August Sales Up, Prices Rise Steadily
Denver (September 19, 2016) – August home sales increased 5.8% over a year ago, reversing July’s decline of 8.8%. At the same time, the median price climbed 5.1% as steady monthly increases continued. August sales were up year-over-year in 41 of the 53 U.S. metro areas analyzed in the RE/MAX National Housing Report. Twelve metro areas posted double-digit increases, including major markets along the east coast from Washington, DC to Charlotte, NC. So far in 2016, seven of the eight months have seen year-over-year sales increases nationally.
The August Median Sales Price climbed 5.1% to $225,900 from $215,000 seen in August last year. From January through August, the average year-over-year Median Sales Price increase was 3.9%. Three Florida metro areas were among the seven posting double-digit increases. Only four markets, including two in the Northeast, saw price declines. Inventory remained tight in August, averaging a 3.4 months supply. While 6 months is considered a balanced market, 23 of the 53 markets surveyed by RE/MAX reported less than half of that. In fact, seven cities had less than 2 months of inventory, including four on the West Coast.
“August’s nearly 6% sales increase over last year is providing a strong finish for the summer home selling and buying season. While July saw a decline, August built upon the trends in the spring and early summer. Coupled with moderating price increases, the sales growth we’re seeing represents a market that’s very sustainable,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.
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