Markets & Economy

Re/Max: Home sales hit 7-year peak

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June represented the most active month for U.S. home sales since 2008. According to Re/Max, the volume of June closings in 53 metro areas was 12 percent higher than June 2014 and 14.3 percent greater than May 2015. At the same time, the median sales price of a home in June rose by 7.4 percent -- to $224,671 -- when compared to 12 months prior. The overall inventory of homes for sale in June increased by 0.8 percent -- to 3.6 months of supply -- when compared to May. This low level of inventory equates to favorable markets for sellers. In June, 47 of the 53 metro areas surveyed also reported higher sales on a year-over-year basis, with 35 markets reporting double-digits increases. Richmond, Virginia saw the largest increase -- 29.8 percent, followed by Boise, Idaho (25.8 percent); Anchorage, Alaska (23.2 percent); Manchester, New Hampshire (23.1 percent), Baltimore (22.3) and Tampa, Florida (22.1 percent). All but four metros surveyed reported sales pric...