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
6.1percent higher than those in May 2011. Home sales also
rose above the mark set last year by a significant 12.8 percent. 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 percent 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; theres a
broad-based recovery taking hold, says 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 theyve seen in years.
Transactions- Year over Year Change
In the 53 markets surveyed for the May RE/MAX National Housing Report, closed transactions rose 12.6 percent from the previous month and 12.8 percent from the same month last year. May is the 11th consecutive month to report home sales at a higher level than the previous year. Strong sales trending higher each month are driving an undeniable recovery in all regions of the country. Of the 53 metro areas surveyed, a record 48 saw sales higher than one year ago, and of those, 38 saw double-digit increases including: Burlington, Vt. +39.3 percent , Albuquerque, N.M. +35.8 percent , Boston, Mass. +29.3 percent , Chicago, Ill. +28.1 percent , Nashville, Tenn. +27.1 percent , and Raleigh-Durham, N.C. +25.7 percent.
In the 53 markets surveyed for the May RE/MAX National Housing Report, closed transactions rose 12.6 percent from the previous month and 12.8 percent from the same month last year. May is the 11th consecutive month to report home sales at a higher level than the previous year. Strong sales trending higher each month are driving an undeniable recovery in all regions of the country. Of the 53 metro areas surveyed, a record 48 saw sales higher than one year ago, and of those, 38 saw double-digit increases including: Burlington, Vt. +39.3 percent , Albuquerque, N.M. +35.8 percent , Boston, Mass. +29.3 percent , Chicago, Ill. +28.1 percent , Nashville, Tenn. +27.1 percent , and Raleigh-Durham, N.C. +25.7 percent.
Median Sales Price
The Median Sales Price of homes sold in May was $166,500. This price marks a 4.1 percent rise from the median in April and a 6.1percent increase from May 2011. May also marks the fourth month in a row to record a year-over-year increase. Of the 53 metro areas included in the May RE/MAX National Housing Report, a record 46 experienced price increases over last year, with 9 metro areas seeing double digit gains including: Phoenix, Ariz. +34.5 percent , Detroit, Mich. +23.1 percent , Boise, Idaho +23 percent , Denver, Colo. +14.8 percent ,Miami, Fla. +14.3 percent, and San Francisco, Calif. +11.9 percent.
The Median Sales Price of homes sold in May was $166,500. This price marks a 4.1 percent rise from the median in April and a 6.1percent increase from May 2011. May also marks the fourth month in a row to record a year-over-year increase. Of the 53 metro areas included in the May RE/MAX National Housing Report, a record 46 experienced price increases over last year, with 9 metro areas seeing double digit gains including: Phoenix, Ariz. +34.5 percent , Detroit, Mich. +23.1 percent , Boise, Idaho +23 percent , Denver, Colo. +14.8 percent ,Miami, Fla. +14.3 percent, and San Francisco, Calif. +11.9 percent.
For more information, visit www.detroitmetrorealestate.com.
Source: RISMedia
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