Median home prices have increased for a fourth consecutive month, according to the latest data compiled in the RE/MAX National Housing Report.
RE/MAX says that May's home prices were 6.1% higher than those in May 2011, while home sales also rose above the mark set last year by 12.8%. Last month, the median sales price of homes sold was $166,500, a 4.1% rise from the median in April and a 6.1% increase from May 2011.Â
Of the 53 metro areas included in the May RE/MAX National Housing Report, a record 46 experienced price increases over last year, with nine metro areas seeing double-digit gains, including Phoenix (34.5%) and Detroit (23.1%).
Furthermore, RE/MAX says that the inventory of homes for sale last month fell 4.2% from April and 26.6% from the inventory level seen in May 2011. This is the 23rd consecutive month-to-month inventory drop.