Unlike the month’s temperatures, July home sales cooled off from June’s highest year-to-date level. In the RE/MAX National Housing Report analysis of 53 U.S. cities, July sales fell in 49 markets by 8.8 percent from July 2015 and by 13.1 percent from June. Over the last seven years, the average drop in sales from June to July has been 8.2 percent. The Median Sales Price dropped slightly from June to $225,000, which is still 4.7 percent higher than one year ago. At the same time, inventory continued to tighten by dropping 3.0 percent lower than June and 16.6 percent lower than a year ago, resulting in a Months Supply of just 3.5. Five metro areas reported an inventory supply of less than two months. Meanwhile, the average Days on Market dropped to 53 which is just one day less than the average in June and four days below last year. For this month’s housing report infographic, visit.
“After a June jump in home sales, it’s quite common to see July sales make a correction,” says Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “This is a summertime pattern that we often see on a national level. Of course, one month doesn’t make a trend and we still have a couple more months ahead in the traditional home-buying season. At the same time, it’s important to note that, on a year-over-year basis, prices are rising at a moderate rate that’s very much in line with historical averages.”
“One of the most important things for consumers to realize is just how regionalized housing truly is,” adds Bob Walters, Quicken Loans, Chief Economist. “While those on the West coast are being surprised by their high appraisals, homeowners in the Northeast and Midwest are more likely to be shocked by their low values. If homeowners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance.”
Closed Transactions – Year-over-year change
In the 53 metro areas surveyed in July, the average number of home sales was 8.8 percent lower than one year ago, and was 13.1 percent lower than the previous month. It’s not unusual to see a midsummer slowdown in sales. Over the last seven years, the average drop in sales from June to July has been 8.2 percent. Despite the trend, four metro areas surveyed reported sales higher than one year ago, including Providence, R.I. +3.7 percent, Boise, Idaho +2.1 percent, Raleigh-Durham, N.C. +1.4 percent, and Albuquerque, N.M. +0.2 percent.
Median Sales Price – Median of 53 metro median prices
In July, the median of all 53 metro Median Sales Prices was $225,000, down 1.3 percent from June 2016, but up 4.7 percent from the Median Sales Price in July 2015. July is the 54th consecutive month without a drop in price from the previous year. The 4.7 percent increase in prices continues this year’s trend of moderating price increases. Among the 53 metro areas surveyed in …read more
From:: Real Estate News