Skip to main content

RE/MAX: Median Price Soars as Home Sales Decline

Jul 18, 2019
Photo credit: Getty Images/Andrii Yalanskyi

Contrary to the Rodgers and Hammerstein song, June was not busting out all over when it came to home sales, according to the latest RE/MAX National Housing Report.
 
Of the 54 metro areas surveyed by RE/MAX in June, the overall average number of home sales was down 4.7 percent from May and down 7.8 percent from to June 2018. Three New England metro areas had the strongest month-over-month sales percentage increases: Burlington, Vt. (21.8 percent), Boston (13.4 percent) and Hartford, Conn. (13.1 percent).
 
But while sales dropped, RE/MAX reported the median sales price for June was $276,000, an all-time high in the 10-year history of the report. Three metro areas increased year-over-year by double-digit percentages–Boise, Idaho (10.7 percent); Albuquerque, N.M. (10.4 percent); and Philadelphia (10 percent)–while San Francisco and Hartford were only markets with a year-over-year decline at two percent and 0.1 percent, respectively. RE/MAX also reported the number of days on the market in June was 44 while the supply of inventory was 2.8 months.
 
"Record prices appear to have kept June sales figures from topping a strong May," said RE/MAX CEO Adam Contos. "Nevertheless, there are indications, including the return of very favorable mortgage rates, that the pace could pick up in July. Several encouraging longer-term trends—ongoing demand, improving inventory levels, low interest rates—are helping the market make incremental progress on multiple fronts. But supply remains a concern, so we need more homes to be built."

 
About the author
Published
Jul 18, 2019
MBA Urges Shift To Single Credit Report Model, Citing Cost Savings And Efficiency

MBA says tri-merge credit checks cost lenders up to $100 per loan, doubling since pre-COVID, as industry pushes for a cheaper, single-report model

Jun 16, 2025
Fairway Acquires Hallmark Home Mortgage Through Asset Purchase

Hallmark to become new Fairway division, gets access to Fairway's Fairway's product portfolio, tech, and support resources

Jun 13, 2025
Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Housing Market Outlook: Brighter Days To Come

NAR Chief Economist Yun calls lower mortgage rates ‘magic bullet’ to boost home sales

Jun 11, 2025
Redfin Shareholders Say Yes To Acquisition By Rocket

Nearly 99% of Redfin shareholders vote to approve merger, though fewer vote yes to compensation for company’s execs

Jun 10, 2025
Play Ball: Ishbias Could Add Another Team To Their Roster

Justin Ishbia in agreement to potentially take over as owner of Chicago White Sox — but not for several years yet

Jun 09, 2025