In June, active inventory jumped 18.7%
year-over-year as new listings surpassed typical pre-COVID levels,
while the national median listing price hit a new high of
$450,000
SANTA
CLARA, Calif., June 30,
2022 /PRNewswire/ -- The inventory recovery made
major strides in June, with the number of homes available to buyers
climbing at its fastest yearly pace of all
time1 (+18.7%), according to the
Realtor.com® Monthly Housing Trends Report released
today. Among key factors driving June's jump in active listings
were new sellers, who entered the market at a higher rate than in
2017-2019 prior to the pandemic.
"Our June data shows the inventory recovery accelerated, posting
the second straight month of active listings growth in nearly three
years. We expect these improvements to continue, as predicted in
our newly-updated 2022 forecast," said Danielle Hale, Chief Economist for Realtor.com.
"While we anticipate that more inventory will eventually cool the
feverish pace of competition, the typical buyer has yet to see
meaningful relief from quickly selling homes and record-high asking
prices. However, a deeper dive into June's inventory gains by
square footage reveals potential opportunities for move-up buyers,
as newly-listed homes skewed larger. In other words, this first
wave of supply improvements may be particularly opportune for
summer sellers looking to upgrade from their starter homes, which
could mean more equity to put towards purchasing a bigger
property."
Hale added, the increase in larger, more expensive homes as a
share of new listings is one reason that overall asking prices
continue to soar despite moderating demand. In June, homes with at
least 1,750 square feet accounted for more new listings (54.3%, up
from 52.7% in 2021) than relatively smaller homes (45.7%, down from
47.3% in 2021).
June 2022 Housing Metrics –
National
|
Metric
|
Change over June
2021
|
Change over June
2019
|
|
Median listing
price
|
+16.9% (to
$450,000)
|
38.5 %
|
|
Median listing price
per square foot
|
+16.2% (to
$228)
|
50.0 %
|
|
Share of active
listings with price reductions
|
+7.3 pct. pts. (to
14.9%)
|
-2.2 pct.
pts.
|
|
Active
listings
|
+18.7 %
|
-53.2 %
|
|
New listings
|
+4.5 %
|
-1.8 %
|
|
Median days on
market
|
-4 days (to 32
days)
|
-26 days
|
Inventory climbs as buyer demand
cools and seller activity rebounds
The inventory recovery from 2021 declines continued to
accelerate in June, due to the combination of rebounding new
listings growth and moderating demand, reflected in recent home
sales trends. While still-hot housing competition is motivating
more new sellers to list, some buyers are being priced out of the
market by rising mortgage rates and record-high asking prices
that have driven up typical mortgage payments by 58% from a year
ago.
- In June, the U.S. inventory of active listings grew 18.7%
year-over-year, a faster pace than last month (+8.0%). However,
there are still fewer than half (-53.2%) as many for-sale homes
compared to June 2019.
- One factor behind June's accelerated inventory improvement was
pending listings declines (-16.3% year-over-year), which means
fewer for-sale homes under contract with a buyer. Additionally, new
seller activity rebounded to 1.0% greater than its 2017-2019 pace,
with new listings up 4.5% year-over-year.
- Compared to June 2021, active
inventory increased in 40 of the 50 largest U.S. metros, led by
Austin, Texas (+144.5%),
Phoenix (+113.2%), and
Raleigh, N.C. (+111.7%) .
- June's biggest new listings gains were posted in southern
markets (+11.0%): Raleigh
(+37.6%), Nashville, Tenn.
(+37.2%) and Charlotte, N.C.
(+30.1%), as well as Las Vegas,
Nevada (+34.8%).
Home shoppers are still snatching
up homes quickly, but there are early signs of relief
Despite cooling demand, June time on market trends relative to
last year show that buyers continued to snatch up homes at a
near-record-fast pace. However, month-to-month data tells the
beginnings of a different story, with overall time on market
growing from May to June for the first time since 2019.
Additionally, while homes moved more quickly than in June 2021 across all size tiers, declines were
greater among larger for-sale homes. These trends suggest that one
potential reason why the overall pace of time on market remains
competitive, despite softening demand, could be a shift in the mix
of home shoppers, such as an increase in move-up buyers.
- The typical U.S. home spent 32 days on market in June, nearly a
full month (-27 days) faster than usual June 2017-2019 timing. Time
on market held close to May's record-low, but posted a slightly
smaller yearly decline month-to-month (-4 days vs. -6 days).
- Among June's active inventory, some listings with more square
footage, such as those with 3,000-6,000 square feet sold faster
year-over-year (-8.5 days) than relatively smaller homes like those
with 750-1,750 square feet (-5 days).
- In June, 34 of the 50 largest markets posted annual declines in
time on market, led by southern (-4 days) and northeastern (-2
days) metros: Miami (-22 days),
Hartford, Conn. (-8 days) and
Jacksonville, Fla., Orlando, Fla. and Atlanta, Georgia (-7 days).
- Meanwhile, time on market was flat year-over-year in six
markets and grew in ten metros, led by Austin (+6 days), Denver and Detroit (+4 days each).
Typical asking prices soar to
latest record, reflecting still high seller expectations
Nationally, typical asking prices again soared double-digits
over 2021 levels in June, reaching their latest new high,
suggesting that many sellers still have great expectations of the
market. At the same time, a number of June trends indicate that
sellers are beginning to compete for fewer buyers who have more
options. Both active and pending listing prices posted smaller
yearly gains than last month, while the share of total inventory
with price reductions increased.
- In June, the U.S. median listing price hit its latest
record-high of $450,000, up 16.9%
year-over-year. However, active listing prices posted a slightly
smaller gain than last month (+17.6%), as did pending listing
prices (to 13.9% from 16.2%).
- Relative to June's national rate, listing prices grew at a
faster annual pace in 15 large markets, led by: Miami (+40.1%), Orlando, Fla. (+30.6%) and Nashville (+30.6%).
- Four markets posted year-over-year declines: Pittsburgh (-8.6%), Rochester, N.Y. (-5.9%), Cincinnati (-5.7%) and Buffalo, N.Y. (-2.0%). However, in all of
these metros aside from Pittsburgh, the price per square foot grew on
an annual basis, indicating that a change in the mix of homes has
pushed the median listing price lower.
- The share of total homes with a price reduction grew
year-over-year nationwide (+7.6 percentage points) in June, as well
as in all 50 but one of the largest metros, most significantly in:
Austin (+24.7), Phoenix (+22.2) and Las Vegas (+20.1). Roughly one-in-seven homes
in June had a price reduction, up from roughly one-in-13 in
June 2021, but still below the one
out of every four-to-five that was typical in 2017-2019.
Spotlight On: Condos offer
relative affordability in most U.S. counties
Despite recent supply improvements, affordability remains a
significant obstacle to homeownership for many Americans. Home
shoppers are feeling the strain on their budgets due to
higher-than-anticipated inflation, mortgage rates, home and rental
prices, down payments and more. In this context,
Realtor.com® recently compared 2021 home sales trends
among single-family homes versus condos2 to
identify potential opportunities for buyers to find relatively
affordable housing, with key findings including:
- Nationwide, the typical condo sold for an average of 6.7% less
than the typical single-family home in 2021. Location explains this
understated trend. Common to crowded big cities where real estate
typically comes at a premium, the vast majority (84.1%) of condos
were sold in just 6% of counties.
- Drilling down to the county-level in New York, Massachusetts, Illinois and Washington, states with high levels of 2021
condo sales, reveals that condo prices were an average 13.5% lower
than single-family homes. In the cities of New York, Boston, Chicago and Seattle, condo buyers paid an average of 33.2%
less.
- While these opportunities are driving demand for condos, recent
data shows home shoppers may still find relatively affordable condo
listings. In June, condos made up 20.2% of active inventory and
were listed at 17.5% lower prices (on average across the 50 largest
metros) than single-family homes.
"As big city buyers looked for ways to stay on budget in 2021,
our analysis shows opting for a condo offered a solution in some
counties. And there may still be opportunities going forward, even
as condos' relatively lower price point is driving up their
popularity and prices. If demand leads builders to ramp up condo
construction, and the resulting increase in supply may help keep
condo prices more manageable than those of single-family homes,"
said Hannah Jones, Economic Research
Analyst for Realtor.com®.
May 2022 Housing Metrics – 50
Largest U.S. Metro Areas
|
Metro
Area
|
Median
Listing
Price
|
Median
Listing
Price
YoY
|
Median
Listing
Price per
Sq. Ft.
YoY
|
Active
Listing
Count
YoY
|
New
Listing
Count
YoY
|
Median
Days
on
Market
|
Median
Days on
Market
Y-Y
(Days)
|
Price
Reduced
Share
|
Price
Reduced
Share
Y-Y (Pct.
Pts.)
|
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$445,000
|
12.7 %
|
13.5 %
|
23.4 %
|
5.6 %
|
26
|
-7
|
14.0 %
|
7.6 %
|
|
Austin-Round Rock,
Texas
|
$620,000
|
18.7 %
|
15.7 %
|
144.5 %
|
26.6 %
|
22
|
6
|
32.4 %
|
24.7 %
|
|
Baltimore-Columbia-Towson, Md.
|
$365,000
|
6.6 %
|
5.6 %
|
1.2 %
|
-18.5 %
|
32
|
0
|
13.3 %
|
4.1 %
|
|
Birmingham-Hoover,
Ala.
|
$295,000
|
8.4 %
|
11.4 %
|
25.5 %
|
1.0 %
|
33
|
-4
|
11.0 %
|
5.1 %
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$759,000
|
8.6 %
|
2.7 %
|
0.4 %
|
-5.0 %
|
21
|
-2
|
15.2 %
|
4.8 %
|
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$245,000
|
-2.0 %
|
3.2 %
|
12.8 %
|
-0.3 %
|
23
|
-2
|
7.0 %
|
2.2 %
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$445,000
|
14.2 %
|
15.1 %
|
36.7 %
|
30.1 %
|
29
|
2
|
13.1 %
|
3.5 %
|
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$365,000
|
2.8 %
|
1.7 %
|
-13.0 %
|
-11.4 %
|
30
|
-4
|
12.0 %
|
2.6 %
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
$330,000
|
-5.7 %
|
2.9 %
|
4.6 %
|
1.1 %
|
28
|
-4
|
9.2 %
|
2.2 %
|
|
Cleveland-Elyria,
Ohio
|
$225,000
|
2.7 %
|
7.5 %
|
-1.7 %
|
-2.0 %
|
36
|
1
|
10.2 %
|
2.5 %
|
|
Columbus,
Ohio
|
$350,000
|
16.7 %
|
13.7 %
|
11.6 %
|
-1.5 %
|
17
|
2
|
12.9 %
|
3.6 %
|
|
Dallas-Fort
Worth-Arlington, Texas
|
$486,000
|
25.5 %
|
20.1 %
|
61.6 %
|
27.6 %
|
24
|
-5
|
16.9 %
|
10.2 %
|
|
Denver-Aurora-Lakewood,
Colo.
|
$680,000
|
13.3 %
|
5.7 %
|
58.3 %
|
2.4 %
|
15
|
4
|
21.3 %
|
14.8 %
|
|
Detroit-Warren-Dearborn, Mich.
|
$285,000
|
2.0 %
|
5.5 %
|
18.2 %
|
-0.3 %
|
24
|
4
|
17.1 %
|
6.8 %
|
|
Hartford-West
Hartford-East Hartford, Conn.
|
$375,000
|
10.9 %
|
21.4 %
|
N/A*
|
-12.5 %
|
21
|
-8
|
6.5 %
|
-0.7 %
|
|
Houston-The
Woodlands-Sugar Land, Texas
|
$399,000
|
9.1 %
|
10.3 %
|
10.1 %
|
1.7 %
|
33
|
-4
|
15.6 %
|
7.0 %
|
|
Indianapolis-Carmel-Anderson, Ind.
|
$320,000
|
15.5 %
|
13.8 %
|
22.3 %
|
10.6 %
|
30
|
-6
|
13.2 %
|
4.2 %
|
|
Jacksonville,
Fla.
|
$450,000
|
28.6 %
|
26.0 %
|
38.3 %
|
5.2 %
|
30
|
-7
|
14.1 %
|
8.0 %
|
|
Kansas City,
Mo.-Kan.
|
$400,000
|
20.5 %
|
13.9 %
|
27.5 %
|
2.0 %
|
39
|
1
|
8.4 %
|
1.8 %
|
|
Las
Vegas-Henderson-Paradise, Nev.
|
$499,000
|
24.9 %
|
24.4 %
|
45.2 %
|
34.8 %
|
25
|
-1
|
30.6 %
|
20.1 %
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$975,000
|
2.1 %
|
6.4 %
|
20.1 %
|
-1.9 %
|
29
|
-5
|
15.1 %
|
9.3 %
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
$300,000
|
8.1 %
|
8.8 %
|
21.9 %
|
1.1 %
|
23
|
0
|
14.2 %
|
5.8 %
|
|
Memphis,
Tenn.-Miss.-Ark.
|
$307,000
|
28.5 %
|
31.0 %
|
33.1 %
|
6.4 %
|
32
|
-4
|
10.0 %
|
4.6 %
|
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$630,000
|
40.1 %
|
24.5 %
|
-15.9 %
|
4.1 %
|
38
|
-22
|
11.9 %
|
6.1 %
|
|
Milwaukee-Waukesha-West
Allis, Wis.
|
$372,000
|
24.2 %
|
12.9 %
|
-4.1 %
|
-18.7 %
|
29
|
0
|
10.4 %
|
2.2 %
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$420,000
|
15.1 %
|
8.8 %
|
-0.5 %
|
-10.1 %
|
30
|
-1
|
11.3 %
|
5.2 %
|
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$561,000
|
30.6 %
|
18.0 %
|
85.6 %
|
37.2 %
|
15
|
1
|
17.7 %
|
10.4 %
|
|
New Orleans-Metairie,
La.
|
$350,000
|
1.5 %
|
2.9 %
|
15.5 %
|
2.0 %
|
40
|
-6
|
18.1 %
|
7.8 %
|
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$700,000
|
9.4 %
|
19.2 %
|
0.3 %
|
-2.2 %
|
45
|
0
|
11.3 %
|
2.6 %
|
|
Oklahoma City,
Okla.
|
$321,000
|
11.8 %
|
19.1 %
|
37.2 %
|
26.8 %
|
32
|
-5
|
10.8 %
|
2.7 %
|
|
Orlando-Kissimmee-Sanford, Fla.
|
$464,000
|
30.6 %
|
24.9 %
|
30.8 %
|
17.9 %
|
30
|
-7
|
14.7 %
|
7.6 %
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$349,000
|
4.2 %
|
7.2 %
|
-2.3 %
|
-8.7 %
|
37
|
0
|
13.3 %
|
4.4 %
|
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$549,000
|
18.0 %
|
18.8 %
|
113.2 %
|
19.5 %
|
25
|
-4
|
29.5 %
|
22.2 %
|
|
Pittsburgh,
Pa.
|
$240,000
|
-8.6 %
|
-0.7 %
|
4.2 %
|
-6.9 %
|
37
|
-4
|
14.6 %
|
4.8 %
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$600,000
|
8.1 %
|
9.1 %
|
30.7 %
|
-1.6 %
|
28
|
-2
|
21.4 %
|
11.6 %
|
|
Providence-Warwick,
R.I.-Mass.
|
$477,000
|
12.4 %
|
10.1 %
|
6.3 %
|
-1.9 %
|
23
|
-2
|
9.2 %
|
4.6 %
|
|
Raleigh,
N.C.
|
$500,000
|
21.9 %
|
17.4 %
|
111.7 %
|
37.6 %
|
15
|
-1
|
14.3 %
|
10.9 %
|
|
Richmond,
Va.
|
$397,000
|
13.4 %
|
10.2 %
|
-6.3 %
|
-9.0 %
|
34
|
-3
|
7.9 %
|
3.3 %
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
$599,000
|
13.1 %
|
15.1 %
|
71.7 %
|
7.9 %
|
30
|
0
|
19.8 %
|
14.8 %
|
|
Rochester,
N.Y.
|
$230,000
|
-5.9 %
|
3.3 %
|
-3.7 %
|
-3.3 %
|
12
|
1
|
9.6 %
|
0.8 %
|
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$643,000
|
8.3 %
|
9.0 %
|
65.0 %
|
-5.6 %
|
27
|
2
|
25.2 %
|
17.5 %
|
|
San Antonio-New
Braunfels, Texas
|
$399,000
|
23.2 %
|
20.3 %
|
53.7 %
|
11.5 %
|
33
|
-2
|
15.0 %
|
8.7 %
|
|
San Diego-Carlsbad,
Calif.
|
$949,000
|
16.8 %
|
13.9 %
|
25.5 %
|
-5.2 %
|
22
|
-4
|
17.6 %
|
11.5 %
|
|
San
Francisco-Oakland-Hayward, Calif.
|
$1,150,000
|
6.5 %
|
7.3 %
|
46.3 %
|
-4.2 %
|
25
|
-4
|
15.0 %
|
10.3 %
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,489,000
|
14.7 %
|
10.1 %
|
33.5 %
|
-19.5 %
|
23
|
-1
|
17.3 %
|
11.9 %
|
|
Seattle-Tacoma-Bellevue, Wash.
|
$822,000
|
19.6 %
|
10.7 %
|
65.6 %
|
4.8 %
|
22
|
-4
|
18.1 %
|
13.5 %
|
|
St. Louis,
Mo.-Ill.
|
$282,000
|
8.7 %
|
8.2 %
|
5.2 %
|
-9.8 %
|
37
|
-5
|
10.4 %
|
2.6 %
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$447,000
|
27.9 %
|
24.3 %
|
55.9 %
|
12.4 %
|
29
|
-4
|
18.7 %
|
11.6 %
|
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$359,000
|
14.0 %
|
12.2 %
|
-14.4 %
|
-7.1 %
|
22
|
-1
|
14.4 %
|
4.3 %
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$593,000
|
13.0 %
|
3.1 %
|
2.5 %
|
-15.8 %
|
28
|
-1
|
14.6 %
|
6.4 %
|
|
*Note:
Hartford active listing count growth is not available while data is
under review.
|
|
Methodology
Realtor.com® housing data as of June 2022. Listings include active inventory of
existing single-family homes and condos/townhomes/rowhomes/co-ops
for the given level of geography; new construction is excluded
unless listed via an MLS.
Condo analysis: Based on full-year 2021 home sales data on
condos/townhomes, referred to as condos in this release, for
counties in the New York City,
Boston, Chicago and Seattle areas, and the states of N.Y., Mass.,
Ill. and Wash. County-level analysis focuses on areas with at least
15 condo sales to ensure data quality. See more details here.
About
Realtor.com®
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living in homes easier and more rewarding for everyone.
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more than 25 years ago, and today through its website and mobile
apps offers a marketplace where people can learn about their
options, trust in the transparency of information provided to them,
and get services and resources that are personalized to their
needs. Using proprietary data science and machine learning
technology, Realtor.com® pairs buyers and sellers with
local agents in their market, helping take the guesswork out of
buying and selling a home. For professionals,
Realtor.com® is a trusted provider of consumer
connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. For more information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
1 Based on Realtor.com®
data history going back to July
2017.
2 In this release, condos refer to both
condos and townhomes.
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content:https://www.prnewswire.com/news-releases/realtorcom-june-housing-report-for-sale-home-supply-grows-faster-than-ever-as-new-seller-activity-rebounds-301578550.html
SOURCE Realtor.com