Median prices of existing homes reached $481,000 in June, a rise of 3% from the previous month, and an increase of more than 23% from June 2012. For the first half of 2013, prices were up nearly 20% from a year ago. Condos and townhomes saw a median price of $301,000 in June, virtually unchanged from a month ago but up 34% from June 2012. Comparing the first half of this year to last year shows condos and townhome prices up 30%.
Inventory inched up slightly in the past month, indicating more sellers are entering the market, but properties are being scooped up quickly. In June, homes were on the market an average of 48 days, compared to 88 days in June 2012. However, the number of sales of existing homes decreased by 11% in June compared to May. Condos/townhomes sales changed little from the previous month.
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