National home prices up 3.7 percent: RE/MAX

Median home prices nationally rose 3.7 percent in July compared to the same period in 2011, according to a new report from RE/MAX. Home sales activity also increased, with a 10.3 percent improvement over last July. It was the 13 consecutive month that the U.S. saw a year-over-year increase in home sales activity. Inventory also dropped considerably, falling 26.8 percent compared to July 2011. “It’s reassuring that both sales and prices continue to rise higher on a yearly basis, indicating that this housing recovery is real,” said Margaret Kelly, CEO of RE/MAX. “Overall, the picture is getting brighter each month, but what we need for a sustainable recovery is a turnaround in unemployment and better availability of mortgages.” — Alexander Britell