As housing inventory increases, June home sales declined 7.2% from May’s strong showing and were down 11.6% year over year – atypical considering June historically has more sales than May.
MORE NEWS: Ranking Arizona: Top 10 home builders for 2024
Across the 50 metro areas surveyed, housing inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May’s year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Housing Inventory compared to last June’s 1.4 months.
The median sales price of $431,000 was $6,000 (1.4%) higher than in May and $19,000 (4.6%) higher than in last June. On average, buyers paid 100% of the list price for the third month in a row following eight months of paying 98-99%.
“It’s good to see inventory levels rising, as more listings represent more options for buyers,” said Amy Lessinger, President of RE/MAX, LLC. “Given the decline in sales, it’s evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity.”
Other metrics of note:
- Though down 5.2% from May, new listings in June remained above 2023 levels for the fourth consecutive month – at 8.3% higher than June 2023.
- Days on Market shortened by one day during June from May to 33 days but was two days more than June 2023.
Highlights and local market results for June include:
New Listings
In the 50 metro areas surveyed in June 2024, the number of newly listed homes was down 5.2% compared to May 2024, and up 8.3% compared to June 2023. The markets with the biggest year-over-year increase in new listings percentage were Burlington, VT at +25.3%, Phoenix, AZ at +25.0%, and San Antonio, TX at +20.0%. The markets with the biggest decrease in year-over-year new listings percentage were Cleveland, OH at -16.0%, Indianapolis, IN at -7.6%, and Wichita, KS at -7.3%.
| New Listings: 5 Markets with the Biggest YoY Increase | |||
| Market | Jun 2024 New Listings | Jun 2023 New Listings | Year-over-Year % Change |
| Burlington, VT | 342 | 273 | +25.3 % |
| Phoenix, AZ | 7,942 | 6,354 | +25.0 % |
| San Antonio, TX | 5,466 | 4,556 | +20.0 % |
| Richmond, VA | 2,028 | 1,694 | +19.7 % |
| Miami, FL | 10,914 | 9,316 | +17.2 % |
Closed Transactions
Of the 50 metro areas surveyed in June 2024, the overall number of home sales was down 7.2% compared to May 2024, and down 11.6% compared to June 2023. The markets with the biggest decrease in year-over-year sales percentage were Manchester, NH at -23.0%, Anchorage, AK at -21.4%, and New Orleans, LA at -21.0%. The markets with the biggest increase in year-over-year sales percentage were Fayetteville, AR at +3.4%, Houston, TX at +2.7%, and Salt Lake City, UT at +1.7%.
| Closed Transactions: 5 Markets with the Biggest YoY Decrease | |||
| Market | Jun 2024 Transactions | Jun 2023 Transactions | Year-over-Year % Change |
| Manchester, NH | 415 | 539 | -23.0 % |
| Anchorage, AK | 418 | 532 | -21.4 % |
| New Orleans, LA | 949 | 1,201 | -21.0 % |
| Providence, RI | 1,181 | 1,448 | -18.4 % |
| Miami, FL | 6,128 | 7,359 | -16.7 % |
Median Sales Price – Median of 50 metro area prices
In June 2024, the median of all 50 metro area sales prices was $431,000, up 1.4% compared to May 2024, and up 4.6% from June 2023. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +17.7%, Hartford, CT at +14.6%, and Honolulu, HI at +12.9%. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -5.8%, followed by a tie between New Orleans, LA and San Antonio, TX at -1.0%.
| Median Sales Price: 5 Markets with the Biggest YoY Increase | |||
| Market | Jun 2024 Median Sales Price | Jun 2023 Median Sales Price | Year-over-Year % Change |
| Trenton, NJ | $500,050 | $425,000 | +17.7 % |
| Hartford, CT | $385,000 | $336,000 | +14.6 % |
| Honolulu, HI | $785,000 | $695,000 | +12.9 % |
| Dover, DE | $349,990 | $312,000 | +12.2 % |
| New York, NY | $627,000 | $562,000 | +11.6 % |
Close-to-List Price Ratio – Average of 50 metro area prices
In June 2024, the average close-to-list price ratio of all 50 metro areas in the report was 100%, the same as in both May 2024 and June 2023. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the highest close-to-list price ratios were a tie between Hartford, CT and Trenton, NJ at 105%, followed by San Francisco, CA at 104%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94%, followed by a three-way tie between New Orleans, LA, San Antonio, TX, and Tampa, FL at 97%.
| Close-to-List Price Ratio: 5 Markets with the Highest Close-to-List Price Ratio | |||
| Market | Jun 2024 Close-to-List Price Ratio | Jun 2023 Close-to-List Price Ratio | Year-over-Year Difference* |
| Trenton, NJ | 105.2 % | 103.7 % | +1.6 pp |
| Hartford, CT | 105.2 % | 105.6 % | -0.4 pp |
| San Francisco, CA | 104.0 % | 103.5 % | +0.5 pp |
| Manchester, NH | 103.3 % | 103.6 % | -0.3 pp |
| Burlington, VT | 102.4 % | 103.0 % | -0.6 pp |
| *Difference displayed as change in percentage points | |||
Days on Market – Average of 50 metro areas
The average days on market for homes sold in June 2024 was 33, down one day compared to the average in May 2024, and up two days compared to June 2023. The metro areas with the lowest days on market were a tie between Baltimore, MD and Washington, DC at 11, followed by another tie between Manchester, NH and Trenton, NJ at 12. The highest days on market averages were in Fayetteville, AR at 70, Bozeman, MT at 67, and San Antonio, TX at 63. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
| Days on Market: 5 Markets with the Lowest Days on Market | |||
| Market | Jun 2024 Days on Market | Jun 2023 Days on Market | Year-over-Year % Change |
| Baltimore, MD | 11 | 11 | +0.4 % |
| Washington, DC | 11 | 11 | -2.9 % |
| Manchester, NH | 12 | 12 | +2.9 % |
| Trenton, NJ | 12 | 18 | -29.5 % |
| Philadelphia, PA | 13 | 15 | -8.8 % |
Months’ Supply of Inventory – Average of 50 metro areas
The number of homes for sale in June 2024 was up 6.7% from May 2024 and up 38.1% from June 2023. Based on the rate of home sales in June 2024, the months’ supply of inventory was 2.1, up from 1.9 in May 2024, and up from 1.4 in June 2023. In June 2024, the markets with the lowest months’ supply of inventory were a three-way tie between Hartford, CT, Manchester, NH, and Trenton, NJ at 0.8. The markets with the highest months’ supply of housing inventory were Bozeman, MT at 5.8, Miami, FL at 4.9, and San Antonio, TX at 4.5.
| Months’ Supply of Housing Inventory: 5 Markets with the Lowest Months’ Supply Inventory | |||
| Market | Jun 2024 Months’ Supply of Inventory | Jun 2023 Months’ Supply of Inventory | Year-over-Year % Change |
| Manchester, NH | 0.8 | 0.6 | +18.8 % |
| Trenton, NJ | 0.8 | 0.6 | +29.2 % |
| Hartford, CT | 0.8 | 0.7 | +27.5 % |
| Washington, DC | 0.9 | 0.7 | +36.9 % |
| Milwaukee, WI | 0.9 | 0.8 | +25.3 % |
