July home sales bounced back after a sluggish June by increasing 2.4% year over year, according to the RE/MAX National Housing Report. This was enough to end nine months of year-over-year inventory growth as the number of homes for sale declined 1.4%.
Typically the strongest month for home sales, June saw closings decline 4.7% from May and 7.8% from June 2018, according to the RE/MAX National Housing Report. Going in the opposite direction, June’s Median Sales Price of $276,000 was an all-time high in the 10-year history of the report.
May home sales ticked slightly higher year-over-year, ending a 9-month streak of declines, according to the RE/MAX National Housing Report. At the same time, inventory grew for the eighth consecutive month, representing the most units for sale since August 2016 in the report’s 54 metro areas.