Summer has been great for home sales! This July home sales were the highest they have been since the RE/MAX National Housing Report began back in 2008 and finishing behind this past June as the second highest in sales. Compared to the previous July, this year sales were 11.3 percent higher and was only 3.2 percent lower than June. The median sales price of homes sold in July was $215,000 which was 6.4 percent higher compared to last July. Market inventory has decreased by 1 percent, but at the current rate of sales, the monthly supply of inventory this July still favors sellers. The average days on market for the month in July dropped down to 57, which is 3 days less compared to last July.
“Even though home sales were slightly lower in July than June, the numbers look very good and remain well above the levels we saw last summer. Credit accessibility does appear to be loosening up, bringing homeownership back within the reach of many more Americans. If the economy moves forward and wage growth improves, potential homebuyers and sellers should feel more confident about entering the market”
– Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder