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Home sales in July saw a 13.1 percent drop from June and an 8.8 percent decline from one year earlier, according to the latest RE/MAX National Housing Report. Sales were down in 49 of the 53 major metro markets tracked for this monthly study.
The median sales price last month was $225,000, down 1.3 percent from June but up 4.7 percent year-over-year. The average number of home sales for July was 13.1 percent lower than the June level and 8.8 percent lower than July 2016 level. However, four metro areas surveyed reported sales higher than one year ago: Providence, R.I. (up 3.7 percent), Boise, Idaho (up 2.1 percent), Raleigh-Durham, N.C. (up 1.4 percent) and Albuquerque, N.M. (up 0.2 percent).
The average number of days on the arket for all homes sold in July was 53, down one day from the average of 54 in June and down four days from the average of 57 in July 2015. And the number of homes for sale in July was three percent lower than in June and 16.6 percent below the July 2015 quantity.
“After a June jump in home sales, it's quite common to see July sales make a correction,” said Dave Liniger, RE/MAX CEO and chairman of the board. “This is a summertime pattern that we often see on a national level. Of course, one month doesn't make a trend and we still have a couple more months ahead in the traditional home-buying season. At the same time, it's important to note that, on a year-over-year basis, prices are rising at a moderate rate that's very much in line with historical averages.”