The number of July home sales was the highest of any July since the RE/MAX National Housing Report began in 2008 and the second highest of any month behind June. Completed transactions in July were 3.2% lower than in June, but 11.3% higher than sales in July 2014. Home prices have now risen for 42 consecutive months on a year-over-year basis. The Median Sales Price of all homes sold in July was $215,000, which was 6.4% above the price seen in July 2014. The inventory of homes for sale continues to challenge the market with a 1.0% monthly decrease from June. At the current rate of home sales, the resulting Months Supply of inventory in July still favors sellers at 3.9 on a scale where 6.0 months indicates a market balanced equally between buyers and sellers.

Watch this National Housing Report from RE/MAX to learn more about the current market: