July home sales were up by 2.4 percent from one year earlier, according to the latest RE/MAX National Housing Report
. Compared to the previous month
, sales were down by 0.2 percent, the smallest month-over-month decline since July 2013.
July recorded a median sales price of $273,000, down slightly from June's all-time report record high
of $276,000. The price was also 9.2 percent higher from July 2018 and marked both the seventh consecutive month of year-over-year price growth and the 88th time in the last 90 that prices were up on an annualized measurement. Last month’s days on the market total was 43, unchanged from June and two days longer than in July 2018, while the 2.7-month inventory was down from June's 2.9 and 3.3 in July 2018.
"July sales snapped back after a tepid June
, as attractive low interest rates appear to have brought more buyers into the mix," said RE/MAX CEO Adam Contos. "The housing market has been a bit uneven since the early spring, with each encouraging month seemingly followed by one with lukewarm results. It's possible the housing market has finally shaken some mud off its boots and can maintain its momentum for the back half of the year. If the broader macro environment hangs on, we could see a potentially strong finish to 2019."