There was a nationwide inventory shortage even before the pandemic hit, and the crisis has only exacerbated the problem. According to realtor.comÂ®’s June Monthly Housing Trends report, the nation’s housing inventory declined sped up since May, with 17-21 percent fewer listings hitting the market compared to last year.
In June, nationwide inventory was down 27.4 percent YoYâ€”that means 363,000 fewer homes on the market. However, the volume in June for newly listed properties was down only 19.3 percent YoYâ€”an improvement over April’s 44.1 percent decline and May’s 29.4 percent drop. But June also saw weekly declines in new listings, whereas April and May showed weekly improvements.
Regionally? The numbers are better. The nation’s 50 largest metros showed improvement compared to the rest of the country in June:
– Total inventory declined 26.5 percent YoY in June, compared to 27.4 percent nationally.
– New listings decreased 16.2 percent YoY compared to 19.3 percent nationally.
– The typical home spent 53 days on the market, only six days slower than last year, and 19 days faster than the rest of the U.S.
– Listing prices grew by an average of 5.7 percent YoY, up from the 3.3 percent YoY gain in May and higher than the national growth rate of 5.1 percent.
Several markets saw days on market decrease in June, including Rochester, N.Y. (-4 days); Hartford-West Hartford-East Hartford, Conn (-3 days); and Boston-Cambridge-Newton, Mass.-N.H. (-3 days). Markets with the largest increases in days on market included Pittsburgh (+30 days); New York-Newark-Jersey City, N.Y.-N.J.-Pa. (+21 days); and Miami-Fort Lauderdale-West Palm Beach, Fla. (+21 days).
“Our June data reinforces that buyers are out in force and serious about finding a home. Although the new listings trend has improved, inventory continues to decline, indicating that what is coming onto the market is selling,” said realtor.comÂ® chief economist Danielle Hale. “The housing market has certainly demonstrated its resilience during the COVID pandemic, but conditions vary market by market. In particular, the nation’s largest metros are seeing a better new listings trend and smaller increase in the time it takes for a home to sell, which could signal they may lead the recovery.”