Out of the 53 metro areas covered in the survey, 31 reported gains in both sales and prices. Available homes for sale dropped 5 percent in June from May and 27.4 percent from June the previous year.
The median sales price of homes sold in June was $170,067, a 2.5 percent rise from the median in May and a 3.7 percent rise from the median in June 2011.
Six metro areas posted double-digit gains: Phoenix (29.5 percent year-over-year), Detroit (23.3 percent), Miami (21.5 percent), Boise (16.3 percent), Denver (14.9 percent) and Pittsburgh (9.5 percent).
“Although the housing market has a long way to go to make a full recovery, all signs now show that it’s on the right path and has improved every month so far this year,” said Margaret Kelly, CEO of RE/MAX. “This selling season is the best in years, and those who thought that the positive trends would quickly correct have been proven wrong, because many consumers again feel comfortable buying or selling a home.”
Homes are staying on the market for shorter periods of time, as well; the average number of days on the market for homes sold in June was 84, a drop of 8 days from May and the lowest since August 2010. The shrinking inventory is helping bolster housing prices, RE/MAX experts say.
The RE/MAX report, issued every month since August 2008, is based on MLS data in 53 metro areas. It includes all residential property types and is not annualized.