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Housing Market Recovery ‘In Full Swing’: RE/MAX

The national housing market recovery is ""in full swing,"" according to the June edition of ""RE/MAX's"":http://www.remax.com/ National Housing Report.

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The report, released Monday, revealed that May saw increases in both home sales and house median home prices for 42 of the 53 surveyed metropolitan markets.

For the fourth consecutive month, the RE/MAX report found an overall increase in median home price across the country.

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In May, the national median home price was $166,500, a 6.1 percent increase year-over-year and a 4.1 increase month-over-month.

Of the 53 metros surveyed, a record 46 showed rises in median home price, with nine seeing double-digit increases.

Closed transactions across the United States also rose in May, with markets showing an overall increase of 12.6 percent from April and 12.8 percent from May 2011.

May 2012 marked the 11th straight month of year-over-year home sales gains. Forty-eight of the surveyed metros saw increases in home sales, and 38 of those saw double-digit increases.

Days on Market (the number of days between the first listing of a home in an MLS and the day a sales contract is signed) fell in May to 92, a large drop from 96 in April and a smaller year-over-year decline from 94 in 2011.

In the last year, the average Days on Market fell below 90 just twice, with July and September 2011 both seeing an average of 88. This level may be reached again in the summer as transactions rise and inventory falls.

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