Now with the increase supply of homes and 5.5%+ mortgage rates, high home prices and a struggling economy push more buyers to the side, thereby creating a more balanced market.
The increase in inventory has not slowed down the stats for "Days on Market". The current seasionally adjusted average for Days on Market, June 2022, is at 18 days which is still the lowest in history. Buyers now have more options even with houses selling in record time.
For agents looking to take advantage of todays market and pick up new listings, check out The Share Group's seller listing leads.
June 2022 Highlights
Competition
- Denver and Indianapolis were the fastest markets, with half of all homes pending sale in just 5 days. Grand Rapids, MI, Omaha, NE and Oklahoma City were the next-fastest markets, with 6 median days on market.
- The most competitive market in June was Rochester, NY, where 80.5% of homes sold above list price, followed by 76.8% in Worcester, MA, 76.2% in Oakland, CA, 75.4% in Buffalo, NY, and 75.0% in Hartford, CT.
Prices
- North Port, FL had the nation’s highest price growth, with home prices rising 29.7% since a year earlier to $480,000. Cape Coral, FL had the second-highest growth at 27.7%, followed by Tampa, FL (26.1%), Fort Worth, TX (24.2%), and Knoxville, TN (24.1%).
- Only San Francisco (-0.5%) saw price declines in June.
Sales
- No metro areas saw home sales increase from a year earlier in June. Greenville, SC had the smallest decline, with home sales dropping 2.3% year over year, followed by Worcester, MA, down 4.1%. El Paso, TX rounded out the top three with sales down 7.2% from a year ago.
- West Palm Beach, FL saw the largest decline in sales from a year earlier, falling 34.1%. Next came Anaheim, CA and Miami, where home sales declined by 33.6% and 33.5%, respectively.
Inventory
- North Port, FL had the biggest increase in the number of homes for sale, up 34% year over year, followed by Colorado Springs, CO (31.5%) and Austin, TX (26.9%).
- Allentown, PA had the largest decrease in the number of homes for sale, falling 41.1% since last June. Hartford, CT (-29.2%), Greensboro, NC (-28.6%), and Bridgeport, CT (-27.9%) came next.
*Redfin Housing Data
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