RE/MAX Sees Home Price Drop Over July

Over July, home prices fell 0.18 percent lower than over the month before, following a four-month upshot, according to a ""RE/MAX"":http://www.remax.com/ national housing report released Friday. RE/MAX said that 11 metropolitan areas around the country also registered higher prices in July than over the same period last year.

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Among these 11 metropolitan areas, Detroit saw a 14.3-percent boost, while Birmingham jumped upward by 9.8 percent. Markets in Des Moines reflected a 7.7-percent increase over the same month, alongside Orlando and Pittsburgh, which reflected home-price spikes by 5.5 percent and 4.4 percent, respectively.

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""The fact that July home sales were higher than a year ago, and by such a significant amount, gives us reason for great optimism,"" Margaret Kelly, CEO of RE/MAX, LLC, said in a statement. ""And now that prices have risen for four of the past five months, the housing market is beginning to show definite signs of recovery.""

RE/MAX said that homes lasted on the market for a total of some 88 days, starting with the initial listing to the receipt for a sale. The July number fell less than the 90-day wait period experienced over June. July averages mirrored those from September 2010, as average days on the market also came to 88.

The company chalked up the number of months' inventory supply to 7.2, citing fewer foreclosed properties as the principal reason why. The number dropped below a 9.3-high seen for the same month back in 2010.

Meanwhile, houses in Florida markets yielded the sharpest plunge in its inventory, according to RE/MAX, with Miami seeing prices drop by 52.5 percent. Tampa saw declines by 37.3 percent, as Phoenix markets underwent a 35.6-percent drop, with Los Angeles and Chicago following at 32.4 percent and 26.9 percent, respectively.