August 2012 Sales, Prices Continue to Rise
The August RE/MAX National Housing Report, including data from 52 metropolitan areas, shows that home prices and sales remain higher than one year ago. August home prices were flat from July, but 6.3% higher than prices seen in August 2011. Median home prices have risen above last year’s prices for seven consecutive months. Home sales were 8.5% above the mark set last year, and for fourteen straight months have pushed higher than last year. Inventory was 29.7% below August 2011 and remains a serious challenge to this recovery. With bidding wars in some areas, buyers are facing increasing difficulties finding their dream home and sales numbers are beginning to be negatively impacted. As inventory continues to shrink, the average months supply of homes for sale was just 4.9.
“As we move from summer to fall it’s very encouraging that this year’s home selling season began strong and finished even stronger,” said Margaret Kelly, CEO of RE/MAX, LLC. “Nearly every month in 2012 experienced increased sales and prices over 2011, showing that we've definitely passed the bottom and we’re looking forward to 2013 being an even better year.”
August home sales rose 2.5% higher than sales in July and 8.5% higher than sales at the same time last year. August marks the fourteenth consecutive month with sales higher than the same month in the previous year.
For the full RE/MAX National Housing Report view the PDF below.
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