The housing recovery appears to be in full swing across the country, according to the most recent RE/MAX Housing Report. For the 18th month in a row, both home sales and prices are higher than the same month in the previous year. 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,” says Margaret Kelly, CEO of RE/MAX, LLC. “Mortgage rates remain at historic lows, and home affordability is very attractive compared to historic levels.”
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.