Monthly Median Sales Price Continues to Rise

By Liz Clinger Updated on 5/21/2012

As 2012 reaches the end of the first half of the year, the median sales price of homes rose for the third straight month in April, according to a survey of 53 metropolitan areas by the RE/MAX National Housing Report. The survey shows that median home prices were 3.2% higher than March 2011 and 5.9% higher than April of 2011.

February 2012 wielded the first month of home price increases after 18 months straight of year over year price downfalls. The tenth month in a row to show home sales higher than the year before, April home sales were 4.1% higher than the same month in 2011.
The flow of Inventory, Monthly Supply and Days on Market are showing a decrease, which is forecasting a possible absorption in foreclosure properties if they arrive on the market over a reasonable time frame.

April’s closed sales transactions show a 4.1% increase over April 2011, though only a 0.1% increase from the previous month of March.  April’s survey saw that 39 of the 53 metro areas saw an increase in sales than a year ago, and out of those, 18 saw a double-digit increase, with Albuquerque, New Mexico at a 30.2% increase, Milwaukee, Wisconsin saw a 38.4% increase, Nashville, Tennessee saw a 26.2% increase, Providence, Rhode Island saw a 21.7% increase, Des Moines, Iowa saw a 21.4% increase and Chicago, Illinois saw a 19.8% increase in home sales.

April’s median sales price was $161,000 which is 5.9% higher than April of 2011 and 2.3% higher than the month of March. The survey shows that 43 of the 53 metro areas saw price increases over last year, 12 of them double-digit increases.

The days on market average for April was 96, which is a 5 day decrease from March, which was 101 days, and a 2 day decrease from April last year, which was 98 days.

The Chief Executive Officer of RE/MAX LLC, Margaret Kelly, stated that it was “encouraging,” to see the improvements in economic and housing indicators, and believes that the low interest rates and home prices may draw potential home buyers to “jump” into the market.