US home sales and prices gained in June to set new records
US home sales and prices gained in June to set new records.
RE/MAX says that there were higher sales for four of the six months beating sales of a year earlier. Its National Housing Report shows that June home sales beat those of June 2016, which had held the record for the month with the most home sales since the report began in 2007.
Of the 53 metros surveyed, 30 saw transaction volume rise 7.5% compared to May and 1.4% compared to June 2016. The biggest increases were in Trenton, NJ (up 14.9%), Fargo, ND (up 14.6%) and Wilmington/Dover, DE (up 12.9%).
“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”
Prices also hit a new high, with the median sales price rising 5.6% from a month earlier and 7.5% year-over-year to $245,000. Las Vegas and Nashville saw the largest increases (14.7%) while just three metros saw a decrease (Trenton, NJ, -12.1%, Anchorage, AK, -2.5%, and Wilmington/Dover, DE, -1.3%).
The number of homes for sale in June 2017 was up 1.2% from May 2017, and down 15.2% from June 2016. Months of supply was 2.8 at June’s sales pace.
RE/MAX says that there were higher sales for four of the six months beating sales of a year earlier. Its National Housing Report shows that June home sales beat those of June 2016, which had held the record for the month with the most home sales since the report began in 2007.
Of the 53 metros surveyed, 30 saw transaction volume rise 7.5% compared to May and 1.4% compared to June 2016. The biggest increases were in Trenton, NJ (up 14.9%), Fargo, ND (up 14.6%) and Wilmington/Dover, DE (up 12.9%).
“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”
Prices also hit a new high, with the median sales price rising 5.6% from a month earlier and 7.5% year-over-year to $245,000. Las Vegas and Nashville saw the largest increases (14.7%) while just three metros saw a decrease (Trenton, NJ, -12.1%, Anchorage, AK, -2.5%, and Wilmington/Dover, DE, -1.3%).
The number of homes for sale in June 2017 was up 1.2% from May 2017, and down 15.2% from June 2016. Months of supply was 2.8 at June’s sales pace.
