Home sales are trending positively on a monthly basis, according to the RE/MAX May housing report, a sign the market bottomed out at the beginning of 2011. RE/MAX reported the number of closed transactions in May increased 3.3% from April, although sales remain 13.6% below a year earlier. Prices increased 3.7% between April and May, but also remain 7.2% lower than 2010. Margaret Kelly, chief executive officer of RE/MAX, said positive monthly data could signal a trend that will manifest throughout the remainder of 2011. “It’s a very good sign that prices are starting to rise on a monthly basis,” Kelly said. “This may indicate that we’ve turned the corner and are headed in a positive direction.” The report said financing requirements, poor appraisals and unemployment seem to be the hindrances to recovery. In May, 42 of the 53 metropolitan markets surveyed by RE/MAX experienced a monthly rise in transaction volume, with 15 markets seeing double-digit increases. Five metro areas witnessed an increase in sale volume compared to a year earlier. Phoenix sales rose 10.9% compared to May 2010, Miami sales increased 10.2%, Las Vegas sales rose 9.1%, Tampa, Fla., increased 3.5% and Providence, R.I., sales climbed 1.8%. RE/MAX reported the median sale price at $183,815 in May, up 3.7% from April but down from $198,119 in May 2010. Providence, R.I., experienced the largest jump in price compared to April, up to 10.2%. The average amount of days a home spent on the market in May declined to 94 days. Time spent on the market has been consistently decreasing since the beginning of the year, RE/MAX said. The company reported a housing inventory equal to nearly 7 months supply, down from 8.5 months in May 2010. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.

About the Author

Most Popular Articles

Freddie Mac: Mortgage rates reverse course from last week’s low

This week, the average U.S. fixed rate for a 30-year mortgage jumped to 3.69%. That’s still more than a percentage point lower than the 4.85% of the year-earlier week.

Oct 17, 2019 By

Latest Articles

Zillow Offers launches in another Florida market

Since Zillow Offers first launched in Phoenix in 2018, it has expanded into 21 other markets across the country. And now, it’s growing again in Florida.

Oct 21, 2019 By