Sales Increase Nearly 2%, Despite Record Prices, Sinking Inventory
July home sales rose 1.8% year-over-year, making it the second month of 2018 to post a sales increase year-over-year, according to the RE/MAX National Housing Report. In the July 2018 report, 37 of the report’s 54 metro areas posted sales increases over July 2017—April was the first month of 2018 where more homes were sold than the same month in 2017. The report also marks the 28th consecutive month of year-over-year price increases. The Median Sales Price of $250,575 was up 4.4% from July 2017, and represents the third-highest price in report history—topped only by May and June of this year. Months Supply of Inventory was at 2.9 – the smallest total ever recorded for July.