July home sales declined 0.8% year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4% higher year-over-year. Homes sold quickly in July, with an average 45 Days on Market, a record low for the report.
Other notable numbers from this month’s RE/MAX National Housing Report include:
- Sales increased in 19 metro areas even as home sales declined 0.8% compared to July 2016
- The Median Sales Price of $239,950 was the highest for any July in the nine-year history of the report.
- Inventory dropped 14.1% year-over-year, with 46 metro areas seeing fewer homes for sale or remaining unchanged. Year-over-year, inventory has declined every month since November 2008.
- Months Supply of Inventory hovered at 3.1 months, a new July low in the report.
“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”