June 2020 Market Trends

  • National inventory declined by 27.4 percent year-over-year, and inventory in large markets decreased by 26.5 percent.

  • The inventory of newly listed properties declined by 19.3 percent over the past year, and 16.2 percent in large markets

  • The June national median listing price was $342,000, up 5.1 percent year-over-year.

  • Nationally, homes sold in 72 days in June, 15 days more slowly than last year

Listing Prices Continue to Accelerate Despite COVID-19

The median national home listing price grew by 5.1 percent year-over-year, to a new high of $342,000 in June. This is an acceleration from the 1.6 percent year-over-year growth seen in May. The nation’s median listing price per square foot also grew by 7.7 percent year-over-year, an acceleration from the 5.4 percent growth seen last month.  

Days on Market Extend Slowly and Conditions Look Better in Larger Markets

Homes continue to sell more slowly than last year due to stay at home orders and modified behavior resulting from COVID-19. Nationally, the typical home spent 72 days on the market in June, 15 days more slowly than June of last year. In the 50 largest U.S. metros, the typical home spent 53 days on the market, and homes only spent 6 days longer on the market, on average, compared to last June. Currently, the time a typical property spends on the market is seeing less than half the growth in the nation’s 100 largest metros compared to the national rate, potentially indicating a quicker recovery in large metros compared to the rest of the country, but there is significant variation from market to market. Among the larger metropolitan areas, homes actually saw less time spent on the market in Rochester, N.Y. (-4 days); Hartford-West Hartford-East Hartford, CT (-3 days); and Boston-Cambridge-Newton, Mass.-N.H. (-3 days). However, many large metro areas saw large increases in time spent on the market, such as in Pittsburgh, PA (+30 days); New York-Newark-Jersey City, NY-NJ-PA (+21 days); and Miami-Fort Lauderdale-West Palm Beach, FL (+21 days). 

Source : REALTOR.com

PHOTO : Bradley's Digital Imaging

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