While inventory remains low, June finally saw a month-over-month increase in homes for sale, for the first time since March 2020, reports the research team at real estate franchisor RE/MAX. That 1.9% increase in supply, however, is but a baby step toward rectifying the 37.5% annual decrease in residential units on the market.
Nick Bailey, President, RE/MAX, LLC called the uptick in sellers listing their homes for sale "a very welcome sign for frustrated buyers."
"People are relocating as companies and individuals make long-term decisions about remote work and getting back to the office," he continued. "Also, sellers appear to be more confident about finding another home after they sell their current one. If these trends continue, inventory levels should keep growing."
That said, not a single one of 53 metropolitan areas surveyed showed a six months' supply of houses, which is the measurement used to determine a market balanced equally between buyers and sellers. Areas showing the lowest months' supply of homes included Albuquerque, New Mexico; Raleigh-Durham, North Caroline; Manchester, New Hampshire; Denver; and Seattle—a five-way tie at 0.5 months' supply.
This past summer, RE/MAX's analysts reported median home prices surpassing the $300,000 mark for the first time in their 13+ year data-collection history. This month's national housing report from RE/MAX, which covers June, shows those prices elevating by another 4.9% in June to $336,000. One year ago, the median home price in America was $275,000, about 22% lower than it is today.
Home sales for the month increased 14.2% over an already strong May, for another record, RE/MAX reported, adding that June typically is the hottest month of the year for home sales (the the exception of 2020, the year of the COVID-19 lockdowns, June has led in sales for the past six years, RE/MAX data show). June's sales more than doubled a 6.4% average gain from May to June in 2015 through 2019 (a time metric RE/MAX used to make more accurate annual comparisons, due to the pandemic skewing 2020 stats). Since June 2020, sales are up 26% y-o-y.
In June, the average amount of days for a home to sell was 24. That is four days faster than in May and 21 days faster than the same period a year ago.
Homes are selling fastest in Cincinnati, Ohio (nine days average) and Nashville (at 11 days average).
The full RE/MAX National Housing Report for June is available at RE/MAX.com. Their report on all residential property types has been distributed mid-month since August 2008 and is based on MLS data in some 53 metropolitan areas.