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To borrow a thought from Rodgers and Hammerstein, June was busting out all over when it came to home sales. In the latest RE/MAX National Housing Report, last month saw the highest level of home sales since RE/MAX began tracking the market in 2008 and the fifth consecutive month when sales have been higher than both the previous month and the same month in the previous year.
Completed transactions in June were 14.3 percent higher than in May’s level and 12 percent above the June 2014 level. Forty-seven of the 53 metro areas surveyed by RE/MAX reported higher sales on a year-over-year basis, with 35 reporting double-digit increases. The median sales price of a home sold in June was $224,671, which was 7.4 percent above on a year-over-year basis and 5.5 percent above the price in May.
The inventory of homes for sale was up 0.8 percent from one month earlier. But the total number of homes for sale last month was 11.8 percent lower that the number in June 2014.
“Despite a lingering low inventory and increasing prices, consumers still have the confidence to purchase a home,” said Dave Liniger, RE/MAX CEO, chairman and co-founder. “More and more people recognize the many opportunities in this market and the significant value of low interest rates. As job creation and wages continue to improve, many more first-time buyers are now making the decision to become homeowners.”