Homes for sale in June are selling 2 percent more quickly than last year as prices soar to record highs, according to new data on inventory and user activity on realtor.com.
The median age of inventory nationwide for June is projected to be 65 days, which is 2 percent less than a year ago. One-third of the 300 medium to large markets surveyed posted a month-over-month drop in days that homes spent on the market. Some markets even posted a double-digit drop.
“Continuing this spring’s trend, pent-up demand from buyers who weren’t able to purchase a home last year, combined with low inventory, pushed up prices and got homes to sell quickly,” realtor.com’s report notes.
For sale inventory typically increases this time of season, however, total inventory still remains lower than last year at this time. An estimated 525,000 new listings are expected to come onto the market by the end of the month. Still, compared with June 2015, listing inventory dropped 5 percent.
The low inventories are pushing up home prices. The median home list price was $252,000 in June – 8 percent higher than a year ago, realtor.com reports.
“However, much of the effect of higher prices is being offset by mortgage rates that are the lowest we’ve seen in three years,” Smoke notes.
Article originally posted on realtormag.realtor.org