In June, new listings nationwide increased 10.9% from May and 5.5% year over year, according to the latest Realtor.com Housing Report. The 10 U.S. markets with the highest number of new listings had gains of 20% or more from last year. The number of homes for sale was still much lower than normal, with a 43.1% decline from last year, the report noted. June showed an improvement over May’s 50.9% decline.
New listings in Seattle were up 22.7% from last year.
According to Realtor.com senior economist George Ratiu, the June data means good news is on the horizon for buyers.
“Inventory declines improved over the steep drops seen earlier in the pandemic as sellers stepped back into the market in a variety of price ranges across the country,” he said. “The improvement we saw in new listings growth from May to June shows sellers are entering the market historically later in the season, which could mean we’ll see home buying continue into the fall as buyers jump at new opportunities.”
The increase in listings gives buyers more inventory to choose from and more time to make decisions. “If these trends persist, inventory declines and price growth may continue to moderate as the housing market returns to a more normal pace of activity heading into the second half of 2021,” Ratiu said.
Home prices break new records in June
For the fifth month in a row, June home prices broke a new record, as the median list price grew 12.7% to $385,000. The report also noted price growth year over year moderated for the second straight month, down from 15.2% in May.
Seattle’s prices rose 9.8% year over year with a median list price of $687,000.