June Home Sales Soared as the Number of Homes for Sale Grew (for the First Time in 15 Months!)

With the nationwide housing shortage a topic of conversation and concern for consumers, homebuilders, policymakers and real estate companies in recent years, an increase in the number of homes for sale in June 2021 was welcome news. According to the RE/MAX National Housing Report for June 2021, inventory grew for the first time in 15 months, increasing 1.9% over May.

The fact that home sales are up and inventory is increasing at the same time indicates more sellers are willing to list their homes. And buyers are lining up at the door. In recent months, buyers have shown they are resilient. Despite the pandemic, record-high home prices and limited inventory, they are fighting for a chance to get in the game and become homeowners – a milestone many view as a step toward financial security. RE/MAX, LLC President Nick Bailey agrees and is hopeful market conditions will allow supply to continue to grow.

“June saw a unique case of supply and demand rising in unison, thanks to an uptick in sellers listing their homes for sale – a very welcome sign for frustrated buyers,” Bailey said. “People are relocating as companies and individuals make long-term decisions about remote work and getting back to the office. Also, sellers appear to be more confident about finding another home after they sell their current one. If these trends continue, inventory levels should keep growing.”

Another two metrics measured in the RE/MAX housing report, which spans 53 metro markets, set report records: home sales and sales price. The month of June, typically the biggest month of the year for home sales, saw sales soar 14.2% over a strong May and top all other months in the 13-year history of the report. The Median Sales Price of $336,000 eclipsed the previous report record of $320,000 – set in April 2021 and tied in May 2021 – by 4.9%.

Here’s the need-to-know data in the latest RE/MAX National Housing Report:

1. June, Always* a Hot Month for Home Sales, Got Even Hotter

June 2021 home sales increased 14.2% month over month, more than doubling the 6.4% average gain from May to June in 2015-2019. Year over year, sales were up 26.4%.Leading the year-over-year sales percentage increases were Honolulu, HI at +92.3%, New York, NY at +80.6%, and Miami, FL at +78.4%.

*Except for the year that must not be named.

2. Home Prices Went Up

June’s Median Sales Price of $336,000 was 4.9% over May’s, very similar to the typical May-to-June increase of 4.6%. Year over year, however, June’s price was 21.9% higher than June 2020’s $275,000. Fifty-one metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +38.0%, Augusta, ME at +34.7%, and Phoenix, AZ at +30.1%. No metro areas saw a year-over-year decrease in Median Sales Price.

3. Home Sales Are Speeding Up

The average Days on Market for homes sold in June 2021 was 24, down four days from the average in May 2021, and down 21 days from the average in June 2020. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The metro areas with the lowest Days on Market were Cincinnati, OH at 9 and Nashville, TN at 11 followed by a four-way tie at 12 among Boise, ID, Seattle, WA, Denver, CO, and Omaha, NE. The highest Days on Market averages were in Miami, FL at 80, Des Moines, IA at 73, and New York, NY at 67.

If you’re looking to buy or sell this summer, a RE/MAX agent can provide help, information, guidance on making a competitive offer and expertise on all things real estate.

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