Photo by Luke Chesser on Unsplash
You may have heard that in June the inventory of homes for sale increased. While this is true the total inventory of unsold homes declined by 1.4% because of a decline in pending inventory.
When compared to June 2020 listings were down by 34.1% and compared to June 2019 inventory was down by 53.2%. So even though the inventory of homes for sale has recently increased that number is still less than half of the number of homes that were for sale in the same time period three years ago (pre-pandemic).
Despite the dire predictions of a bubble that is often heard regarding the housing market renting or purchasing a home is still expensive and fast-paced. A new high was set for the median asking price of a home and the time on the market has only increased by one day from the record low set last month.
In June $450,000 was the median listing price for a home nationwide. That is up 16.9% compared to 2021 and up 31.4% compared to the prior year. While the median listing price did not rise as rapidly in large metro areas it did grow by 13.3%, on average compared to 2021.
Nationally, 32 days on market was typical for the average home. In June 2020, it was more than double that figure.