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Home Prices Rise for 5th Straight Month; Up 9.4% Annually
Shrinking Inventory of Homes For Sale - Source: National Association of REALTORS® via Calculated Risk blog. Home prices across the U.S. rose for the fifth straight month in July, to a median price of $187,300.  That was a 9.4 percent increase compared to one year ago, according to a new report from the National Association of Realtors.
Sales of homes have also been continuing a strong trend, with a 10.4% increase in total sales since July of 2011.  While total sales increases have been strong, most expected them to be even bigger until the inventories in most major cities dropped so drastically this year.  Homes available for sale have shrunk by 24 percent in one year across the country, and up to 50 percent in some large metropolitan areas.  The scarcity of homes for sale and the increased buyer pool continues to push prices upward, as greater home sales in a shrinking market make for a highly competitive atmosphere.
From Inman News and the NAR:
Although the number of existing homes on the market was up 1.3 percent from June to July, to 2.4 million, that represents a 6.4-month supply of homes at July's faster pace of sales, down from 6.5 months ... more

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