June Monthly Market Comparison(HAR Report):
With would-be homebuyers facing record prices, rising interest rates and a limited supply of homes on the market amid growing inflation, home sales had only one direction to go: down. Single-family home sales fell 8.6 percent. However, on a year-to-date basis, sales are still 1.7 percent ahead of last year’s record pace.
The monthly housing measurements for June yielded mixed readings. In addition to the drop in single-family home sales, total property sales experienced declines and pending sales slid 7.7 percent. Active listings (the total number of available properties) jumped 27.4 percent and total dollar volume for June eked out a 1.6 percent gain, coming in at about $4.9 billion.
Buoyed by an 8.3 percent increase in new listings, months of inventory reached a 2.0-months supply, the highest level since November 2020 when it was 2.1 months. Housing inventory nationally stands at a 2.6-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is generally considered a “balanced market,” in which neither the buyer nor the seller has an advantage.