June marks the 17th month in a row that both home sales and prices have been higher than the same month last year. The median price of homes sold in June was $193,750, which is 12.6% higher than the median price last June. The RE/MAX Housing Report, a survey of MLS data in 52 metropolitan areas, also found that home sales in June were 4.1% greater than sales in June 2012. The housing recovery, which began in 2012, is continuing to produce significant increases in home prices and sales, while the number of homes for sale remains much lower than one year ago, 23.9% lower than June 2012. A low supply of homes results in higher prices, but also makes it difficult for anxious byers looking for just the right house to call home. At the current sales rate, the number of months to clear the entire inventory is just 3.9, making this market more favorable to sellers. In the 1st quarter, over 800,000 homeowners regained positive equity, possibly feeling more confident to place their home on the market for sale, which should help the current low inventory environment.
The above is an excerpt from the monthly RE/MAX National Housing Report.
