RE/MAX Reports Increase in Prices and Sales in June

June marks the fourth straight month of increasing home prices while also showing a rise in sales transactions, according to RE/MAX's National Housing Report for June 2011.

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While demonstrating a 4.9 percent drop in prices on a year-over-year basis, the drop was smaller than it has been the previous three months.

In addition, 19 of the 53 metro areas included in RE/MAX's report posted increases in price from one year ago. This is a contrast from May when 13 metros showed higher prices than the previous year.

The greatest increases occurred in Pittsburgh (+6.6 percent), Baltimore (+4.8 percent), Des Moines (+3.2 percent), Hartford (+3.7 percent), and Washington D.C. (+3.5 percent).

The median sales price in June 2011 was $193,791, while the June 2010 median was $203,887.

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On a monthly basis June prices showed a 4.5 percent increase.

Closed transactions in June rose 7.4 percent from May but showed a year-over-year decline of 10.6 percent.

Of the 53 metro markets surveyed, 47 showed increases in sales, up from 42 in May.

The highest increases occurred in the Northeast: Burlington, VT (+32.2 percent), Hartford, CT (+31.9 percent), Trenton, N.J. (+29.1 percent), New York, (+27.9 percent), and Boston, (+26.6 percent).

The average days on market for homes sold in June was 90, marking the ninth straight month that days on market has been 90 or above. However, it is the lowest number posted since September 2010.

With increasing sales and decreasing foreclosure inventory, the average monthly supply of inventory decreased remained steady from May to June at 6.9. However, inventory showed a 14.2 percent decrease from June 2010.

Florida markets experienced the largest drop in inventory with other significant decreases in Arizona, Illinois, and California: Miami (-50.1 percent), Orlando (-45.1 percent), Tampa (-30.1 percent), Phoenix (-29.9 percent), Chicago (-25.5 percent), and San Francisco (-25.4 percent).

The report includes data from 53 metro areas and 45 states.