The number of June home sales was the highest of any month since the RE/MAX National Housing Report began in 2008. This year’s home sales have now experienced a five-month trend in which sales have been higher than both the previous month and the same month in the previous year. Completed transactions in June were 14.3 percent higher than in May and 12.0 percent higher than in June 2014. The Median Sales Price of a home sold in June was $224,671, which was 7.4 percent above the price seen in June 2014. The inventory of homes for sale also continued a positive trend, with a 0.8 percent increase over the inventory in May. With a growing rate of home sales, the resulting Months Supply of inventory in June still favors sellers at 3.6 on a scale where 6.0 months indicates a market balanced equally between buyers and sellers.
“Despite a lingering low inventory and increasing prices, consumers still have the confidence to purchase a home. More and more people recognize the many opportunities in this market and the significant value of low interest rates. As job creation and wages continue to improve, many more first-time buyers are now making the decision to become homeowners,” comments Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder
In the 53 metro areas surveyed for the June RE/MAX National Housing Report, the average number of home sales increased 12.0 percent over sales in June 2014. Sales were 14.3 percent higher than in May, more than double the 6.5 percent average month-over-month increase for the first six months of 2015. With June sales, the last five months have each recorded the highest number of sales in their respective months since the RE/MAX National Housing Report began in 2008. In June, 47 of the 53 metro areas surveyed reported higher sales on a year-over-year basis, with 35 reporting double-digit increases.
For all homes sold in June, the median sales price was $224,671. This was 5.5 percent higher than the median sales price in May, and 7.4 percent higher than the price in June 2014. The average year-over-year price increase for the first six months of 2015 is 7.9 percent. On a year-over-year basis, the median sales price has now risen for 41 consecutive months. With the average inventory this year remaining about 11 percent below a year ago, home prices continue to rise. Among the 53 metro areas surveyed in June, 49 reported higher prices than one year ago, with seven rising by double digit percentages.
The average days on market for all homes sold in June was 58, down six days from May, and four days below the average of 62 in June 2014. June becomes the 27th month with a days on market average of 80 or below. In the two markets with the lowest inventory supply, San Francisco and Denver, days on market was just 22. The highest days on market average was 169 in Augusta, Me. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
June, May and April are the only months to see a month-over-month increase in inventory since June 2014, indicating that the low inventory situation could finally be starting to improve. June inventory was 0.8 percent higher than in May. However, the total number of homes for sale in June was still 11.8 percent lower that the number one year ago. Based on the rate of home sales in June, the average Months Supply of Inventory was unchanged from May at 3.6. Several metros are still reporting less than a two-month
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