July housing data shows that price appreciation and inventory increases during the peak home-buying season helped the market to post the largest spring gains in three years, realtor.com® reports in its National Housing Trend Report.
“In July 2012 and 2013, we saw external economic factors overwhelm the healthy gains established in the housing market during the spring home-buying season,” says Jonathan Smoke, chief economist for realtor.com®. “This year, we’re ending the traditional season with high buyer and seller confidence demonstrated by price appreciation, increases in inventory, and quick home sales.”
In July, housing inventories rose 2.3 percent year-over-year, as the median list price posted a 7.5 percent increase year-over-year, realtor.com® reports. The median list price was $214,900 nationwide in July.
“Despite higher prices and more homes on the market, buyers are snatching up properties faster than last year,” realtor.com® reports. The median age of inventory in July was 82 days, three days less than 2013.
“This is the first time since the beginning of the recovery that we expect to see positive momentum throughout the second half of the year,” Smoke says. “While seasonal patterns are emerging in July month-to-month comparisons, all other metrics point to fundamental market health and a build-up of momentum.”