According to the August RE/MAX National Housing Report, July home sales moderated from the month-over-month increases of the last four months, falling below June sales by 3.1% and dropping 6.8% below the number of sales seen in July 2013. While 2014 sales have not been rising as rapidly as sales in 2013, this year remains well above the sales of the same period in 2012. Home prices continue to rise, but at a slower rate than in 2014. July home prices were 7.9% higher than prices last July. The inventory of homes for sale is moving in the right direction, with year-over-year losses growing smaller each month. Three of the last four months have seen month-over month increases in inventory. At the rate of home sales in July, the Months Supply of inventory increased to 4.3, where a supply of 6.0 indicates a market balanced equally between buyers and sellers.
Read the full August RE/MAX National Housing Report here.
