Housing report

RE/MAX National Housing Report for June 2022

As Inventory Rises, June Home Sales After Year High, But Trail 2021

DENVER, July 18, 2022 /PRNewswire/ — Midway through the peak summer buying season, home sales this year are trailing those of 2021 as signs of a more balanced market emerge.

  • June saw the highest number of home sales of any month so far this year, outpacing May by 4.7% but falling 17.6% to June 2021.
  • Inventories rose for a third straight month, rising 34.1% from May and 27.5% year-over-year.
  • Although up 11% year-over-year, the median sale price of $428,000 just 0.6% above May.

Strengthening inventory was a 7.7% increase in new listings month-over-month, up 1.6% from June 2021. Month Provide inventories rose from 0.9 in May to 1.4 in June. A year ago, months of inventory supply was 1.0.

“The market is moving towards a better balance, especially with inventory gains and slowing price appreciation. The past few years have been one of the most competitive times ever for buyers – and we let’s finally see the conditions easing,” said Nick Bailey, Chairman and CEO. “Part of this is due to rising interest rates – although buyers are also finding solutions in ARMs, FHA products and other financing – but even more important is the increase in listings after several years of instant sales and low inventory.Markets like Nashville and Phoenix saw an increase in new listings of more than 20% last month, providing new options for buyers who may have been sidelined in last year’s frenzy.”

Added RE/MAX Professionals Sales Associate/Owner Nate Martinez, who is based in PhoenixA-Z, “The Phoenix The metropolitan area is transitioning from a booming market to a more balanced market. With inventory increasing, we are seeing more opportunities for buyers, a leveling out of home prices, and a reduction in home sales with multiple offers.”

The average close-to-list price ratio in June was 102%, meaning homes, in general, sold for 2% above asking price. This fell 103% in May and matched June 2021. Homes spent an average of 25 days on the market in June.

Highlights and local markets leading various metrics for June include:

New listings
Of the 53 metropolitan areas studied in June 2022the number of newly listed homes is up 7.7% from May 2022and up 1.6% compared to June 2021. Leading the increase in the percentage of new registrations year over year, Phoenix, AZ at +34.1%, Nashville, TN at +22.8%, and Philadelphia, Pennsylvania at +21.8%. The markets with the largest year-over-year percentage declines in new listings were Kansas City, Missouri at -18.5%, Honolulu, Hawaii at -15.9%, and Hartford, Connecticut at -15.6%.

New registrations:
5 markets with the highest year-over-year increase

Market

June 2022
New listings

June 2021
New listings

Year-over-year % change

Phoenix, Arizona

13,923

10,382

+34.1%

Nashville, TN

5,637

4,592

+22.8%

Philadelphia, Pennsylvania

13,346

10,956

+21.8%

Coeur d’Alene, ID

716

596

+20.1%

Dover, DE

445

374

+19.0%

Closed deals
Of the 53 metropolitan areas studied in June 2022the total number of home sales is up 4.7% compared to May 2022and down 17.6% compared to June 2021. The markets with the largest year-over-year sales percentage decline were Miami, Florida at -35.1%, San Diego, California at -33.1%, and Coeur d’Alene, ID at -32.2%. No metro area saw a year-over-year percentage increase in sales.

Closed trades:
5 markets with the largest year-over-year decline

Market

June 2022
Transactions

June 2021
Transactions

Year-over-year % change

Miami, Florida

8,193

12,629

-35.1%

San Diego, California

2,744

4,104

-33.1%

Coeur d’Alene, ID

328

484

-32.2%

San Francisco, California

3,720

5,248

-29.1%

Salt Lake City, UT

1,485

2,036

-27.1%

Median Sale Price – Median of prices of 53 metropolitan areas
In June 2022the median selling price of the 53 metropolitan areas was $428,000up 0.6% compared to May 2022 and up 11.0% compared to June 2021. Only one metro area saw a year-over-year decline in median selling price – Trenton, NJ at -1.2%. Thirty-nine metropolitan areas grew year-over-year by double-digit percentages, led by Dallas, TX at +29.3%, Tampa, Florida at +27.9%, and Fayetteville, AR at +27.3%.

Median Selling Price:
5 markets with the highest year-over-year increase

Market

June 2022
Median selling price

June 2021
Median selling price

Year-over-year % change

Dallas, TX

$426,000

$329,500

+29.3%

Tampa, Florida

$385,000

$300,990

+27.9%

Fayetteville, AR

$343,580

$270,000

+27.3%

Las Vegas, Nevada

$445,000

$365,000

+21.9%

Orlando, Florida

$395,000

$325,000

+21.5%

Price ratio close to the list – Average of prices of 53 metropolitan areas
In June 2022the average price ratio close to the list of 53 metropolitan areas in the report was 102%, compared to 103% compared to May 2022and flat compared to June 2021. The price ratio close to the current price is calculated by the average value of the sale price divided by the current price for each transaction. When the number is greater than 100%, the house has closed for more than the listed price. If it is less than 100%, the house sold for less than the list price. The metropolitan areas with the lowest price ratio were Coeur d’Alene, ID and Miami, Floridatied at 97%, followed by Bozeman, Montana and New Orleans, LA, tied at 99%. The highest near-list price ratios were in San Francisco, California at 109%, and Burlington, Vermont at 107%, followed by a tie at five between Boston, MA, Richmond, Virginia, Manchester, NH, Hartford, Connecticutand Trenton, New Jersey at 105%.

Price ratio close to the list:
5 markets with the largest year-over-year decline

Market

June 2022
Price ratio close to the list

June 2021
Price ratio close to the list

Year-over-year % change

Coeur d’Alene, ID

96.9%

101.0%

-4.1%

Seattle, WA

102.4%

106.6%

-4.0%

Salt Lake City, UT

100.9%

103.2%

-2.2%

Denver, CO

102.6%

104.8%

-2.1%

Phoenix, AZ

99.9%

101.8%

-1.9%

Month’ Provide of inventory – Average of 53 metropolitan areas
The number of houses for sale in June 2022 increased by 34.1% compared to May 2022 and up 27.5% compared to June 2021. Based on home sales rate in June 2022the months’ Provide inventories increased to 1.4 from 0.9 in May 2022and increased from 1.0 in June 2021. In June 2022the markets with the lowest months’ Provide of the inventory were Charlotte, North Carolina and Manchester, NHtied at 0.4, followed by Albuquerque, New Mexico at 0.5.

Inventory Supply Months:
5 markets with the highest year-over-year increase

Market

June 2022
Inventory supply months

June 2021
Inventory supply months

Year-over-year % change

Las Vegas, Nevada

2.6

0.8

+208.6%

Salt Lake City, UT

1.7

0.6

+196.3%

Phoenix, AZ

2.7

0.9

+187.3%

Bozeman, Montana

3.2

1.1

+185.5%

San Francisco, California

2.0

0.7

+170.1%

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Report details
Starting with the April 2022 report, RE/MAX uses a new source of aggregated data.

The RE/MAX National Housing Report is distributed monthly on or about the 15th. The report is based on MLS data for the month indicated in 53 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, the largest metropolitan areas in the country are represented and an attempt is made to include at least one metropolitan area in nearly every state. Metropolitan areas are defined by Central Statistical Areas (CBSAs) established by the US Office of Management and Budget.

Definitions
Closed deals are the total number of residential deals closed in the given month. Month Provide inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending listings) during the month. When “pending” data is not available, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days between when a property is listed and when the property is under contract. The median selling price for a metropolitan area is the median selling price of transactions made in that metropolitan area. The nationwide median selling price is calculated at the nationwide aggregate level using all included metropolitan area selling prices. The near list price ratio is the average value of the sale price divided by the list price for each closed transaction.

MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. Although MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly updated, making any analysis a snapshot at any given time. Each month, data from the previous period is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.

SOURCE RE/MAX, LLC