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June home sales and prices set records Inventory grew for first time in 15 months
Nationally, June is typically the biggest home sale month of the year.
June 2021 saw sales up 14.2% over a robust May home sales and proceed to top out all other months in a 13-year history of the report, spanning 53 metro area markets.
The number of homes for sale had its first increase since March, but inventory on a national level remained 37.5% below June 2020.
Nick Bailey, President, RE/MAX, LLC was quoted in the report, "June saw a unique case of supply and demand rising in unison, thanks to an uptick in sellers listing their homes for sale – a very welcome sign for frustrated buyers."
As we are seeing more people relocate companies, and make long-term decisions regarding remote work, sellers are appearing to be more confident about finding a home after selling their current home. As Nick said in the report, "If these trends continue,
inventory levels should keep growing."
Pandemic Skews YOY Comparisons
The pandemic has skewed year-over-year comparisons so the report uses May-to-June averages for 2015-2019 which is helpful to illustrate what's typical at this time of year.
For four of the past six years, June has been the top month for home sales. June 2021:
Home sales increased 14.2% month over month. This more than doubled the 6.4% average gain from May to June in 2015-2019.
Looking at year over year, sales were up 26.4%. Median Sales Price of $336,000 was 4.9% over May's median sales price. This is very similar to the typical May-to-June increase of 4.6%.
However, in year over year, June 2021 price is 21.9% higher than June 2020 of $275,000.
A 1.9% increase in inventory from May 2021 to June 2021 was far greater than a typical gain of 0.6%. But, inventory was down 37.5% year over year.