Will July sales usher in a new national record in terms of pricing? If the latest June report out from Redfin is any indication, the answer may be yes.
According to just-released data the median U.S. home sale price was $426,056 in June, just 1.5 percent below the all-time high of $432,397 set in May 2022. June’s median sale price was down 0.6 percent from a year earlier—the smallest decline of the past five months.
But it wasn’t all raises in June. Redfin also found that the number of homes for sale fell 15 percent to an all-time low in June, the biggest decline in two years.
“Today’s housing market is extraordinary; it feels hot even though there are very few homes changing hands,” said Redfin Chief Economist Daryl Fairweather. “Sellers are getting multiple offers if their home is priced well and in a desirable area even though there aren’t a lot of buyers out there. That’s because house hunters have so few homes to choose from. More buyers are starting to come out of the woodwork as they get used to elevated mortgage rates, which is making the market feel even hotter.”
Closed home sales dropped 19.8 percent year-over-year to the lowest level since May 2020, and fell 3 percent on a monthly adjusted basis. Pending sales fell 16.2 percent year-over-year in June, the smallest annual decline in a year.