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Home | Daily Dose | Home Sales Decline for First Time in Five Months
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Home Sales Decline for First Time in Five Months

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Home sales for July decreased slightly from the previous month after increasing for four months in a row, according to the July 2014 RE/MAX National Housing Report released on August 14. Meanwhile, home prices fell marginally month-over-month but increased year-over-year.

The number of home sales for July dropped by 3.1 percent  from June and decreased by 6.8 percent from July 2013. Even though home sales are down from last year, they are still higher than what they were in 2012.  Even though home sales have experienced a month-over-month increase in four of the last five months, the RE/MAX July report found that the number of home sales went up year-over-year in only 13 out of the 52 metro areas surveyed. Tulsa, Oklahoma, had the highest increase at 9.8 percent.

"After a slow start to the year, 2014 home sales have been improving," said Margaret Kelly, RE/MAX CEO.  "Sales are following the expected seasonal pattern and are approaching the levels we saw last year. As inventory continues to build the recovery continues at a more stable and sustainable rate."

According to the latest RE/MAX report, the median home price of $204,550 for July in the 52 metro areas was down 2.4 percent from June but up 7.9 percent from a year ago. July 2013 saw an 11.5 percent year-over-year increase in home prices, but growth was slower in July 2014 due to improved inventory.

July was the 30th consecutive month in which home prices increased year-over-year, according to RE/MAX. Overall, 44 out of the 52 metro areas surveyed reported a year-over-year spike in home prices with the largest increase happening in Miami, Florida, at 10.5 percent.

The average number of days on the market for each home fell by two days both month-over-month and year-over-year, RE/MAX reported. Low inventory combined with high demand has caused the drop in the number of days on the market for each home; the average days on the market has been below 90 in the 52 metro areas for 26 consecutive months.

RE/MAX reported that inventory of homes for sale in July inched downward by 1.1 percent from June and dropped by 3.5 percent from July 2013. The months supply of inventory, which is calculated by dividing the number of homes listed for sale at month's end by the number of contracts signed during the month, increased slightly from 4.1 in June to 4.3 in July. San Francisco had the lowest months supply at 1.5.

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About Author: Brian Honea

Brian Honea
Brian Honea's writing and editing career spans 12 years across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, is scheduled to be published by the TCU Press in Fall 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

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