Buyers Can Continue to Expect a Quiet Housing Market Going Into July

Activity in terms of net new listings placed on the market increased 2.6% versus June 2023, but is still not enough to drive numbers back up to historical norms.  

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In addition to the pressure of excess inventory, the median price of all single-family listings in the United States grew 3% on a year-over-year basis. This headwind for prospective buyers continues to drive contract activities downwards, as they also face macroeconomic pressures from higher-for-longer interest rates and inflation.

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 Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:

“As predicted, we saw a slow start to the summer housing market in June. Although demand exists from prospective homebuyers and we saw a slight uptick in new inventory listings, realized selling activity remains low due to continuously high interest rates and affordability pressures. Additionally, there was a continued increase in home asking prices on a year-over-year basis despite an already record-high average pricing. We have concluded that buyers are reserved and find themselves in a wait-and-see situation, while they are eager to see a decrease in macroeconomic pressures and an increase in affordable housing options.

On the upside, if we compare June’s contract volume to the same period last year, which was up 4.7%, we saw growth. Therefore, we are cautiously optimistic that once those macroeconomic headwinds no longer hinder buyers’ capabilities, we can see home buying activity start to normalize and return to historical levels. For now, as we enter July, we can expect the market to remain quiet as potential buyers are waiting for prices to drop.”

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 Key Takeaways:

• Over the last 52 weeks, 2,635,475 net new listings were placed on the market, and 2,588,448 properties went under contract. This represents an increase of 0.7% and a decrease of 5.3%, respectively.
• For the month of June 2024, 304,906 net new listings were placed on the market, and 302,003 properties went under contract. This represents an increase of 2.6% and 4.7%, respectively, versus June 2023.
• The increase in net new listings was driven by a 6.4% increase in new listing volume as well as a 27.6% increase in removals compared to June 2023.
• Median days on market stands at 37. This is up 4.7% from where it was one year prior at 35 days on market.
• The median price of all single-family listings in the US was $460,214 and the median closed price was $443,632. On a year-over-year basis, the median price of all single-family listings is up 3.0% and the median price of closed listings is up 6.5%.  Month-over-month, the median price of single-family listings is down 0.2% and the median price of closed listings is up 2.4%.

 More in the full report.

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Methodology

The Market Pulse Report is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform, covering 22 listing-derived metrics and comparing data between June 2023 and June 2024.

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