June 2022 Housing Market Report

by | Jul 6, 2022 | Special Team's Report | 0 comments

From the Realtor.com 2022 June Housing Market Report, here is some data on inventory and listing prices for homes nationwide!

Inventory Sees Growth Amidst Moderating Demand

Nationally, the inventory of homes actively for sale on a typical day in June increased by 18.7% over the past year, the largest increase in inventory in the data history. This amounted to 98,000 more homes actively for sale on a typical day in June compared to the previous year. The total number of unsold homes nationwide—a metric that includes active listings and listings in various stages of the selling process that are not yet sold—was still down 1.4% percent from June 2021. However, this has improved from last month’s 3.9% decline.

The lagged improvement in the total number of homes for sale is due to moderating buyer demand, spurred by rising interest rates and all-time high listing prices that have increased the cost of financing 80% of the typical home by 57.6% ($745 per month) compared to a year ago. The number of pending listings on a typical day (listings that are at various stages of the selling process that are not yet sold), has declined by 16.3% compared to last June, indicating that a moderation in demand is also softening the rate of turnover in inventory. This is a further deceleration from the 12.6% annual decline we reported for May. For homebuyers who are still actively searching for a home, lower competition and more seller activity will provide some relief.

In June, newly listed homes increased above last year’s levels by 4.5%, slightly down from May’s 6.3% increase. Sellers were listing at rates similar to what was typical of 2017 to 2019 June levels but have increased by 1.0% from what was typical in June 2017 to 2019.

Listing Prices Are Still Rising, Newly Listed Homes Are Larger

The median national home price for active listings grew to a new all-time high of $450,000 in June. This represents an annual growth rate of 16.9%, a slight deceleration from last month’s growth rate of 17.6%. However, the median listing price for a typical 2,000 square-foot single-family home rose 21.6% compared to last year, similar to last month’s 21.5% increase.

Given growing supply and softness in sales and pending listings, the median listing price deceleration is signaling that seller expectations may be beginning to adjust to shifting market conditions. However, the slight price deceleration relative to the sizable (-16.3%) decrease in pending listings (signifying reduced demand) suggests that the median list price is impacted by other factors in addition to demand. The share of newly listed smaller homes (up to 1750 square feet) declined from 47.3% last June to 45.7% this June, while the share of homes larger than 1750 square feet increased from 52.7% to 54.3%. Because of these newly listed homes, larger, more expensive homes make up a bigger share of what’s for sale this year than last year, leading to slower price deceleration than expected based on softening demand. In addition, the median list price of listings in pending status–those homes for which the seller has already accepted a buyer’s offer to purchase–decelerated, from a year-over-year rate of 16.2% in May to a growth rate of 13.9% in June.

If you have any questions about these numbers from the June 2022 Housing Market Report, please feel free to call me I am happy to provide insight! 214-769-2947.

 

If you are interested in other trends and up-to-date info on the real estate market, check out my other blogs at www.goallinerealestate.com

bethbrakerealtor

Beth Brake  REALTOR® 214-769-2947

Positively impacting your life as you move toward your dreams.