Rising Prices Point to Housing Market Recovery

According to RE/MAX’s latest National Housing Report, the housing market is showing signs of recovery. The report points to rising housing prices and sales across the country in May. In May, the median home price was up more than 6% from a year prior, to over $166,000. Of the 53 metro markets surveyed, 46 showed increases in sales, with the majority increases in the double-digits.

The number of days a home is on the market also fell in May to just over 90. That number is expected to continue to slide as the number of sales increases and inventory decreases. Inventory levels are declining due to fewer foreclosures reaching the market. All taken together, these signs point to a definite recovery in the overall housing market. According to RE/MAX CEO Margaret Kelly, “Clearly, 2012 is the year the housing industry has been waiting for; there’s a broad-based recovery taking hold,”

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