First Half of 2017 Ends with Record Sales, Prices
Halfway through 2017, the U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016, according to the July 2017 RE/MAX National Housing Report. June home sales were 1.4% higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report. To access the housing report infographic, visit rem.ax/2cYFT50.
The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5% over last June, also set a RE/MAX National Housing report record. In fact, prices increased in 50 of the report’s 53 markets.
The average number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87% of the markets.
Other notable numbers:
- Thirty of the 53 metro areas experienced an increase in transactions.
- The June 2017 Median Sales Price of $245,000 was the highest in the history of the report.
- Decreasing 15.2% from June 2016, inventory continued to decline year-over-year. This is the 104th consecutive month of year-over-year declines dating back to October 2008.
- The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.