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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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