Summary
The number of active listings increased in June for the eighth month in a row. Yet, the housing market stabilized as the total home inventory grew at about the same rate as did de-listings. Home sellers are seeing a slower market and are facing more price adjustments than last spring.
Report
The housing market stabilized as mortgage rates stabilized in June, according to realtor.com. The total home inventory grew at about the same rate as sellers de-listing their homes. June saw an increase in the number of homes being listed for sale as home sellers continued to list their properties at a rate that was 6.3% higher than in June 2023. It is the 8th month of increasing listing activity after a 17-month streak of declines.
The total number of homes actively for sale in June grew by 36.7% compared to June 2023. However, fewer homes are available for sale today compared to pre-pandemic levels, though the gap is closing. Home sellers appear to be slightly more disgruntled this spring due to a slower market, which requires more price adjustments than sellers faced last spring. However, sellers are not de-listing their homes at any higher rate than in June 2023. The rate of sellers de-listing their homes has been relatively stable since February. The total number of homes for sale increased by 22.4% compared with June 2023, growing on an annual basis for the seventh month in a row.
In June, as in the previous four months, the growth in homes in the $200,000 to $350,000 price range outpaced all other price categories. The home inventory in this range grew by 50% compared with June 2023, surpassing May 2023’s high 45.1% growth rate. This increase is primarily fueled by greater availability of smaller and more affordable homes in the South.
The median home list price nationwide remains stable in June compared with June 2023 at $445,000. However, there has been a shift in the inventory mix towards smaller homes, meaning that the typical home listed this year is actually more expensive than last year. Homes for sale spent 45 days on the market in June, which is 2 days more than in June 2023, and one more day than in May 2024.
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