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RE/MAX: Homes Sales Up 9.4 Percent

Phil Hall
Jul 15, 2016

Home sales in June saw a 9.4 percent increase from May and a 0.7 percent year-over-year uptick, according to new data from RE/MAX.

Thirty-one of the 53 metro areas analyzed by RE/MAX reported higher year-over-year sales in June, with six enjoying double-digit increases: Augusta, Maine (22.7 percent), Las Vegas (13.2 percent), New York City (13.1 percent), Trenton, N.J. (11.1 percent), Cleveland (11.1 percent) and Hartford, Conn. (10.2 percent). The national median sales price last month was $229,900, up three percent from May—marking the 53rd consecutive month of median price increases—and up 2.2 percent from June 2015. Only four metro areas saw a year-over-year median sales price decline in June.

The average number of days on market for all homes sold in June was 54, down four days from the average of 58 in both May and June 2015. The national average for inventory supply was 3.2 months, up slightly from May’s three months but slightly below the 3.6 month average last year.

“Last year was the best we’d seen in a long time for home sales,” said Dave Liniger, RE/MAX CEO and chairman. “So, it’s encouraging that sales this year are remaining above last year’s levels. Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign.” 

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