June Home Sales Decline

Months of constricted inventory along with a stable gain in year-over-year price increases resulted in a recipe for seller’s delight in recent months. However for home-buyers, tight housing markets can mean increased competition (and some headaches!). Trends continue to show a move toward a more balanced market, and the rise in average days on market year-over-year could possibly be welcome news to home-buyers. In accordance with the most recent RE/MAX National Housing Report, June saw closings decline and an all-time high median sales price of $276,000 for the 10-year history of the report. With sales slowing, inventory increased 1.3%, but supply still remains tight.

June Home Sales Decline: Could This Bring Some Much-Needed Relief to Buyers?

Despite the decline in home sales, you will discover indications that the market is re-balancing. “Several encouraging longer-term trends – ongoing demand, improving inventory levels, low interest rates – are helping the market make incremental progress on multiple fronts,” said RE/MAX CEO Adam Contos.

These trends may offer an opportunity for home-buyers to have greater flexibility to negotiate terms and concessions. Homes are sitting on the market for a longer period, which could make discovering that perfect home more of a reality.

Below are a few highlights of the latest data found in the RE/MAX National Housing Report:

Home sales slowed at an unusual decline for this time of year.

June, typically the strongest month for home sales, saw closings decline 4.7% from the previous month and 7.8% from June 2018. This is only the second June in 10 years to have fewer sales than May.

Inventory is up. Transactions are down.

With sales slowing, June inventory increased 1.3% over June 2018, marking the first year-over-year rise in June inventory in the report’s 10-year history. This is the ninth consecutive month that inventory has grown, showing the shift as the market re-balances.

Sales prices are accelerating after months of moderation.

Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 6.7% year-over-year. June’s price increase accelerated compared to the prior three months, each of which had a year-over-price increase of less than 3.5%.

To get a copy of this report:

Nick & Cindy Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

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