Home Sales Hit Seven-Year Peak

16 July 2015

Home Sales Hit Seven-Year Peak

Inman News

16 July 2015

June represented the most active month for U.S. home sales since 2008.

According to Re/Max, the volume of June closings in 53 metro areas was 12 percent higher than June 2014 and 14.3 percent greater than May 2015.

At the same time, the median sales price of a home in June rose by 7.4 percent — to $224,671 — when compared to 12 months prior.

The overall inventory of homes for sale in June increased by 0.8 percent — to 3.6 months of supply — when compared to May. This low level of inventory equates to favorable markets for sellers.

remax june home sales

In June, 47 of the 53 metro areas surveyed also reported higher sales on a year-over-year basis, with 35 markets reporting double-digits increases.

Richmond, Virginia saw the largest increase — 29.8 percent, followed by Boise, Idaho (25.8 percent); Anchorage, Alaska (23.2 percent); Manchester, New Hampshire (23.1 percent), Baltimore (22.3) and Tampa, Florida (22.1 percent).

All but four metros surveyed reported sales price increases when compared to one year ago. Seven of those metros saw double-digit spikes in home values:

  • Denver, 14.8 percent
  • Miami, 13.3 percent
  • Fargo, North Dakota, 11.9 percent
  • Tampa, 11.7 percent
  • Portland, Oregon, 11.1 percent
  • Manchester, New Hampshire, 10.1 percent
  • Las Vegas, 10.1 percent

Average days on the market for all listed homes stood at 58 during June, down four days from an average of 62 days in June 2014.

April, May and June of this year are the only months to see a month-over-month increase in inventory since June 2014. Despite this, some major metros are still reporting less than two months of supply.

Denver and San Francisco lead the nation with only 1.1 months of supply apiece. Seattle (1.6 months), Boston (1.7 months), Portland (1.7 months), Dallas-Fort Worth (1.8 months) and San Diego (1.9 months) represent other locales with less than two months of supply.