SANTA CLARA, CA — The number of homes actively for sale rose for the eighth consecutive month in June, increasing by 36.7% year-over-year, according to Realtor.com® data. The median home now spends 45 days on the market, two days longer than the same period last year. These trends indicate a slight shift towards a more buyer-friendly market.
“While the quantity of homes on the market still trails pre-pandemic levels, home buyers are seeing more options to choose from as inventory increases,” said Danielle Hale, Chief Economist at Realtor.com®. She added that with more homes available and longer time on the market, buyers have more choices and less urgency. However, future home sales will likely depend on how mortgage rates affect affordability.
The South and the West led the nation in inventory growth. The South saw a 48.7% increase, and the West experienced a 36.5% rise. The Midwest (21%) and Northeast (11.8%) followed. Despite these increases, overall inventory remains below pre-pandemic levels from 2017-2019, with notable exceptions in Southern metros like Austin (+41.3%), San Antonio (+24.1%), and Memphis (+22.3%).
“Despite some slightly more buyer-friendly signs, sellers are still engaged and more homes are being listed compared to a year ago,” said Ralph McLaughlin, Senior Economist at Realtor.com®. Sellers are cutting prices more frequently but aren’t pulling their homes off the market, suggesting they remain optimistic. Price growth, while moderated, is still sufficient to keep sellers interested.
List prices increased in the Northeast (+5.9%), Midwest (+3%), and West (+1.3%) compared to June 2023. Among large metros, Cleveland (+15.7%), Philadelphia (+12.8%), and Providence (+9%) saw the biggest price hikes. Conversely, the South experienced a 1.9% decline in list prices, providing more options and controlled price growth for buyers in the region with the highest inventory increase.
In June 2024, the typical home spent 45 days on the market, up two days from last year and marking the third straight month of increased time on the market. Despite this rise, homes still sell faster than pre-pandemic levels across most regions. The West is closest to pre-pandemic norms, with homes spending just one day less on the market compared to 2017-2019. Other regions, including the South, Midwest, and Northeast, still see significantly shorter market times than before the pandemic.
These changes suggest a gradual shift in the housing market dynamics, offering both challenges and opportunities for buyers and sellers alike.
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