RE/MAX: Median Sales Price Hits Record High
July 14, 2017
June home sales were up 7.5 percent from May and were up 1.4 percent on a year-over-year measurement, according to the latest RE/MAX National Housing Report. Thirty of the 53 metro areas tracked by RE/MAX experienced year-over-year sales increase.
The June median sales price of $245,000 was the highest in the history of RE/MAX report. The June price level was up 5.6 percent from May and up 7.5 percent from June 2016. Ten metro areas increased by double-digit percentages, with the largest increases seen in Las Vegas and Nashville at 13.7 percent each.
The average number of days on the market for homes sold in June was 47, down four days from the average in May 2017 and down seven days from the June 2016 average. The number of homes for sale last month up 1.2 percent from May but down 15.2 percent from June 2016. And the months’ supply of inventory was 2.8, compared to May at 2.6 and June 2016 at 3.2. During June, 52 of the 53 metro areas surveyed reported their months’ supply was less than 6.0, which is typically considered a seller’s market—only Miami, with a 6.4-month supply, was above the 6.0 mark.
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