DENVER, CO — June home sales saw a significant decline, dropping 7.2% from May and 11.6% year over year, according to the RE/MAX National Housing Report of June 2024. This downturn is unusual, given that June typically records more sales than May.
Among the 50 metro areas surveyed, inventory rose by 6.7% from May and 38.1% compared to June 2023. This increase resulted in a 2.1-month supply of inventory, up from 1.4 months a year ago.
The median sales price in June was $431,000, marking a $6,000 (1.4%) rise from May and a $19,000 (4.6%) increase from June 2023. Buyers continued to pay 100% of the list price on average, consistent for the third month running.
“It’s good to see inventory levels rising, as more listings represent more options for buyers,” said Amy Lessinger, President of RE/MAX, LLC. “Given the decline in sales, it’s evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity.”
Additional metrics provide further insight:
- New Listings: Though down 5.2% from May, new listings in June remained 8.3% higher than the previous year. Burlington, VT, Phoenix, AZ, and San Antonio, TX saw the most significant increases. In contrast, Cleveland, OH, Indianapolis, IN, and Wichita, KS experienced the largest decreases.
- Closed Transactions: Home sales fell 7.2% from May and 11.6% from June 2023. Manchester, NH, Anchorage, AK, and New Orleans, LA reported the steepest declines, while Fayetteville, AR, Houston, TX, and Salt Lake City, UT saw slight increases.
- Median Sales Price: The median price of $431,000 represented a 1.4% increase from May and a 4.6% rise from June 2023. Trenton, NJ, Hartford, CT, and Honolulu, HI recorded the most significant year-over-year price increases. Conversely, Bozeman, MT, New Orleans, LA, and San Antonio, TX saw declines.
- Close-to-List Price Ratio: The average ratio remained at 100%, unchanged from May and June 2023. Hartford, CT, Trenton, NJ, and San Francisco, CA had the highest ratios, while Miami, FL, New Orleans, LA, San Antonio, TX, and Tampa, FL had the lowest.
- Days on Market: Homes sold in June averaged 33 days on the market, down one day from May but up two days from June 2023. Baltimore, MD, and Washington, DC had the shortest market times, while Fayetteville, AR, Bozeman, MT, and San Antonio, TX had the longest.
- Months’ Supply of Inventory: Inventory levels increased, with a 2.1-month supply, up from 1.9 months in May and 1.4 months in June 2023. Hartford, CT, Manchester, NH, and Trenton, NJ had the lowest supply, while Bozeman, MT, Miami, FL, and San Antonio, TX had the highest.
This comprehensive data provides a clear picture of the current housing market, illustrating both opportunities and challenges for buyers and sellers alike.
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