Data from realtor.com [1] reveals that housing inventory was down 27.4% annually in June in the nation’s 50 largest metros—translating into 363,000 fewer homes listed for sale.
Additionally, realtor.com June Monthly Housing Trends report shows the nation’s housing inventory decline accelerated since May, with the number of new listings ranging between 17 to 21% below last years’ numbers.
The volume of newly listed properties was down 19.3% from June 2019, which is an improvement from the 44.1% and 29.4% annual drops posted in April and May, respectively. The rate of decline of new listings was steady over the prior six weeks ending on June 27, with each week postings weekly declines of 17 to 23%.
“Our June data reinforces that buyers are out in force and serious about finding a home. Although the new listings trend has improved, inventory continues to decline, indicating that what is coming onto the market is selling,” said realtor.com Chief Economist Danielle Hale. “The housing market has certainly demonstrated its resilience during the COVID pandemic, but conditions vary market by market. In particular, the nation’s largest metros are seeing a better new listings trend and smaller increase in the time it takes for a home to sell, which could signal they may lead the recovery.”
Realtor.com also found that the average home is on the market for 53 days—just six days slower than in 2019 and 19 days faster than the rest of the country.
Average list prices grew by 5.7% year-over-year, which is an increase from May’s 3.3% and the national rate of 5.1%.
Forty-seven of the nation’s 50 largest cities that saw higher inventory declines than last month saw a decline of newly listed properties. The analysis shows this could be indication homes are coming onto the market and selling
Of the largest 50 metros, 46 saw year-over-year gains in median listing prices in June, up from 35 in May.
Across the rest of the nation, an average home spent 72 days on the market in June—15 days more than last year.