SANTA CLARA, Calif.,
July 1, 2021 /PRNewswire/ -- New
listings showed signs of a comeback in June as home prices broke a
new record for the fifth month in a row at $385,000, according to the
Realtor.com® Monthly Housing Report released today.
While the number of homes for sale remained drastically lower than
normal with a 43.1% decline over last year, June marks a
significant improvement over last month's 50.9% decline.
"Although there's still a significant shortage of homes for sale
and home prices just hit a new high, our June data report shows
good news on the horizon for buyers," said Realtor.com®
Senior Economist George Ratiu.
"Inventory declines improved over the steep drops seen earlier in
the pandemic as sellers stepped back into the market in a variety
of price ranges across the country. The improvement we saw in new
listings growth from May to June shows sellers are entering the
market historically later in the season, which could mean we'll see
home buying continue into the fall as buyers jump at new
opportunities."
According to the Realtor.com® data, June new listings
increased 5.5% year-over-year and 10.9% over last month. Among the
largest U.S. metros, the 10 markets with the highest new listings
increases posted gains of 20% or more year-over-year.
Although there were fewer homes actively for sale on a typical
day in June compared to last year and to the average June from
2017-2019, the uptick in newly-listed homes may be giving
buyers more homes to choose from and potentially more time to make
decisions. If these trends persist, inventory declines and price
growth may continue to moderate as the housing market returns to a
more normal pace of activity heading into the second half of 2021,
Ratiu said.
Inventory declines continue to slow as new listings diverge
from typical summer trend
U.S. inventory was down 43.1%
year-over-year last month, representing 415,000 fewer homes for
sale on a typical day in June compared to the same time last year,
but an improvement over the more than 50% year-over-year declines
seen in March, April and May. While more sellers entered the market
in June compared to last year, new listings growth was still 14.4%
below the average of the June levels seen from 2017 to 2019.
Compared to the national rate in June, inventory took bigger
steps towards recovery in the 50 largest metros, declining 40.5%
year-over-year as big city sellers added 11.7% more listings to the
market. New listings were up over 20% year-over-year in the 10
metros that saw the biggest gains, including Milwaukee (+44.7%), San Jose (+40.7%), and Cleveland (37.9%).
Listing prices reach latest new high as growth
moderates
In June, the median U.S. listing price grew
12.7% over last year to $385,000,
marking the fifth straight month of record-high prices seen
according to Realtor.com® data, which dates back to
2012. However, the year-over-year pace of price growth moderated
for the second consecutive month in June, down from 15.2% in
May.
Listing price growth in the biggest U.S. metros is moderating
more quickly than the national pace, increasing 5.3% year-over-year
in June, below the growth levels seen in May (+7.4%) and April
(+11.6%). Among the nation's 50 largest markets, Austin, Texas continued its 2021 streak of
taking the top spot by price growth, up 34.3% year-over-year.
Riverside, Calif., and
Tampa also saw some of the biggest
price gains over last year, with each rising by 19.6%.
Homes continue to fly off the market as buyers compete for
inventory
The typical home spent 37 days on the market in
June, 35 days faster than last year and 21 days faster than the
average time on market from 2017, 2018 and 2019, a more normal
market. Denver and Rochester tied for the fastest time on market
in June at a median 12 days, followed by Nashville (15 days).
Homes sold even faster in the 50 largest U.S. metros, spending
an average of 31 days on market and down 23 days year-over-year.
Big cities that saw the biggest declines in days on market were
Miami (-52 days), Raleigh (-48 days), and Pittsburgh (-48 days).
June 2021 Housing Overview by
Top 50 Largest Metros
Metro
|
Median Listing
Price
|
Median Listing
Price YoY
|
Active Listing
Count YoY
|
New Listing Count
YoY
|
Median Days on
Market
|
Median Days on
Market YoY
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$395,000
|
14.0%
|
-52.7%
|
3.3%
|
33
|
-20
|
Austin-Round Rock,
Texas
|
$524,000
|
34.3%
|
-59.7%
|
18.8%
|
16
|
-33
|
Baltimore-Columbia-Towson, Md.
|
$342,000
|
-2.1%*
|
-36.3%
|
26.1%
|
32
|
-18
|
Birmingham-Hoover,
Ala.
|
$273,000
|
-0.9%*
|
-47.4%
|
7.7%
|
37
|
-25
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$699,000
|
6.4%
|
-25.0%
|
13.0%
|
22
|
-13
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$247,000
|
2.9%
|
-27.5%
|
6.5%
|
29
|
-21
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$389,000
|
7.4%
|
-49.5%
|
7.3%
|
27
|
-29
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$355,000
|
4.4%
|
-31.9%
|
3.2%
|
33
|
-13
|
Cincinnati,
Ohio-Ky.-Ind.
|
$350,000
|
3.9%
|
-35.1%
|
8.5%
|
32
|
-19
|
Cleveland-Elyria,
Ohio
|
$219,000
|
-3.4%*
|
-23.4%
|
37.9%
|
35
|
-27
|
Columbus,
Ohio
|
$300,000
|
-9.8%
|
-27.2%
|
26.2%
|
15
|
-28
|
Dallas-Fort
Worth-Arlington, Texas
|
$387,000
|
8.7%
|
-59.0%
|
-5.0%
|
29
|
-19
|
Denver-Aurora-Lakewood, Colo.
|
$600,000
|
9.8%
|
-54.0%
|
6.2%
|
12
|
-24
|
Detroit-Warren-Dearborn, Mich.
|
$279,000
|
1.7%
|
-36.6%
|
8.8%
|
21
|
-18
|
Hartford-West
Hartford-East Hartford, Conn.
|
$339,000
|
14.9%
|
-62.9%
|
-4.6%
|
28
|
-19
|
Houston-The
Woodlands-Sugar Land, Texas
|
$366,000
|
12.6%
|
-43.8%
|
7.8%
|
36
|
-22
|
Indianapolis-Carmel-Anderson, Ind.
|
$277,000
|
-7.6%*
|
-43.3%
|
17.0%
|
34
|
-18
|
Jacksonville,
Fla.
|
$350,000
|
10.2%
|
-62.6%
|
-5.5%
|
37
|
-34
|
Kansas City,
Mo.-Kan.
|
$332,000
|
-7.5%*
|
-36.6%
|
15.2%
|
38
|
-19
|
Las
Vegas-Henderson-Paradise, Nev.
|
$400,000
|
18.9%
|
-48.5%
|
8.7%
|
25
|
-27
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,025,000
|
5.6%
|
-26.8%
|
10.7%
|
44
|
-17
|
Louisville/Jefferson
County, Ky.-Ind.
|
$277,000
|
-4.3%*
|
-36.5%
|
19.8%
|
24
|
-23
|
Memphis,
Tenn.-Miss.-Ark.
|
$240,000
|
-7.2%*
|
-41.0%
|
15.0%
|
36
|
-21
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$447,000
|
11.9%
|
-51.6%
|
-7.8%
|
62
|
-52
|
Milwaukee-Waukesha-West Allis, Wis.
|
$300,000
|
-18.9%*
|
-27.6%
|
44.7%
|
28
|
-21
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$365,000
|
-1.3%
|
-35.2%
|
12.7%
|
31
|
-9
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$430,000
|
10.2%
|
-65.3%
|
-24.2%
|
15
|
-20
|
New Orleans-Metairie,
La.
|
$346,000
|
15.4%
|
-37.4%
|
10.5%
|
44
|
-36
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$618,000
|
7.0%
|
-9.4%
|
-0.9%
|
55
|
-23
|
Oklahoma City,
Okla.
|
$285,000
|
-2.7%*
|
-52.8%
|
-4.4%
|
37
|
-12
|
Orlando-Kissimmee-Sanford, Fla.
|
$356,000
|
11.3%
|
-57.1%
|
1.5%
|
36
|
-37
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$335,000
|
2.3%
|
-21.0%
|
24.5%
|
37
|
-22
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$465,000
|
15.8%
|
-45.8%
|
27.8%
|
29
|
-29
|
Pittsburgh,
Pa.
|
$262,000
|
6.1%
|
-37.4%
|
1.1%
|
40
|
-48
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$557,000
|
11.4%
|
-37.9%
|
22.6%
|
30
|
-19
|
Providence-Warwick,
R.I.-Mass.
|
$425,000
|
-1.7%*
|
-42.5%
|
19.5%
|
24
|
-29
|
Raleigh,
N.C.
|
$411,000
|
7.0%
|
-71.7%
|
-21.4%
|
15
|
-48
|
Richmond,
Va.
|
$352,000
|
-0.5%
|
-40.4%
|
25.6%
|
37
|
-20
|
Riverside-San
Bernardino-Ontario, Calif.
|
$526,000
|
19.6%
|
-46.5%
|
16.0%
|
32
|
-29
|
Rochester,
N.Y.
|
$243,000
|
-1.9%*
|
-30.9%
|
8.1%
|
12
|
-17
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$592,000
|
14.5%
|
-43.1%
|
13.1%
|
26
|
-14
|
San Antonio-New
Braunfels, Texas
|
$325,000
|
3.8%
|
-57.9%
|
5.0%
|
34
|
-31
|
San Diego-Carlsbad,
Calif.
|
$830,000
|
7.5%
|
-13.3%
|
18.4%
|
36
|
-3
|
San
Francisco-Oakland-Hayward, Calif.
|
$1,058,000
|
0.8%
|
-25.3%
|
15.0%
|
29
|
-3
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,299,000
|
5.4%
|
-22.0%
|
40.7%
|
24
|
-12
|
Seattle-Tacoma-Bellevue, Wash.
|
$687,000
|
9.8%
|
-41.2%
|
22.7%
|
26
|
-9
|
St. Louis,
Mo.-Ill.
|
$258,000
|
3.2%
|
-34.9%
|
16.3%
|
43
|
-27
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$350,000
|
19.6%
|
-59.1%
|
4.0%
|
32
|
-39
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$315,000
|
-4.5%*
|
-40.9%
|
6.9%
|
23
|
-28
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$525,000
|
-0.9%*
|
-9.0%
|
36.3%
|
29
|
-8
|
*Median listing price
declines in these markets are largely reflective of a change in the
mix of inventory due to more newly listed homes being in lower
price tiers.
|
About Realtor.com®
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