Median home price hits new high: Remax

Rising demand and declining housing inventory are pushing home sales faster and at higher median prices than ever before, according to Remax.

The national median home sales price grew year-over-year for the 27^th consecutive month, reaching its highest level since Remax started its housing report nine years ago. June's median of $258,500 represents a 2.8% increase from May and 5.1% jump from June 2017.

Of the 54 metro areas surveyed, only two had drops in median home prices: Billings, Montana, at 0.6%, and Anchorage, Alaska, at 0.4%.

The average number of sales rose 5.4% from last month, but dropped off 5.5% compared to a year ago. That marks a year-over-year decline in average sales for seven straight months.

"Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers," said Remax CEO Adam Contos in a press release. "In the hottest markets, demand is especially high because there simply aren't that many homes for sale. The slower sales figures we're seeing are tied to inventory more than anything else."

Meanwhile, the housing inventory shortage shows no signs of relief, so a reprieve probably won't be coming for median home prices either. Over three-quarters of the metro areas reported year-over-year drops in housing inventory.

"Lack of inventory has become a theme for the year," Contos added. "Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly."

June's average time on the market from listing to sale was 42 days. That average dropped four days from May and five days year-over-year.