreased by a smaller amount. The number of homes for sale in July was just 1.3 percent lower than the inventory in June, while still 20.7 percent below the inventory in July 2012. here were actually 18 metro areas reporting increases in available inventory from June, an early sign that low inventory levels are beginning to stabilize and rise. Extremely low Months Supply figures remain in some key markets like: San Francisco, CA 1.3, Denver, CO 1.8, Los Angeles, CA 1.9, Phoenix, AZ 2.2, Washington, DC 2.3, Orlando, FL 2.4, and Seattle, WA 2.4.

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