The big news in June? Housing inventory continued to climb for the second month in a row.
Housing Inventory Climbs in June
For the second consecutive month, for- sale housing inventory fattened on a year-over-year basis by the largest margin in Realtor.com’s data history.
Overall, the housing market saw inventory jump +29% y/y. That being said, the actual number of for-sale homes in June was still half of the for-sale homes that were available in June 2019.
Newly listed homes entering the market in June increased +8.0 y/y and +4.5% m/m.
Realtor.com saw more for-sale homes come to market in 13 of the last 14 weeks.
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Median Listing Price Up +18.3% Y/Y
For the 29th consecutive week, the typical asking price of a for-sale home was higher by double digits than it was one year ago.
The median listing price increased +18.3% y/y in June. Typically, the median list price tops out at the end of June/early July as homebuyer demand starts to cool. That being said, June saw a recent median listing price high of $450,000.
Realtor.com tentatively anticipates that home shoppers remaining in the marketplace may begin to see some lower-priced home options in the second half of 2022.
Typical Home Sale Timeline in June
Time on the market ticked up by half a day in June compared to May 2022 despite the fact that time on the market dropped -2 days compared to June 2021. This was the first time in three months that another new record low for time on the market did NOT happen.
Though this sounds contradictory, June’s DOM number reflects a nod to seasonality and cooling buyer demand due to cost pressures from inflation and rising interest rates.
Likely, the ultra-fast pace of home sales will cool sooner rather than later as buyers see more inventory coming to market and the Federal Reserve continues to raise interest rates in its efforts to curb inflation at its next meeting at the end of July.
Changes Y/Y Year-to-Date Week Ending 7/2/2022
Median Listing Prices +14.5% +18.3%
New Listings +0% +8%
Active Listings -8% +29%
DOM 8 days faster 2 days faster
Thanks to Realtor.com.
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