End-of-summer home sales reach healthy levels

September 18th, 2012

Summer sales at the end of August were stronger than they were one year ago.

Those who sought to sell their homes and obtain a relocation mortgage in their new location may have fared well this summer, according to the August RE/MAX National Housing Report.

The study examined home prices and home sales, and the results show that both were at higher levels in August than one year ago. Home prices were 6.3 percent higher in August than last year, and home sales experienced an uptick of 8.5 percent during the same period. According to the study, the rise in August home sales represents the 14th consecutive month with sales higher than the previous year.

"As we move from summer to fall it's very encouraging that this year's home selling season began strong and finished even stronger," said Margaret Kelly, CEO of RE/MAX, LLC.  "Nearly every month in 2012 experienced increased sales and prices over 2011, showing that we have definitely passed the bottom and we're looking forward to 2013 being an even better year."

Although home prices increased on a year-over-year basis, they remained relatively flat from July's figures. Home prices may play a large role in transferees' financial decisions to rent or buy in a new location, making it important to know the local market.