The 2013 summer selling season ends on a strong positive note, with both home sales and prices significantly higher than last year. August becomes the 19th month in a row that both metrics were higher than the same month in the previous year.
August home sales were up 6.5 percent and the Median Price of $188,450 was 12.9 percent higher than August 2012. The RE/MAX Housing Report, a survey of MLS data in 52 metropolitan areas, also found that the rate of inventory decline from last year was 17.4 percent, less than the 20.7 percent decline observed in July.
As inventory returns to a more normal level, home prices will likely stabilize. At the current rate of home sales, the number of months required to move the entire inventory was 4.4, still below the 6 month supply recognized as a market balanced between buyers and sellers.
For more information, visit remax.com. To view the monthly housing report, click here.