Home sales and prices are up for the 18th month in a row, and inventory may finally be catching up as well, new data has suggested.
The RE/MAX Housing Report has shown that July home sales were up 17% on the previous July. The national median price rose as well, up 11.5% to $189,950. With prices rising significantly in 2013, largely due to low stock, inventory may finally be catching up as well, RE/MAX CEO Margaret Kelly said.
"Low inventory has been a serious concern this year, but with rising prices and fewer underwater homeowners, we're starting to see more homes come on the market, resulting in inventory levels that are turning around," Kelly said.
This easing of inventory issues, Kelly indicated, could slow down price rises in the months ahead. But the market is expected to continue to improve, she said.
"Mortgage rates remain at historic lows, and home affordability is very attractive compared to historic levels."