RE/MAX NATIONAL HOUSING REPORT FOR JUNE 2024

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Inventory Continues to Increase Amid Modest Median Price Growth and Home Sales Decline

June home sales declined 7.2% from May’s strong showing and were down 11.6% year over year – atypical considering June historically has more sales than May.

Across the 50 metro areas surveyed, inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May’s year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Inventory compared to last June’s 1.4 months.

The median sales price of $431,000 was $6,000 (1.4%) higher than in May and $19,000 (4.6%) higher than in last June. On average, buyers paid 100% of the list price for the third month in a row following eight months of paying 98-99%.

“It’s good to see inventory levels rising, as more listings represent more options for buyers,” said Amy Lessinger, President of RE/MAX, LLC. “Given the decline in sales, it’s evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity.”

Other metrics of note:

• Though down 5.2% from May, new listings in June remained above 2023 levels for the fourth consecutive month – at 8.3% higher than June 2023.
• Days on Market shortened by one day during June from May to 33 days but was two days more than June 2023.

Highlights and local market results for June include:

New Listings 
In the 50 metro areas surveyed in June 2024, the number of newly listed homes was down 5.2% compared to May 2024, and up 8.3% compared to June 2023. The markets with the biggest year-over-year increase in new listings percentage were Burlington, VT at +25.3%, Phoenix, AZ at +25.0%, and San Antonio, TX at +20.0%. The markets with the biggest decrease in year-over-year new listings percentage were Cleveland, OH at -16.0%, Indianapolis, IN at -7.6%, and Wichita, KS at -7.3%.

Closed Transactions 
Of the 50 metro areas surveyed in June 2024, the overall number of home sales was down 7.2% compared to May 2024, and down 11.6% compared to June 2023. The markets with the biggest decrease in year-over-year sales percentage were Manchester, NH at -23.0%, Anchorage, AK at -21.4%, and New Orleans, LA at -21.0%. The markets with the biggest increase in year-over-year sales percentage were Fayetteville, AR at +3.4%, Houston, TX at +2.7%, and Salt Lake City, UT at +1.7%.

Median Sales Price – Median of 50 metro area prices
In June 2024, the median of all 50 metro area sales prices was $431,000, up 1.4% compared to May 2024, and up 4.6% from June 2023. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +17.7%, Hartford, CT at +14.6%, and Honolulu, HI at +12.9%. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -5.8%, followed by a tie between New Orleans, LA and San Antonio, TX at -1.0%.

Close-to-List Price Ratio – Average of 50 metro area prices
In June 2024, the average close-to-list price ratio of all 50 metro areas in the report was 100%, the same as in both May 2024 and June 2023. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the highest close-to-list price ratios were a tie between Hartford, CT and Trenton, NJ at 105%, followed by San Francisco, CA at 104%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94%, followed by a three-way tie between New Orleans, LA, San Antonio, TX, and Tampa, FL at 97%.

Days on Market – Average of 50 metro areas
The average days on market for homes sold in June 2024 was 33, down one day compared to the average in May 2024, and up two days compared to June 2023. The metro areas with the lowest days on market were a tie between Baltimore, MD and Washington, DC at 11, followed by another tie between Manchester, NH and Trenton, NJ at 12. The highest days on market averages were in Fayetteville, AR at 70, Bozeman, MT at 67, and San Antonio, TX at 63. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months’ Supply of Inventory – Average of 50 metro areas
The number of homes for sale in June 2024 was up 6.7% from May 2024 and up 38.1% from June 2023. Based on the rate of home sales in June 2024, the months’ supply of inventory was 2.1, up from 1.9 in May 2024, and up from 1.4 in June 2023. In June 2024, the markets with the lowest months’ supply of inventory were a three-way tie between Hartford, CT, Manchester, NH, and Trenton, NJ at 0.8. The markets with the highest months’ supply of inventory were Bozeman, MT at 5.8, Miami, FL at 4.9, and San Antonio, TX at 4.5.

SOURCE RE/MAX, LLC

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