Rising house prices. More home sales closing. Fewer days on market. Higher demand and lower supply. These are four of the reasons RE/MAX cites in calling the housing recovery a “real” event.
According to the real estate agent franchise firm, annual home sales rose for one-year straight as prices inched higher for the past five months.
The data is found in the RE/MAX national housing report for July.
The median sales price of homes sold in June was $170,067. This price marks a 2.5% rise from the median in May and a 3.7% increase from June 2011.
“This selling season is the best in years, and those who thought that the positive trends would quickly correct have been proven wrong, because many consumers again feel comfortable buying or selling a home,” said Margaret Kelly, CEO of RE/MAX.
The Denver-based company also reports the average days on market is 84, the lowest since August 2010. Last spring, by way of comparison, it took more than 100 days to sell. Available homes for sale dropped 5% from May and decreased 27.4% from June 2011.
Closed transactions for June increased 2.1% from May and rose 5% from June 2011.
However, the recovery is not completely even. Of the 53 metro areas included in the survey, 31 report increases in both sales and prices. Kelly nonetheless remains confident.
“Although the housing market has a long way to go to make a full recovery, all signs now show that it’s on the right path and has improved every month so far this year,” Kelly said.