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National Housing Report Released by RE/MAX

RE/MAX International released its National Housing Report for the month of July 2010 earlier this week. The report, which gathers Multiple Listing Service (MLS) information from 54 metropolitan areas across the country revealed some emerging trends for the current housing industry.

The report compared the number of closed transactions, or purchased homes, during the month of July 2010 to July 2009, which showed a 27.8 percent decrease from July 2009 figures. Additionally, residential sales in July decreased by 30.3 percent from this past June as well.

Despite the lowered amount of transactions, the median home price increased from $203,675 in July of 2009 to $212,524 in July of this year, a 1.3 percent overall increase.

RE/MAX interpreted these numbers as the housing market correcting itself from the boom of sales the market experienced from the federal tax credit incentive, which officially ended in June.

"We were expecting to see some pull back in home sales after the tax credit expired," said Margarat Kelly in the report, RE/MAX's CEO, "It's hard to know what will come next in this market, but we're looking for a return to slow steady growth by the end of the year."

Slow and steady numbers are already emerging with only a one day difference between the average days a home is on the market.

"For the homes that sold in July in the survey's 54 metro areas, the average number of days it took from listing to signed contract was 82," stated the report, "Just one day longer than the 81 day average in June and five days lower than the 87 average of July last year."

Presently, the market is at a 9.1 month supply of inventory for July. According to the RE/MAX report, signs of a healthy and balanced market have a six month supply of inventory.

 

To read the entire report, click here.