More signs of a cooling a housing market as the number of homes for sale nationwide rose for the first time since July 2019, according to Redfin’s June market report…(Redfin)
- All homes for sale rose 1.8% to 1,450,900 in June, this is up 2.4% from the prior month.
- New listings were only up 0.1% for the month at 636,500 which is actually down 2.4% year-over-year.
Daryl Fairweather, Redfin Chief Economist, said if you were looking to sell now is the time to do it. “I advise sellers to commit: If you decide to sell, do it quickly before demand potentially falls further…The Fed has signaled it may increase interest rates further to combat stubbornly high inflation, which could harm consumer confidence, and lower stock prices mean fewer prospective homebuyers can afford a down payment.”
Not one single metro area saw home sales increase when compared to June 2021. Greenville, SC, however, had the smallest decline, with home sales only dropping 2.3% year-over-year and West Palm Beach, FL saw the largest decline with sales falling 34.1% compared to the same time last year.
- NOTE: The median sales price did fall 0.4% from May to $428,400 but that is still up 11.2% when compared to June 2021.