A growing number of homebuyers are competing for a shrinking pool of for-sale properties. Last month, the nationwide share of homes on the market decreased by 27.4 percent year-over-year, representing 363,000 fewer listings, according to a new report from realtor.com.
If you’ve found yourself constantly refreshing the same five real estate websites, you’re not alone — the volume of new listings contracted 19.3 percent compared to June 2019. It was a significant improvement over April and May, when fresh listings plummeted 44.1 percent and 29.4 percent, respectively, but the quantity appears to have flatlined over the six-week period ending June 27th.
“Our June data reinforces that buyers are out in force and serious about finding a home,” said realtor.com Chief Economist Danielle Hale.
“Although the new listings trend has improved, inventory continues to decline, indicating that what is coming onto the market is selling.”
The median price of a home in the United States was listed at $342,000 in June, 5.1 percent higher than the same month a year ago.
Throughout the country’s 50 largest metros, housing inventory dropped 26.5 percent and new listings were down by 16.2 percent. With all that competition, home prices ticked up 5.7 percent year-over-year in June.
A whopping 92 percent of these markets saw price gains over 2019 levels. However, the typical urban home spent a total of 53 days on the market, six days slower than last year.
“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,” Hale concluded.