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% from July 2015 and by 13.1% from June. Over the last seven years, the average drop in sales from June to July has been 8.2%. The Median Sales Price dropped slightly from June to $225,000, which is still 4.7% higher than one year ago. At the same time, inventory continued to tighten by dropping 3.0% lower than June and 16.6% 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.
Published on Aug 25, 2016