Home Sales Decreased in July, but Sold at Faster Pace
While July home sales decreased slightly, homes sold at a faster rate than any month in nearly a decade, according to the August RE/MAX National Housing Report that analyzes housing data in 54* metro areas.
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.