The number of July home sales was the highest of any July since the RE/MAX National Housing Report began in 2008 and the second highest of any month behind June.
Completed transactions in July were 3.2% lower than in June, but 11.3% higher than sales in July 2014.
Home prices have now risen for 42 consecutive months on a year-over-year basis.
The Median Sales Price of all homes sold in July was $215,000, which was 6.4% above the price seen in July 2014.
The inventory of homes for sale continues to challenge the market with a 1.0% monthly decrease from June. At the current rate of home sales, the resulting Months Supply of inventory in July still favors sellers at 3.9 on a scale where 6.0 months indicates a market balanced equally between buyers and sellers.
“Even though home sales were slightly lower in July than in 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.
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