RE/MAX has posted its National Housing Report for June 2023. The report—with new installments released monthly—tracks national changes in the housing market, based on collected MLS data from 52 metropolitan areas.
Key details:
- Months’ Supply of Inventory (an average of the 52 surveyed areas) in June was 1.4, up from May’s 1.3, but below the 1.6 months a year earlier. Markets with the greatest year-over-year decrease in inventory were:
- Coeur d’Alene, Idaho (3.3 to 1.7 months: a 46.6 % drop)
- Trenton, New Jersey (1.1 to 0.6 months: a 43.1% drop)
- Seattle, Washington (1.1 to 0.7 months: a 40.2% drop)
- Phoenix, Arizona (2.5 to 1.5 months: a 40% drop)
- San Diego, California (1.8 to 1.1 months: a 39% drop)
- In June 2023, home sales were up an average of 5.4% month-over-month, but down 18.7% year-over-year. Markets with the largest decreases in closed transactions were:
- Seattle, Washington (6,256 to 4,518: a 27.8% drop)
- Portland, Oregon (3,780 to 2,734: a 27.7% drop)
- Anchorage, Alaska (734 to 532: a 27.5% drop)
- Burlington, Vermont (325 to 237: 27.1% drop)
- Birmingham, Alabama (1,812 to 1,355: a 25.2% drop)
- New listings were up 0.5% month-over-month, but down a noticeable 25% year-over-year. Surveyed markets with the largest drop-offs were:
- Phoenix, Arizona (13,923 to 6,354: -54.4%)
- Las Vegas, Nevada (5,928 to 3,359: -43.3%)
- Seattle, Washington (8,397 to 5,383: -35.9%)
- San Francisco, California (5,398 to 3,502: -35.1%)
- San Diego, California (4,357 to 2,839: -34.8 %)
- Median sales prices were up 2.4% from May 2023 and down only 0.3% from June 2022. Markets with the largest decreases were:
- Coeur d’Alene, Idaho ($577,000 to $531,000: -8%)
- Las Vegas, Nevada ($445,000 to $410,000: -7.9%)
- Phoenix, Arizona ($476,000 to $445,000: -6.5 %)
- San Antonio, Texas ($339,900 to $318,000: -6.4%)
- Dover, Delaware ($331,000 to $312,000: -5.7 %)
- The average close-to-list price ratio for June was 100%, indicating that homes sold for the asking price on average. This matched May’s ratio, but was a slight decline from the ratio in June 2022 (102%). Markets with the largest decreases:
- San Francisco, California (108.6% to 103.5%: a 5.1 point drop)
- Raleigh, North Carolina (104% to 100%: a 3.9 point drop)
- Burlington, Vermont (106.6% to 103%: a 3.6 point drop)
- San Antonio, Texas (100.9% to 97.7%: a 3.3 point drop)
- Tampa, Florida (100.6% to 97.8%: a 2.8 point drop)
- Homes sold in June were on the market for an average of 31 days, which was the same in May, but nine days longer than June 2022. Markets with the largest increases were:
- Phoenix, Arizona (18 to 48 days: +164.8%)
- Orlando, Florida (17 to 41 days: +147.6%)
- Tampa, Florida (16 to 40 days: +144.5%)
- Bozeman, Montana (17 to 40 days: +135.1%)
- Kansas City, Missouri (16 to 34 days: +114.1%)
Takeaway:
“June’s month-over-month gain in sales is largely seasonal, but it shows the market’s resiliency in the face of low inventory and higher interest rates,” said RE/MAX President and CEO Nick Bailey. “While we probably won’t see a significant jump in sales activity in the short term, demand is strong, and houses are selling when they’re priced right. The expertise of an experienced real estate agent continues to be an important part of the equation for buyers and sellers navigating this rebalancing market.”
“We are back to a more normal market,” said Shelley Bridge of RE/MAX Cherry Creek in Denver, Colorado. “Homes that are in good locations, good condition and priced fairly are still selling quickly and with multiple offers. However, properties that don’t meet these criteria are taking longer to sell and often need to have price reductions in order to attract a buyer.”
For more information, visit https://www.remax.com/.
