SANTA CLARA, Calif.,
July 1, 2020 /PRNewswire/
-- With interest rates at all-time lows and buyers returning
to the market armed with post-quarantine housing wishlists, sellers
appear to be the missing link to a strong summer housing market.
Realtor.com®'s June Monthly Housing Trends report issued
today showed the nation's housing inventory decline accelerated
since May as the number of new listings hitting the market continue
to range between 17 to 21 percent lower than last year.
Nationally, housing inventory was down 27.4 percent
year-over-year in June, which translates into 363,000 fewer homes
listed for sale. The volume of newly listed properties was down
19.3 percent over last year -- much improved over the 44.1 percent
and 29.4 percent year-over-year declines posted in April and May,
respectively. However, unlike the April and May periods where new
listings improved on a weekly basis, the rate of decline of new
listings remained fairly steady over the six-week period ending
June 27, with each week posting
year-over-year declines between 17 to 23 percent.
"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."
The 50 largest metros metrics outpace the rest of the
country
Despite seeing inventory decline from May, the
nation's 50 largest metros performed better than the rest of the
country in June.
- Total inventory declined 26.5 percent year-over-year in June,
compared to 27.4 percent nationally.
- New listings were down 16.2 percent year-over-year versus 19.3
percent nationally.
- The typical home in one of these markets spent 53 days on the
market, only six days more slowly than last year, and 19 days
faster than the rest of the country.
- Listing prices grew by an average of 5.7 percent
year-over-year, up from the 3.3 percent year-over-year gain in May
and higher than the national growth rate of 5.1 percent
At the same time, 47 of the nation's 50 largest housing markets
saw greater inventory declines than last month even though most of
these markets saw an improvement in the yearly decline of newly
listed properties, an indication that 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.
Days on market, listing price growth vary from
market-to-market
Nationally, the typical home spent 72 days
on the market in June, 15 days more than a year ago. However,
several markets did see days on market decrease in June, including
Rochester, N.Y. (-4 days);
Hartford-West Hartford-East
Hartford, Conn (-3 days); and.Boston-Cambridge-Newton,
Mass.-N.H. (-3 days). In contrast, markets with the largest
increases in time spent on market included Pittsburgh (+30 days); New York-Newark-Jersey
City, N.Y.-N.J.-Pa. (+21 days); and Miami-Fort
Lauderdale-West Palm Beach,
Fla. (+21 days).
Although Pittsburgh made the
list for the largest increase in days on market, it also saw the
largest year-over-year increase in median listing price growth,up
23.8 percent year-over-year. The steepest price declines, which
were all smaller than 3 percent, were seen in Miami-Fort
Lauderdale-West Palm Beach,
Fla. (-2.3 percent); Jacksonville,
Fla., (-0.8 percent); and Dallas-Fort Worth-Arlington, Texas (-0.7 percent).
Metros With Largest Decline in New Listings
Metro
|
New
Listings
YoY
|
Active
Listing
Count YoY
|
Median Listing
Price
|
Median
Listing
Price
YoY
|
Median
Days on
Market
|
Median
Days on
Market Y-
Y
|
Cincinnati,
Ohio-Ky.-Ind.
|
-33.3%
|
-40.4%
|
$337,000
|
16.6%
|
51
|
7
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-32.2%
|
-38.5%
|
$362,800
|
2.5%
|
55
|
4
|
Louisville/Jefferson
County, Ky.-Ind.
|
-31.1%
|
-39.0%
|
$289,950
|
1.7%
|
46
|
0
|
Riverside-San
Bernardino-Ontario, Calif.
|
-28.3%
|
-38.7%
|
$439,500
|
4.7%
|
61
|
10
|
Kansas City,
Mo.-Kan.
|
-28.2%
|
-38.4%
|
$359,435
|
10.6%
|
57
|
8
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-28.0%
|
-36.4%
|
$499,950
|
4.4%
|
49
|
12
|
Memphis,
Tenn.-Miss.-Ark.
|
-27.5%
|
-36.5%
|
$258,750
|
10.1%
|
57
|
2
|
Las
Vegas-Henderson-Paradise, Nev.
|
-27.3%
|
-9.5%
|
$336,349
|
4.1%
|
52
|
8
|
Providence-Warwick,
R.I.-Mass.
|
-26.8%
|
-42.1%
|
$432,500
|
11.2%
|
53
|
7
|
Indianapolis-Carmel-Anderson, Ind.
|
-26.7%
|
-34.9%
|
$299,950
|
1.7%
|
52
|
8
|
Cleveland-Elyria,
Ohio
|
-25.2%
|
-41.5%
|
$227,050
|
8.1%
|
62
|
7
|
Detroit-Warren-Dearborn, Mich
|
-24.2%
|
-26.1%
|
$274,950
|
3.7%
|
39
|
3
|
Baltimore-Columbia-Towson, Md.
|
-23.9%
|
-41.4%
|
$349,996
|
2.2%
|
49
|
2
|
Richmond,
Va.
|
-23.0%
|
-28.6%
|
$353,523
|
5.8%
|
57
|
8
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-22.3%
|
-32.1%
|
$1,232,050
|
6.1%
|
36
|
4
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-22.2%
|
-40.2%
|
$401,500
|
4.3%
|
58
|
6
|
St. Louis,
Mo.-Ill.
|
-21.7%
|
-29.4%
|
$250,050
|
5.3%
|
70
|
13
|
Milwaukee-Waukesha-West Allis, Wis.
|
-21.2%
|
-29.6%
|
$369,950
|
5.8%
|
49
|
10
|
San Diego-Carlsbad,
Calif.
|
-21.0%
|
-36.6%
|
$772,000
|
6.5%
|
39
|
1
|
Columbus,
Ohio
|
-20.8%
|
-32.7%
|
$332,550
|
3.9%
|
43
|
6
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-19.9%
|
-27.0%
|
$339,950
|
0.3%
|
46
|
3
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-18.9%
|
-29.5%
|
$517,550
|
3.5%
|
40
|
4
|
Oklahoma City,
Okla.
|
-18.6%
|
-26.1%
|
$293,345
|
14.1%
|
49
|
4
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-18.6%
|
-31.4%
|
$292,500
|
2.7%
|
71
|
12
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-18.0%
|
-38.9%
|
$329,995
|
10.0%
|
50
|
-1
|
San Antonio-New
Braunfels, Texas
|
-17.9%
|
-23.8%
|
$312,300
|
1.1%
|
65
|
12
|
New Orleans-Metairie,
La.
|
-17.6%
|
-20.9%
|
$300,200
|
0.6%
|
79
|
14
|
Orlando-Kissimmee-Sanford, Fla.
|
-17.5%
|
-14.4%
|
$319,950
|
0.0%
|
73
|
15
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-16.9%
|
-27.5%
|
$346,250
|
4.0%
|
52
|
2
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
-16.8%
|
-37.8%
|
$529,845
|
8.8%
|
37
|
-1
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
-16.6%
|
-19.8%
|
$369,950
|
4.2%
|
39
|
3
|
Houston-The
Woodlands-Sugar Land, Texas
|
-16.6%
|
-21.7%
|
$325,050
|
0.3%
|
58
|
6
|
Raleigh,
N.C.
|
-16.5%
|
-28.4%
|
$385,000
|
1.3%
|
63
|
12
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
-15.8%
|
-19.1%
|
$970,050
|
21.4%
|
61
|
16
|
Dallas-Fort
Worth-Arlington, Texas
|
-15.2%
|
-28.8%
|
$356,300
|
-0.7%
|
48
|
-2
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-14.6%
|
-39.9%
|
$327,500
|
13.0%
|
59
|
7
|
Seattle-Tacoma-Bellevue, Wash.
|
-14.4%
|
-27.7%
|
$625,548
|
1.1%
|
35
|
1
|
Austin-Round Rock,
Texas
|
-13.8%
|
-27.3%
|
$390,045
|
5.6%
|
49
|
3
|
Denver-Aurora-Lakewood, Colo.
|
-13.8%
|
-23.3%
|
$545,550
|
5.4%
|
36
|
2
|
Rochester,
N.Y.
|
-11.5%
|
-31.2%
|
$247,600
|
7.7%
|
29
|
-4
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-11.3%
|
-23.3%
|
$390,050
|
3.8%
|
34
|
-2
|
Pittsburgh,
Pa.
|
-10.6%
|
-25.3%
|
$247,450
|
23.8%
|
88
|
30
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-10.5%
|
-30.2%
|
$657,500
|
9.6%
|
35
|
-3
|
San
Francisco-Oakland-Hayward, Calif.
|
-10.4%
|
-17.1%
|
$1,049,775
|
10.5%
|
32
|
1
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-9.9%
|
-32.6%
|
$239,950
|
7.1%
|
49
|
14
|
Birmingham-Hoover,
Ala.
|
-7.0%
|
-27.0%
|
$274,950
|
6.6%
|
61
|
4
|
Hartford-West
Hartford-East Hartford, Conn.
|
-4.6%
|
-28.9%
|
$295,050
|
3.5%
|
46
|
-3
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-1.3%
|
-20.5%
|
$577,050
|
1.3%
|
78
|
21
|
Jacksonville,
Fla.
|
-0.8%
|
-21.8%
|
$317,500
|
-0.8%
|
70
|
5
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
2.5%
|
-9.4%
|
$399,550
|
-2.3%
|
114
|
21
|
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Media Contacts:
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Lexie Holbert,
lexie.puckett@move.com
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SOURCE realtor.com