June 2021 numbers are beginning to trickle in, with Redfin releasing it’s newest report this morning, which indicates a small decline with significant meaning.
According to the data, seasonally-adjusted home sales fell 1.2 percent from May to June, to 602,824 homes, the largest drop at this time of year on record since 2012. Given that the homes that did sell went quickly and more than half for over-asking, Redfin analysts suggest we may be at or over the market peak.
“In June we entered a new phase of the housing market,” said Redfin Chief Economist Daryl Fairweather. “Home sales are starting to stall because prices have increased beyond what many buyers can afford. This summer I expect home prices to stabilize as more homeowners list their homes, realizing they likely won’t fetch a higher price by waiting longer to sell. But as rents rise, homeownership will become appealing to more people, and home sales will rev back up by 2022.”
The national median home-sale price hit a record high of $386,888 last month, up 25 percent year-over-year, but down from May’s 26 percent increase. The typical home sold in just 14 days in June, a record low.
Also a record low, the number of homes for sale, down 28 percent from 2020.