Home sales during June stumbled by 7.2% from May and plummeted 11.6% year-over-year, according to the latest national housing market report from RE/MAX LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX).
Across the 50 metro areas surveyed for the report, inventory rose 6.7% from May and was up 38.1% from June 2023. The markets with the biggest decrease in year-over-year sales percentage were Manchester, New Hampshire at -23.0%, Anchorage, Alaska, at -21.4%, and New Orleans at -21.0%. The markets with the biggest increase in year-over-year sales percentage were Fayetteville, Arkansas at +3.4%, Houston at +2.7%, and Salt Lake City at +1.7%.
Based on the rate of home sales in June, the months’ supply of inventory was 2.1, up from 1.9 in May and up from 1.4 in June 2023.
Also on the rise was the median sales price of $431,000, a $6,000 (1.4%) upswing from the previous month and $19,000 (4.6%) higher than one year earlier. 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.”
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