The U.S. median sales price of homes sold in April was $161,000, up 3.2% from March and 5.9% higher than the median price seen a year ago, according to new data from RE/MAX, which adds that April is the third consecutive month in the last 21 months to experience a year-over-year increase.
According to RE/MAX, 43 of the 53 metro areas that it surveys saw price increases over last year, with 12 markets posting double-digit gains. Phoenix and Detroit tied for the greatest year-over-year price increases, at 25.4% each, followed by Miami, at 24%.
The average days on the market for all home sales in April was 96, down from 101 days in March and the 98-day average seen in April 2011.
Furthermore, RE/MAX reports that the inventory of homes for sale fell 3.7% from March and was 25.6% lower than the inventory of homes for sale in April 2011. The company adds that month-to-month inventories have fallen for 22 consecutive months.