RE/MAX Finds Housing Inventory Increases Again

(Illustration courtesy of RE/MAX)

Housing inventory rose 6.7% in June from May and 38.1% from June 2023 – similar to May’s 39.6% year-over-year increase, according to RE/MAX, Denver.

That equated to 2.1 months’ supply of inventory compared to last June’s 1.4 months, RE/MAX reported in its National Housing Report.

“Given the decline in sales, it’s evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity,” said Amy Lessinger, President of RE/MAX, LLC.

The report noted June home sales declined 7.2% from May’s strong showing and were down 11.6% year over year – atypical considering June historically has more sales than May.

The median sales price equaled $431,000 nationally in June. A $6,000 (1.4%) increase from May and $19,000 (4.6%) higher than in last June. On average, buyers paid 100% of the list price for the third month in a row following eight months of paying 98-99%.

Other metrics from the report include:

Though down 5.2% from May, new listings in June remained above 2023 levels for the fourth consecutive month – at 8.3% higher than June 2023.

Days on Market shortened by one day during June from May to 33 days but was two days more than June 2023.