The National Association of Realtors (NAR) informs MHProNews median existing single-family home prices increased in 71 percent of measured markets, with 122 of 173 metropolitan statistical areas (MSAs) based on closings in the second quarter as compared with Q2 of 2013. Forty-seven markets (27 percent) recorded lower median prices from a year earlier. Total existing-home sales, including single-family and condos, increased 5.8 percent to a seasonally adjusted annual rate (SAAR) of 4.87 million in the second quarter, up from 4.60 million in the first quarter, but remains 4.5 percent below the 5.10 million level during the second quarter of 2013.

Total housing inventory rose 6.5 percent from last year, to 2.30 million homes for sale, according to worldpropertychannel.com, with an average supply of 5.6 months. Total existing home sales in the Northeast rose 5.1 percent in Q2 2014 but remain 4.1 percent below Q2 2-13. In the Midwest, MHProNews understands existing home sales rose 9.4 percent but are 6.1 percent below a year ago. Existing home sales in the South advanced 3.4 percent over the comparable period last year, but remain one percent below Q2 2013. And in the West, existing home sales increased 7.1 percent but remain 9.0 percent below the second quarter of 2013. ##

(Image credit: housingwire.com–increasing home values)