June Real Estate Market Update:
The number of homes for sale at the end of June actually increased and reached the highest level seen in 2021 with 2,086 homes for sale. Despite the fact this is the highest inventory level seen in 2021, this level is still 64% below the 5 year average from 2015-2019 of 5,868 homes for sale at the end of June.
The inventory increase was fueled by 5,358 new listings hitting the market in the month of June, which is the 3rd highest month of new inventory hitting the market in the last 10 years. This was the first month since June of 2014 that more than 5,000 new listings came on the market in one month.
The increase in new listings coming on the market was substantially absorbed, though, by the 4,543 homes that went under contract during the month of June. The 5 year average from 2015-2019 for June pendings is 3,936 homes, so the June pendings were 15.4% above this average.
Price increases continue to be strong with the average home price increasing 30.5% over last June and 25.1% over the year to date average. The inventory increases seen in June need to continue through the rest of the year to bring the market back to a more balanced market and help slow down price appreciation.
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Monthly Market Update and Newsletter
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