The RE/MAX Monthly Housing Report shows that U.S. home sales rose 7.2 percent in June over May. The U.S. Homebuyer Tax Credit brought a lot of buyers out last fall and again this spring, which stimulated sales during that time period.
While that heightened volume cannot be sustained, home sales and prices still remain higher than last year due to historically low interest rates and the lowest home prices seen in years. The monthly survey of 54 metropolitan areas also reveals that closed transactions in June were 5.6 percent higher and that prices rose 3.5 percent when compared to June 2009.
“There’s no question, the tax credit has had a significant impact on this market,” says RE/MAX CEO Margaret Kelly. “No one can predict the future, and we may still see a slight pull back, but for right now it appears that housing is holding its own, hopefully on the road to a sustainable recovery.”
Responding to demand, home prices appear to be stabilizing and slowly inching higher. The weighted average of all median sales prices for June was $211,530.
story from www.remax.net
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