Home sales in August were up 4% over July and 18% higher than one year prior in 53 markets nationwide, according to the Re/Max National Housing Report. Traditionally, June is the highest sales month, but this year, it was topped by the other two summer months.
There were 47 markets which reported a year-over-year increase in sales, including Pittsburgh, up 61%, Minneapolis, up 48%, Albuquerque, N.M., up 43% and Milwaukee, up 37%.
The median sales price for August was $189,831, down less than 1% from July and nearly 4% from August 2010. Still 14 markets did record an increase in median price when compared with July, while 10 saw prices increase over August. The latter group includes Detroit, up nearly 16%, Orlando, up over 14% and Milwaukee, up 11%.
Average days a property was on the market increased to 90 in August from 88 in July. There is a 6.8 month supply of homes on the market, down from 7.2 months in July and 9.2 months in August.
