New Report Shows Mixed Signals in June Housing Market

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SAN FRANCISCO, CA — HouseCanary, Inc., a national brokerage, has released its June Market Pulse Report, revealing a complex picture of the U.S. housing market. The report noted a 2.6% increase in net new listings compared to June 2023, yet the market remains below historical norms.

The median price of single-family listings nationwide rose by 3% year-over-year, adding pressure on prospective buyers already grappling with high interest rates and inflation. This combination has dampened contract activity.

“As predicted, we saw a slow start to the summer housing market in June,” said Jeremy Sicklick, Co-Founder and CEO of HouseCanary. He attributed the sluggish sales to persistently high interest rates and affordability challenges. Despite a slight uptick in new inventory, selling activity remains low as buyers hesitate in the face of macroeconomic uncertainties.

Sicklick noted that while there was a 4.7% increase in contract volume compared to the same period last year, the overall market remains subdued. He expressed cautious optimism that home buying activity might normalize once economic pressures ease.

Key data points from the report include:

  • Over the past year, 2,635,475 net new listings were added to the market, with 2,588,448 properties going under contract—a 0.7% rise in listings and a 5.3% drop in contracts.
  • In June 2024, 304,906 new listings were placed, and 302,003 properties went under contract—up 2.6% and 4.7%, respectively, from June 2023.
  • The increase in new listings was driven by a 6.4% rise in listing volume and a 27.6% jump in removals compared to June 2023.
  • Median days on market increased to 37, up from 35 days a year earlier.
  • The median price of all single-family listings was $460,214, with a median closed price of $443,632. Year-over-year, the median listing price rose by 3% and the median closed price by 6.5%. Month-over-month, the listing price dipped by 0.2%, while the closed price increased by 2.4%.

As July begins, HouseCanary anticipates a quiet market, with potential buyers waiting for more favorable conditions.

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