June’s housing data had something for everyone: Asking prices fell at a record pace, and days-on-market finally stopped growing.
Home asking prices fell 2.5 percent year over year in June to a national median of $430,000, the steepest annual decline in Realtor.com’s data history, which dates to 2017, and the eighth consecutive month of decreases. At the same time, the median home spent 53 days on market, flat year over year, ending a 26-month streak of homes taking longer to sell than the prior year, according to the platform’s June housing market trends report released Wednesday.
The drop translated to a meaningful affordability shift for buyers. A homebuyer who purchased a $430,000 home in June with a 20 percent down payment at the average mortgage rate of 6.49 percent owed a typical monthly payment of $2,172, roughly $132 less per month than a year ago, when the median price was $440,950 and rates averaged 6.82 percent, according to the report.
Pending sales rose 3.7 percent year over year, the seventh consecutive month of growth and a streak last seen between January and July 2021, the report said. At the same time, the share of listings with a price cut fell 1.9 percentage points to 18.8 percent, consistent with sellers pricing more realistically at the outset, according to the report.
New listings rose 2.4 percent year over year to 463,480, led by the Northeast at 12.6 percent. Active inventory reached 1,102,615, up 1.9 percent from a year ago. Delistings — or homes pulled from the market without a sale — fell nearly 10 percent year over year and sat at roughly 5 percent of all active listings, near their lowest share since last year’s surge, according to the report.
Regionally, list prices fell most in the West, down 4 percent year over year, followed by the South at 2.5 percent and the Northeast at 1 percent. The Midwest held flat. At the metro level, median list price per square foot declined in 33 of the 50 largest metros. Austin saw the steepest drop at 8.2 percent, followed by Memphis at 6 percent and Buffalo at 5.2 percent. Providence posted the largest gain at 8.7 percent, followed by Indianapolis at 4.9 percent and New York at 3.4 percent.
Four years after the national median list price peaked at $449,000 in June 2022, prices are down 7.3 percent in the West and 3.5 percent in the South, but up 10 percent in the Midwest and 12.6 percent in the Northeast, according to the report.
