For the 4th month in a row, June home sales rose higher than sales in the previous month, according to the July 2014 RE/MAX National Housing Report. Closed Transactions in June were 4.5% higher than May transactions, and 1.95% lower than transactions in June 2013. The 1.95% year-over-year difference is the closest that sales activity has come in 2014 to matching the rapid rise seen in the selling season of 2013. While both credit availability and inventory remain tight, June home prices continued to rise higher, with a 9.6% increase over the same time last year. Inventory is beginning to show signs of improvement, as June is the 3rd month in a row with more homes for sale than the previous month. At the rate of home sales in June, the Months Supply of Inventory increased to 4.1, where a supply of 6.0 indicates a market balanced equally between buyers and sellers.
This is an excerpt from the July 2014 RE/MAX National Housing Report. See the full report here.
