The fast-paced cycle of the typical US home sale has begun to slow, paving the way for a recovery of the nation’s depleted home inventory.

In a shifting real estate market, the guidance and expertise that Inman imparts are never more valuable. Whether at our events, or with our daily news coverage and how-to journalism, we’re here to help you build your business, adopt the right tools — and make money. Join us in person in Las Vegas at Connect, and utilize your Select subscription for all the information you need to make the right decisions. When the waters get choppy, trust Inman to help you navigate.

By Redfin’s latest count, homebuyers now have more listings to choose from at any given time than they did at this point last year.

Nearly 1.5 million U.S. homes were available for sale in June on a seasonally-adjusted basis, a 2.4 percent increase from the previous month and 1.8 percent higher than in June of last year, the Seattle-based real estate company reported Thursday.

The bump marks the first month since the start of the pandemic in which Redfin’s home inventory estimate was up year-over-year.

“The country’s economic woes have already cooled the housing market, and they’re likely to continue dampening demand,” Redfin Chief Economist Daryl Fairweather said in the report. “The Fed has signaled it may increase interest rates further to combat stubbornly high inflation, which could harm consumer confidence, and lower stock prices mean fewer prospective homebuyers can afford a down payment.”

Not every company that tracks home inventory concurs with Redfin’s finding of year-over-year growth, but most generally agree: Inventory has been closing the gap in recent months and quickly.

Zillow’s measure of for-sale inventory still shows fewer homes for sale at the end of June than were on the market at the same time last year. But after being down 27 percent year-over-year in March, that gap has been cut nearly in half in the three months since, Zillow says.

Still, homebuyer demand remains severely depleted by Zillow’s measure, down nearly 50 percent from where it was in June of 2019 before the pandemic upended the economy and sent the housing market into overdrive.

The ongoing slowdown in demand for houses may be an early step toward an eventual return to normal inventory levels.

Most homes spent at least 18 days on the market in June. That’s one day longer than they sat there the previous month and three days longer than last year.

The number of new listings that went on the market actually increased slightly from May to June, although there were 4.4 percent fewer new listings last month than in June of 2021, Redfin’s numbers show.

But this was counterbalanced by a steep loss in demand, the same report suggests. 

Home sales in June were down 4.3 percent from May and 15.5 percent year-over-year. Meanwhile, the number of homes that went pending last month — a more recent snapshot of homebuyer decisions — dropped 1.5 percent from May to June and posted a 12.6 percent annual drop.

The result has been a broad-based upward pressure on the number of homes available for sale at any given time, as buyer demand fell and homes sat on the market longer.

In some places the rise has been particularly striking.

In the migration hotspot of Boise, Idaho, inventory has jumped 23 percent from May to June alone. Buyers saw a similar improvement in options in Austin — where inventory spiked 22 percent in a single month — and Nashville, which saw a 19 percent monthly increase.

“I advise sellers to commit: If you decide to sell, do it quickly before demand potentially falls further,” Fairweather said in the report. “And price carefully — this is not the time to test the waters. You’ll do more harm than good if you overprice and have to do a price reduction or take the home off the market.”

Email Daniel Houston

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription