The inventory of homes for sale increased again in June, the largest increase in the data’s history.

• The national inventory of active listings increased by 18.7% over last year, while the total inventory of unsold homes, including pending listings, still declined by 1.4% due to a decline in pending inventory.
• The inventory of active listings was down 34.1% compared to June 2020 in the early days of the COVID-19 pandemic, and down 53.2% compared to June 2019. In other words, there are a little less than two-thirds the number of homes available compared to June 2020, and less than half compared to June 2019.

More new listings entered the market in June compared to last year, though slightly down from May new listing growth.

• Newly listed homes were up 4.5% nationally compared to a year ago, and up 3.1% for large metros over the past year.
• Sellers listed at roughly the same rate as 2017 to 2019, prior to the pandemic, up slightly by 1.0%.

Housing remains expensive and fast-paced with the median asking price at a new high while time on market is up just one day from last month’s record low.

• The June national median listing price for active listings was $450,000, up 16.9% compared to last year and up 31.4% compared to June 2020.
• In large metros, median listing prices grew by 13.3% compared to last year, on average.
• Nationally, the typical home spent 32 days on the market in June, down 4 days from the same time last year and down 37 days from June 2020.

Realtor.com®’s June housing data release shows a continued improvement in housing inventory for the second month, with the count of home listings actively for sale growing compared to last year by the largest margin in the data’s history. This turnaround in inventory is being driven by both sellers entering the market and by moderating demand. Newly listed homes entered the market at a higher rate (+4.5% year-over-year) than in the recent past, though slightly slower compared to May, when newly listed homes increased by 6.3% year-over-year. Moderating demand has taken a larger toll this month, with pending listings declining sizably (-16.3% year-over-year) compared to last year. Nonetheless, homes are still spending less time on the market compared to last year and prices are still rising, partially driven by an increase in newly listed larger homes and slow adjustments to seller expectations.

Inventory Sees Growth Amidst Moderating Demand

Nationally, the inventory of homes actively for sale on a typical day in June increased by 18.7% over the past year, the largest increase in inventory in the data history. This amounted to 98,000 more homes actively for sale on a typical day in June compared to the previous year. While overall active housing inventory grew year-over-year, the inventory of condos (along with other attached home types) listed for sale shrank by -0.2%. Condos, which made up 20.2% of listings in June, tend to be lower-priced than single-family homes (17.5% cheaper on average in the 50 largest metro areas in June 2022) and have therefore gained popularity in high-priced locales as single-family home prices have climbed in recent years. The total number of unsold homes nationwide—a metric that includes active listings and listings in various stages of the selling process that are not yet sold—was still down 1.4% percent from June 2021. However this has improved from last month’s 3.9% decline.

For More Information: realtor.com