The following is an excerpt from the monthly RE/MAX National Housing Report.
For the fourth month in a row, the RE/MAX National Housing Report is showing an increasing Median Home Price. In May, home prices were 6.1% higher than those in May 2011. Home sales also rose above the mark set last year by a significant 12. 8%. With 42 surveyed metros showing increases in BOTH sales and prices, the recovery of 2012 appears to be taking hold in all regions of the country. For 11 months in a row, home sales have exceeded the level of the same month a year ago. Inventory continues to fall significantly lower than the previous year, with a 26.6% drop from May 2011. The related Months Supply and Days on Market figures are also trending lower.
“Clearly, 2012 is the year the housing industry has been waiting for; there’s a broad-based recovery taking hold,” said Margaret Kelly, CEO of RE/MAX, LLC. “This recovery may not bring improvement in all sectors to all markets at the same time, but most markets across the country are experiencing the best selling season they’ve seen in years.”
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