Existing home sales rose 1.5% in July from the prior month, according to the
Re/Max reported Friday July sales were 17% higher than a year ago and median price were 11.5% higher.
However, the $189,950 median sale price in July was 2.1% lower than in June.
Re/Max chief executive Margaret Kelly noted that the inventory of homes for sale is starting to stabilize. But there is still just a four-month supply at the current sales pace.
Re/Max tracks sales in 52 metropolitan areas on a non-seasonally adjusted basis. In July, 18 metro areas reported increases in available inventory.
“With rising prices and fewer underwater homeowners, we're starting to see more homes come on the market,” Kelly said. However, some markets have extremely low inventories.
The National Association of Realtors releases its report on July existing home sales Aug. 21.
