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DENVER-The housing recovery appears to be in full swing across the country. For the 18th month in a row, both home sales and prices are higher than the same month in the previous year. So says a recent report from locally based RE/MAX LLC.
According to the report, July home sales were 17% higher than last July and the median price, $189,950 was 11.5% higher. The RE/MAX housing report, a survey of MLS data in 52 metropolitan areas, also reports that the inventory situation slightly improved in July.
The lower availability of homes for sale has caused prices to rise significantly in 2013, but as inventory issues ease, the rate of rising prices should slow down, says the report.
At the rate of home sales in July, the number of months required to clear the entire inventory was 4.0, this indicates a market more favorable to sellers.
According to Margaret Kelly, CEO of RE/MAX, “low inventory has been a serious concern this year, but with rising prices and fewer underwater homeowners, we're starting to see more homes come on the market, resulting in inventory levels that are turning around. Mortgage rates remain at historic lows, and home affordability is very attractive compared to historic levels.”
See the charts below for more from the report.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
