RE/MAX Reports Strong Finish for Summer Selling Season

Home sales and prices both improved year-over-year for the 19th straight month in August, according to multiple listing service (MLS) data from ""RE/MAX"":http://www.remax.com/.

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According to the latest RE/MAX National Housing Report--a survey of MLS data in 52 metropolitan areas--showed August closed transactions declined 5.3 percent month-over-month but increased 6.5 percent year-over-year. August was the 26th consecutive month in which sales climbed above their prior-year levels.

Of the 52 metros tracked, 41 posted higher sales than August 2012, and 25 reported double-digit gains, with the highest increases appearing in Burlington, Vermont (+29.6 percent); Chicago, Illinois (+26.7 percent); Manchester, New Hampshire (+24.4 percent); Des Moines, Iowa (+21.2 percent); and Albuquerque, New Mexico (+20.7 percent).

At the same time, the median price of homes sold across all areas was $188,450, a 12.9 percent increase year-over-year (albeit a 0.5 percent decline from July). It was the 19th straight month in which the national median price rose on an annual basis.

Out of all the markets surveyed, 51 experience higher sales prices than last year, with 23 reporting double-digit increases. The strongest performers in August were Detroit, Michigan (+50.0 percent year-over-year); Miami, Florida (+39.7 percent); Atlanta, Georgia (+39.6 percent); Las Vegas, Nevada (+33.6 percent); and San Francisco, California (+29.3 percent).

""Despite low inventory and rising interest rates, demand for housing is strong, and both home sales and prices remain higher than one year ago,"" said RE/MAX CEO Margaret Kelly. ""Now that the active summer season is behind us, the results are clear--2013 is continuing the recovery that started in 2012.""
The inventory drought also continued to clear, with declines slowing down for the fifth consecutive month. The number of homes for sale in August was 3.4 percent lower than July's inventory but 17.4 percent below that of August 2012--which was actually an improvement from the 20.7 percent yearly decline recorded in July. In addition, 11 metro areas reported monthly gains in available inventory.

Of all the homes sold in August, the average number of Days on Market was 62, flat from July but 19 days lower than the average in August 2012. The months' supply of inventory was 4.4, still below the 6-month mark considered to be a ""balanced"" market between buyers and sellers.