DENVER (July 14, 2016) – With the market now in the midst of the popular summer selling season, both home sales and prices are rising with the summer temperatures. Homebuyer demand in June kept sales levels above last year’s by 0.7%, with a strong increase of 9.4% over sales in May. The Median Sales Price in June was $229,900, which marks a 2.2% increase over prices seen in June 2015. As year-over-year price increases moderate, there’s a positive impact on home affordability. The number of homes for sale in June fell 15.6% from levels one year ago, making inventory supply a significant challenge, especially in West Coast metros. At the rate of home sales in June, the national Months Supply of Inventory was 3.2, a slight improvement from the 3.0 supply seen in May.
“Last year was the best we’d seen in a long time for home sales. So, it’s encouraging that sales this year are remaining above last year’s levels. Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.
“Nationally, home value increases are well within the healthy range. Although, variances across the country can influence owners’ perception. It’s important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it, since it can make or break a home sale or mortgage refinance,” added Bob Walters, Quicken Loans, Chief Economist.