Housing report

New listings return in June as home prices hit new high

SANTA CLARA, Calif., July 1, 2021 /PRNewswire/ — New listings showed signs of returning in June as home prices hit a new record high for the fifth straight month in June. $385,000according to Realtor.com® Housing Monthly Report published today. While the number of homes for sale remained significantly lower than normal with a 43.1% drop from a year ago, June marks a significant improvement from last month’s 50.9% drop.

“While there is still a significant shortage of homes for sale and home prices have just hit a new high, our June data report shows good news on the horizon for buyers, said Realtor.com.® Senior Economist George Ratiu. “The decline in inventory has improved from the steep declines seen earlier in the pandemic, with sellers returning to the market in various price ranges across the country. The improvement we’ve seen in new listings growth May through June shows that 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 on new opportunities.”

According to Realtor.com® data, June new listings were up 5.5% year-over-year and 10.9% last month. Among the largest metropolitan areas in the United States, the 10 markets with the largest increases in new listings posted year-over-year gains of 20% or more.

Although there were fewer homes actively for sale on a typical day in June compared to last year and the June average from 2017 to 2019, the increase in the number of newly listed homes may give buyers more homes to choose from and potentially more time to make decisions. If these trends persist, inventory declines and price growth could 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 decline continues to slow as new listings deviate from typical summer trend
Inventories in the United States fell 43.1% year over year last month, representing 415,000 fewer homes for sale on a typical day in June compared to the same period l year, but an improvement from the more than 50% year-over-year declines seen in March, April and May. Although more sellers entered the market in June than a year ago, growth in new listings was still 14.4% below the average of June levels seen from 2017 to 2019.

Compared to the national rate in June, inventories took bigger steps towards recovery in the 50 largest cities, falling 40.5% year-on-year as sellers in major cities added 11, 7% more listings on the market. New listings were up more than 20% year-over-year in the 10 metro areas that saw the largest gains, including Milwaukee (+44.7%), San Jose (+40.7%) and Cleveland (37.9%).

Listing prices hit latest new high as growth slows
In June, the median U.S. listing price rose 12.7% from a year ago to reach $385,000marking the fifth consecutive month of record prices seen according to Realtor.com® data, which dates back to 2012. However, the pace of year-over-year price growth slowed for the second month in a row in June, down from 15.2% in May.

Listing price growth in the largest U.S. metro areas is slowing faster than the national pace, rising 5.3% year-over-year in June, below growth levels seen in May (+7.4%) and in April (+11.6%). Among the 50 largest markets in the country, Austin, TX continued its streak of 2021 by taking the top spot in price growth, up 34.3% year-over-year. Riverside, California.and Tampa also recorded some of the largest price increases over last year, each increasing by 19.6%.

Homes continue to soar off the market as buyers scramble 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 in 2017, 2018 and 2019, a more normal market. denver and Rochester tied for the fastest time on the market in June with a median of 12 days, followed by Nashville (15 days).

Homes sold even faster in the 50 largest U.S. cities, spending an average of 31 days on the market and down 23 days year-over-year. The major cities that saw the largest day-on-market declines were Miami (-52 days), Raleigh (-48 days), and Pittsburgh (-48 days).

June 2021 Overview of housing by the 50 largest metros

Metro

Median listing price

Annual Median Listing Price

Number of active ads each year

New listing counts every year

Median days on market

Year-over-year median days on market

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, Alabama.

$273,000

-0.9%*

-47.4%

7.7%

37

-25

Boston-Cambridge-Newton, Mass.-NH

$699,000

6.4%

-25.0%

13.0%

22

-13

Buffalo-Cheektowaga-Niagara Falls, NY

$247,000

2.9%

-27.5%

6.5%

29

-21

Charlotte-Concord-Gastonia, NC-SC

$389,000

7.4%

-49.5%

7.3%

27

-29

Chicago-Naperville-Elgin, Illinois-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, TX

$387,000

8.7%

-59.0%

-5.0%

29

-19

Denver-Aurora-Lakewood, Colorado.

$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, Florida.

$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, Nevada.

$400,000

18.9%

-48.5%

8.7%

25

-27

Los Angeles-Long Beach-Anaheim, CA.

$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, Florida.

$447,000

11.9%

-51.6%

-7.8%

62

-52

Milwaukee-Waukesha-West Allis, Wisconsin.

$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, NY-NJ-Pa.

$618,000

7.0%

-9.4%

-0.9%

55

-23

Oklahoma City, Oklahoma.

$285,000

-2.7%*

-52.8%

-4.4%

37

-12

Orlando-Kissimmee-Sanford, Florida.

$356,000

11.3%

-57.1%

1.5%

36

-37

Philadelphia-Camden-Wilmington, Pa.-NJ-Del.-Md.

$335,000

2.3%

-21.0%

24.5%

37

-22

Phoenix-Mesa-Scottsdale, Arizona.

$465,000

15.8%

-45.8%

27.8%

29

-29

Pittsburgh, Pennsylvania.

$262,000

6.1%

-37.4%

1.1%

40

-48

Portland-Vancouver-Hillsboro, Oregon-Wash.

$557,000

11.4%

-37.9%

22.6%

30

-19

Providence-Warwick, RI-Mass.

$425,000

-1.7%*

-42.5%

19.5%

24

-29

Raleigh, North Carolina

$411,000

7.0%

-71.7%

-21.4%

15

-48

Richmond, Virginia.

$352,000

-0.5%

-40.4%

25.6%

37

-20

Riverside-San Bernardino-Ontario, California.

$526,000

19.6%

-46.5%

16.0%

32

-29

Rochester, NY

$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, California.

$830,000

7.5%

-13.3%

18.4%

36

-3

San Francisco-Oakland-Hayward, CA.

$1,058,000

0.8%

-25.3%

15.0%

29

-3

San Jose-Sunnyvale-Santa Clara, CA.

$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, Florida.

$350,000

19.6%

-59.1%

4.0%

32

-39

Virginia Beach-Norfolk-Newport News, Virginia-NC

$315,000

-4.5%*

-40.9%

6.9%

23

-28

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Virginia.

$525,000

-0.9%*

-9.0%

36.3%

29

-8

* The median listing price declines in these markets largely reflect a shift in inventory mix due to increased numbers of newly listed homes at lower price points.

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