Housing inventory experienced considerable recovery for the second consecutive month in June, according to the latest Zillow Real Estate Market Report. Inventory is still low in this high-demand market, however, which is continuing to push prices upward.
The details:
– Inventory is now 29.2% below 2020 levels but is steadily improving.
– Home value growth is up 15% YoY—breaking annual records for the second consecutive month.
– The Zillow Home Value Index (ZHVI) reached $293,349 in June (up $38,341 from last year)
– Monthly growth accelerated in 48 of the top 50 metros, holding firm in Pittsburgh and Memphis.
The takeaway:
While inventory is still much lower than needed, these slow increases are giving buyers a little more breathing room, taking some pressure off a market that was consistently seeing above-average market performance for the summer months.
“Another month of rising housing inventory gives buyers some additional options and a little more bargaining power,” said Jeff Tucker, senior economist at Zillow. “While the level of inventory remains incredibly low by historic norms, it is now on a trajectory that should give buyers reason to hope for a cooldown in price growth this winter, consistent with normal seasonal trends.”
Liz Dominguez is RISMedia’s senior online editor at RISMedia. Email her your real estate news ideas to lizd@rismedia.com.
