SANTA CLARA, Calif.,
June 27, 2018 /PRNewswire/
-- U.S. homes sold in just 54 days on average in June and the
median listing price hit $299,000,
setting records as the nation's inventory of active home listings
continued to decline year-over-year in June, according to the
realtor.com® June 2018
monthly housing trend report. Limited options, fast selling
properties and escalating home prices have been a persistent
challenge for would-be buyers and June data largely shows more of
the same.
The inventory of homes for sale in the U.S. grew 4 percent in
June over May, representing a typical seasonal increase. On an
annual basis, inventory decreased 4 percent, a slower rate than the
8 percent average decrease in the previous 12 months. Approximately
547,000 new listings appeared on realtor.com® in June, 2
percent higher than a year ago. This provided some relief to tight
inventory conditions despite new listings dipping 2 percent lower
than May 2018.
Listings on realtor.com® sold in just 54 days on
average, six days less (10 percent faster) than last June and one
day less than May. Of the top 100 markets, there are six in which
listings spent 30 days or less on the market on average:
- San Jose-Sunnyvale-Santa
Clara, Calif.: 23 days on market
- Seattle-Tacoma-Bellevue,
Wash.: 24 days on market
- San Francisco-Oakland-Hayward,
Calif.: 25 days on market
- Omaha-Council Bluffs, Neb.: 26
days on market
- Salt Lake City, Utah: 26 days
on market
- Colorado Springs, Colo.: 30
days on market
"The pace of sales in the early days of summer continues to be
as fierce and unforgiving as it's ever been, especially for
entry-level buyers," said Javier
Vivas, director of economic research for
realtor.com®. "On the bright side, buyers saw more new
listings hit the market than they saw last June, causing inventory
to drop at a slower rate. However, much of the new inventory is
composed of higher-priced, newer and larger homes, forcing a very
hungry pool of buyers to adjust their budgets."
The median listing price of $299,000 is the highest recorded price point
since realtor.com®'s inventory data series began in
early 2012. Listing prices increased 9 percent year-over-year and
show no signs of slowing down, increasing an average of 9 percent
year-over-year for the last 12 months.
Offering the most comprehensive source of information about
for-sale MLS-listed properties, among competing national portals,
realtor.com® tracks national housing trends as well as
data for the 500 largest U.S. metros. For June trend data on these
markets as well other housing trend data, please visit:
https://realtor.com/research/data
About
realtor.com®
Realtor.com®, The
Home of Home Search℠, offers the most comprehensive source of
for-sale MLS-listed properties, among competing national sites, and
access to the information, tools and professional expertise to help
people move confidently through every step of their home journey.
It pioneered the world of digital real estate 20 years ago, and
today is the trusted resource for home buyers, sellers and dreamers
by making all things home simple, efficient and enjoyable.
Realtor.com® is operated by News Corp [NASDAQ: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For
more information, visit realtor.com®.
Contact:
Tammy Lee,
tammy.lee@realtor.com
View original
content:http://www.prnewswire.com/news-releases/median-listing-price-for-homes-hits-record-299-000-in-june-days-on-market-also-at-record-low-of-54-days-300673013.html
SOURCE realtor.com