Home Prices Start to Rise, Sales Trend Higher: Housing Recovery Underway

Home Prices Start to Rise, Sales Trend Higher: Housing Recovery Underway

The following is an excerpt from the monthly RE/MAX National Housing Report. For more information or to see the full two-page report (attached), contact (303) 796-3667.

Denver, CO – March 14, 2012 – (RealEstateRama) — For the first time in 18 months, home prices in February rose higher. With a median price of $171,881, prices in the 53 cities surveyed by the RE/MAX National Housing Report rose by 1.1% over February 2011. Home sales were even higher, up 8.7% from one year ago. With a positive sales trend of 8 straight months above the previous year, it’s looking like 2012 will witness a very strong home-selling season. As a result of reduced foreclosure activity, inventory continued a downward trend for the 20th straight month, 22.4% lower than the housing inventory in February 2011. Consumer sentiment appears to be rising, and record low mortgage rates coupled with favorable home prices are attracting homebuyers and investors who don’t want to miss a historic opportunity.

“All the data is pointing to a very active spring and summer selling season this year, which is great news for a recovering housing market,” said Margaret Kelly, CEO of RE/MAX, LLC. “As sales numbers have trended higher for several months, we have been anticipating a turnaround in home prices, and it looks like it’s finally starting.”

If you do not wish to receive future Housing Report information or releases from RE/MAX, please contact . Thank you.

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Based in Denver, Colo., RE/MAX International oversees a network of nearly 100,000 Sales Associates in more than 75 countries, an international presence greater than any of its competitors.  Nobody in the world sells more real estate than RE/MAX.

RE/MAX has been honored as the leading real estate franchise in the "2009 Franchise Times Top 200," and has been the leading real estate organization in Entrepreneur magazine's "Franchise 500 Survey" for nine of the last 11 years.

Contact:

Allie Musso

Phone: 303-796-3662

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