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Home sales enjoyed a 5.8 percent year-over-year spike in August, reversing the 8.8 percent drop experienced in July, according to new data from RE/MAX. Home sales increased in on a year-over-year basis in 41 of the 53 U.S. metro areas analyzed by RE/MAX, with 12 markets posting double-digit increases.
Also on the rise last month was home prices: the median sales price was $225,900, up 5.1 percent from the $215,000 level recorded in August 2015; on a monthly measurement, there was a scant 0.4 percent uptick. Seven metro markets posted double-digit increases for their median home prices, while four markets saw price declines.
Inventory was still a problem in August, averaging a 3.4-month supply; seven cities reported inventory of less than two months. And the average number of days on the market for homes sold in August was 54, up one day from July but down five days from August 2015.
“August’s nearly six percent sales increase over last year is providing a strong finish for the summer home selling and buying season,” said RE/MAX Chairman and CEO Dave Liniger. “While July saw a decline, August built upon the trends in the spring and early summer. Coupled with moderating price increases, the sales growth we’re seeing represents a market that’s very sustainable.”