RE/MAX NATIONAL HOUSING REPORT FOR JUNE 2022

As Inventory Rises, June Home Sales Post Year’s Highest Mark But Trail 2021

DENVER — Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

• June posted the most home sales of any month thus far this year, topping May by 4.7% but falling 17.6% short of June 2021.

• Inventory grew for a third consecutive month by a whopping 34.1% over May and 27.5% year over year.

• While up 11% year over year, the Median Sales Price of $428,000 inched just 0.6% above May’s.

Bolstering the inventory was a 7.7% increase in new listings month over month, which was an increase of 1.6% over June 2021. Months Supply of Inventory jumped from 0.9 in May to 1.4 in June. A year ago, Months Supply of Inventory was 1.0.

“The market is moving toward greater balance, especially with inventory gains and the slowing of price appreciation. The past few years have been one of the most competitive times ever for buyers – and we’re finally seeing conditions ease up,” said Nick Bailey, President and CEO. “It’s due partly to the rise in interest rates – although buyers are also finding solutions in ARMs, FHA products and other financing – but even more significant is the increase in listings after several years of instant sales and low inventory. Markets like Nashville and Phoenix saw an increase in new listings of over 20 percent last month, bringing new options for buyers who may have sidelined themselves in the frenzy of last year."

Added RE/MAX Professionals Sales Associate/Owner Nate Martinez, who is based in Phoenix, AZ, “The Phoenix metro area is in the process of a market shift from a red-hot market to more of a balanced market. With inventory increasing, we’re seeing more opportunities for buyers, a leveling of home prices and a reduction in homes selling with multiple offers.”

The average Close-to-List Price Ratio in June was 102%, meaning that homes,