Sunday, July 28, 2013

Strong Housing Market Sees 12% Price Growth



June marks the 17th month in a row that both home sales and prices have been higher than the same month last year. The median price of homes sold in June was $193,750, which is 12.6% higher than the median price last June. The RE/MAX Housing Report, a survey of MLS data in 52 metropolitan areas, also
found that home sales in June were 4.1% greater than sales in June 2012. The housing recovery, which began in 2012, is continuing to produce significant increases in home prices and sales, while the number of homes for sale remains much lower than one year ago, 23.9% lower than June 2012. 

“Summer sales are traditionally the strongest of the year, but this year we’re seeing sales at a double-digit pace above last summer. Even after the recession, interest in homeownership remains quite high. Low mortgage rates and attractive home prices are still creating opportunities with the best home affordability the market has seen in years.” Margaret Kelly, CEO of RE/MAX, LLC.

A low supply of homes results in higher prices, but also makes it difficult for anxious byers looking for just the right house to call home. At the current sales rate, the number of months to clear the entire inventory is just 3.9, making this market more favorable to sellers. In the 1st quarter, over 800,000 homeowners
regained positive equity, possibly feeling more confident to place their home on the market for sale, which should help the current low inventory environment

The June RE/MAX Housing Report shows a 4.3% decrease in Closed Transactions over May, but a 4.1%
increase over sales in June 2012. This makes June the 24th month in a row reporting higher sales than the same month in the previous year. 

This year’s selling season continues to experience higher home sales than the turnaround year of 2012. Of the 52 metro areas surveyed in June, 31 reported higher sales than June 2012, with 13 reporting double-digit gains, including: 

Albuquerque, NM +42.9%
Providence, RI +25.3%
Chicago, IL +20.7%
Charlotte, NC +19.6%
Baltimore, MD +18.0%
Raleigh & Durham, NC +17.4%

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