June's home sales are up 12% over the same month in 2014, according to the Re/Max National Housing Report. This is the highest number of sales in the survey's history, and it happened despite low inventory and increasing prices.
Including the month of June, the last five months each recorded the highest number of sales in their respective months since the report began in 2008.
Furthermore, June's sales were up 14.3% from May, which was more than twice the 6.5% average month-over-month increase for the first six months of 2015.
The median sales price for homes sold in June was $224,671. That’s 5.5% higher than the median price reported for May and 7.4% higher than the year before. It has now risen for 41 consecutive months.
The average price increase for the first six months of 2015 is 7.9% on a year-over-year basis.
The inventory of homes for sale grew slightly, at a 0.8% increase over the May inventory. But the total number of homes for sale in June was still 11.8% lower from a year ago.
The average supply of homes for sale was unchanged from May at 3.6 months. With growing home sales, the situation still favors sellers on a scale where six months indicates a balanced market.
