Homes sold faster in July than in any month in almost a decade despite overall sales decreasing slightly
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Homes sold faster in July than in any month in almost a decade despite overall sales decreasing slightly.
Figures from the RE/MAX National Housing Report, analyzing 54 metro areas, show that home sales declined 0.8% year-over-year. The median sales price dipped slightly from June to $$239,950 but up 7.4% from July 2016.
Homes sold in an average 45 days, a new low for the report. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 22 and San Francisco, CA at 24.
Those selling homes in Augusta, ME had to be the most patient with an average 98 days on market, followed by Miami at 81.
“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market.”
The number of homes for sale in July 2017 was down 2.1% from June 2017, and down 14.1% from July 2016 with 3.1 months’ supply, up from June at 2.8 but down from July 2016’s 3.5 months.
Figures from the RE/MAX National Housing Report, analyzing 54 metro areas, show that home sales declined 0.8% year-over-year. The median sales price dipped slightly from June to $$239,950 but up 7.4% from July 2016.
Homes sold in an average 45 days, a new low for the report. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 22 and San Francisco, CA at 24.
Those selling homes in Augusta, ME had to be the most patient with an average 98 days on market, followed by Miami at 81.
“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market.”
The number of homes for sale in July 2017 was down 2.1% from June 2017, and down 14.1% from July 2016 with 3.1 months’ supply, up from June at 2.8 but down from July 2016’s 3.5 months.
