There was a modest increase in the price paid for homes in July 2013 compared to that paid the month before. But when looking back to July 2012, the distance traveled recently becomes more apparent, with an increase very nearly approaching 20%.
According to Redfin, the increase over June 2013 was only 1.1%, but the figure YOY is an impressive 19.3%. The YOY increase translates into an average increase in sales price from $300K to $355K.
Redfin monitors 19 select real estate markets scattered throughout the US.
In the area monitored, about 94K homes were sold, which is both the highest total measured by Redfin in four years and 17.6% greater than reported during the previous July. The total also represented a 3% increase over June results.
The flip side of all the selling has been a marked decrease in available inventory. It has dropped 4.6% since June. Redfin says that the lack of homes up for grabs will combine with buyer fatigue and interest rate uncertainty and produce a dip in the results for August.
Quantifying the drop in inventory, Redfin pinned it at minus 4.6% compared to June and minus 30.6% compared to July a year ago.