More homeowners jumped into the housing market in June as the number of homes available for purchase continued to expand despite the busiest spring/summer selling season in four years according to the latest housing data of 146 metro areas released by Realtor.com.
The total number of existing homes for sale increased 4.26 percent from May to June with 1,931,713 single-family homes, condos, townhomes, and co-ops listed for sale during the month. The gain in inventory follows a 5.82 percent increase from April to May. Compared to a year ago, there were still 7.29 percent fewer homes available for purchase during the month, but that number continues to shrink monthly.
The median list price for an existing home in June was $199,900, up 0.45 percent from May and up 5.27 percent from June of last year.
For the second consecutive month, four of the top five area’s with the most improved year-over-year list prices were located in California led by a 36.77 percent increase in the Oakland area followed by a 34.42 percent gain in Oakland and a 31.70 percent increase in the Orange County area. Detroit (+31.31) was again the lone non-California city to make the top five with Stockton-Lodi area (+31.30%) taking the final spot.
California cities also held seven of the top ten spots for the second consecutive month with Phoenix and Reno being the other two non-California cities to break the top ten.
The area’s suffering the greatest decline in median list prices were the Albany-Schenectady-Troy, NY area (-9.30%), Mobile, AL (-8.24%), Reading, PA (-7.17%), Rochester, NY (-6.11%) and Akron, NY (-5.70%).
List prices are not necessarily indicative of selling prices, but may signal market sentiment by sellers. All together, 105 of the areas saw an increase in list prices, while five areas were unchanged from the previous year.
The average number of days that an existing home spent on the market increased to 80 in June from 79 in May but was down from 95 days in June of last year. Only 19 out of the 146 metropolitan areas required 100 or more days to sell a home, that was up from 15 the previous month.
Residents selling their homes in the southern region of South Carolina continued to wait the longest to sell their homes, averaging 150 days on the market. Residents in Oakland had the shortest wait for the 21st consecutive month, averaging 17 days on the market.
Tags: housing inventory, listed homes, home prices, median sales price, average list price
Reported by Chris Moore