The housing recovery appears to be in full swing across the country. 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% higher than last July and the Median Price, $189,950 was 11.5% 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.
The above is an excerpt from the monthly RE/MAX National Housing Report.
