RE/MAX National Housing Report on 52 Metro Areas
DENVER (Sept. 18, 2013) – The 2013 summer selling season ends on a strong positive note, with both home sales and prices significantly higher than last year. August becomes the 19th month in a row that both metrics were higher than the same month in the previous year. August home sales were up 6.5% and the Median Price of $188,450 was 12.9% higher than August 2012. The RE/MAX Housing Report, a survey of MLS data in 52 metropolitan areas, also found that the rate of inventory decline from last year was 17.4%, less than the 20.7% decline observed in July. As inventory returns to a more normal level, home prices will likely stabilize. At the current rate of home sales, the number of months required to move the entire inventory was 4.4, still below the 6 month supply recognized as a market balanced between buyers and sellers. FULL REPORT BELOW.