Home sales are experiencing the equivalent of an Indian summer.
August home sales are up year-on-year, as nationwide house prices continue to fall, according to Denver-based real estate agent network RE/MAX.
August home sales reached a level 18% higher than August 2010, according to the latest RE/MAX national housing report.
Normally, June is the highest sales month for homes. This year both July and August show higher numbers.
“We’re pleased to see transactions pushing higher in August and without any artificial stimulus,” said Margaret Kelly, CEO of RE/MAX, in a statement. “Although the housing recovery will continue to be uneven, the market is struggling to return to normal despite uncertainty in the economy and stubborn unemployment rates.”
The median sales price for August was $189,831. This is just 0.6% below the price in July and 3.6% below the price in August 2010.
The report shows that in the 53 metro areas surveyed, 47 experienced a rise in home sales from 2010. The top risers are Pittsburgh, up 60%, Minneapolis, up 48.4%; Albuquerque, up 43.0%; Milwaukee, up 37.1%; Seattle, up 29.4%; Phoenix, up 26.4%; and Chicago, up 25.7%.
Write to Jacob Gaffney.
Follow him on Twitter @jacobgaffney.