Post by ferris1248 on Jul 20, 2024 13:27:00 GMT -5
"Home listings are piling up as buyers step back from peak home shopping season faster than normal. As competition cools, sellers are stepping up price cuts to try and entice buyers struggling with affordability."
"A housing market that for years has been defined by fast sales and few options is starting to look more like it did before the pandemic in terms of competition among buyers and their negotiating power, if not costs."
June 2024 Market Report
Home values
The typical home value in the U.S. in June was $362,482 – up 0.6% from last month and 3.2% higher than last year. That monthly growth is the lowest seen in any June since 2011. The typical monthly mortgage payment, assuming 20% down, was $1,918.
Home values climbed month over month in 45 of the 50 largest metro areas in June. Gains were biggest in Buffalo (1.6%), Cleveland (1.6%), Pittsburgh (1.4%), Providence (1.3%) and Hartford (1.3%).
Home values fell, on a monthly basis, in three major metro areas: Austin (-0.1%), Phoenix (-0.1%) and Tampa (-0.1%). Home values held steady in New Orleans and Denver.
Home values are up from year-ago levels in 46 of the 50 largest metro areas. Annual price gains are highest in San Jose (12%), Hartford (10.5%), San Diego (9.4%), Providence (7.7%) and Los Angeles (7.6%).
Home values are down from year-ago levels in four major metro areas: New Orleans (-6%), Austin (-4.6%), San Antonio (-2.7%), and Birmingham (-0.6%).
The typical mortgage payment is up 6% from last year and has increased by 112.5% since pre-pandemic.
Inventory & new listings
New listings decreased by 9.2% month over month in June.
New listings decreased by 0.1% this month compared to last year.
New listings are 25.6% lower than pre-pandemic levels.
Total inventory (the number of listings active at any time during the month) in June increased by 4% from the previous month.
There were 22.7% more listings active in June compared to last year.
Inventory levels were 32.6% lower than pre-pandemic levels for the month – the smallest gap from pre-pandemic averages since November 2020.
Price cuts & share sold above list
24.5% of listings in June had a price cut, up from 23.8% the previous month. That’s the highest share of any June in Zillow data starting in 2018.
22.5% of listings had a price cut last June.
35.2% of homes sold above their list price in May. That is up 1.9 percentage points month over month.
40.5% homes sold above their list price last May.
Newly pending sales
Newly pending sales decreased by 4.9% in June from the prior month.
Newly pending sales decreased by 4.4% from last year.
Median days to pending, the typical time since initial list date for homes that went under contract, was at 15 days in June, up two days since the previous month.
Median days to pending increased by four days from last year.
Market heat index
Zillow’s market heat index shows the nation is currently a sellers market.
The strongest sellers markets in the country are Buffalo, Hartford, San Jose, San Francisco and Providence.
The strongest buyers markets in the country are New Orleans, Miami, Austin, Jacksonville and Tampa.
www.zillow.com/research/june-2024-market-report-34222/
"A housing market that for years has been defined by fast sales and few options is starting to look more like it did before the pandemic in terms of competition among buyers and their negotiating power, if not costs."
June 2024 Market Report
Home values
The typical home value in the U.S. in June was $362,482 – up 0.6% from last month and 3.2% higher than last year. That monthly growth is the lowest seen in any June since 2011. The typical monthly mortgage payment, assuming 20% down, was $1,918.
Home values climbed month over month in 45 of the 50 largest metro areas in June. Gains were biggest in Buffalo (1.6%), Cleveland (1.6%), Pittsburgh (1.4%), Providence (1.3%) and Hartford (1.3%).
Home values fell, on a monthly basis, in three major metro areas: Austin (-0.1%), Phoenix (-0.1%) and Tampa (-0.1%). Home values held steady in New Orleans and Denver.
Home values are up from year-ago levels in 46 of the 50 largest metro areas. Annual price gains are highest in San Jose (12%), Hartford (10.5%), San Diego (9.4%), Providence (7.7%) and Los Angeles (7.6%).
Home values are down from year-ago levels in four major metro areas: New Orleans (-6%), Austin (-4.6%), San Antonio (-2.7%), and Birmingham (-0.6%).
The typical mortgage payment is up 6% from last year and has increased by 112.5% since pre-pandemic.
Inventory & new listings
New listings decreased by 9.2% month over month in June.
New listings decreased by 0.1% this month compared to last year.
New listings are 25.6% lower than pre-pandemic levels.
Total inventory (the number of listings active at any time during the month) in June increased by 4% from the previous month.
There were 22.7% more listings active in June compared to last year.
Inventory levels were 32.6% lower than pre-pandemic levels for the month – the smallest gap from pre-pandemic averages since November 2020.
Price cuts & share sold above list
24.5% of listings in June had a price cut, up from 23.8% the previous month. That’s the highest share of any June in Zillow data starting in 2018.
22.5% of listings had a price cut last June.
35.2% of homes sold above their list price in May. That is up 1.9 percentage points month over month.
40.5% homes sold above their list price last May.
Newly pending sales
Newly pending sales decreased by 4.9% in June from the prior month.
Newly pending sales decreased by 4.4% from last year.
Median days to pending, the typical time since initial list date for homes that went under contract, was at 15 days in June, up two days since the previous month.
Median days to pending increased by four days from last year.
Market heat index
Zillow’s market heat index shows the nation is currently a sellers market.
The strongest sellers markets in the country are Buffalo, Hartford, San Jose, San Francisco and Providence.
The strongest buyers markets in the country are New Orleans, Miami, Austin, Jacksonville and Tampa.
www.zillow.com/research/june-2024-market-report-34222/