Net new listings placed on the market increased 2.6% year-over-year in June, according to HouseCanary’s June Market Pulse Report, but still not enough to drive numbers back up to historical norms.
In addition to the pressure of excess inventory, the median price of all single-family listings in the United States grew 3% on a YOY basis. Further price growth continues to drive contract activity down, meanwhile prospective buyers also face macroeconomic pressures from higher-for-longer interest rates and inflation.
“As predicted, we saw a slow start to the summer housing market in June,” Jeremy Sicklick, co-founder and CEO of HouseCanary, commented. “Although demand exists from prospective homebuyers and we saw a slight uptick in new inventory listings, realized selling activity remains low due to continuously high interest rates and affordability pressures. Additionally, there was a continued increase in home asking prices on a year-over-year basis despite an already record-high average pricing. We have concluded that buyers are reserved and find themselves in a wait-and-see situation, while they are eager to see a decrease in macroeconomic pressures and an increase in affordable housing options.”
Over the past year, 2,635,475 net new listings were placed on the market, and 2,588,448 properties went under contract. This represents an annual increase of 0.7% and a decrease of 5.3%, respectively.
For the month of June, 304,906 net new listings were placed on the market, and 302,003 properties went under contract, an increase of 2.6% and 4.7%, respectively, versus June 2023.
The increase in net new listings was driven by a 6.4% increase in new listing volume as well as a 27.6% increase in removals compared to June 2023.
Median days on market stands at 37. This is up 5.7% from where it was one year prior, at 35 days on market.
The median price of all single-family listings in the US was $460,214 and the median closed price was $443,632. On a year-over-year basis, the median price of all single-family listings is up 3% and the median price of closed listings is up 6.5%. Month-over-month, the median price of single-family listings is down 0.2% and the median price of closed listings is up 2.4%.
