There are subtle signs the market may be relaxing a bit from the intense seller market that is has been recently. There are slightly more homes coming on the market, days on market are ticking up, the number of offers received on each listing has declined.
- On 6/22 total active listings in MIBOR = 2583
- On 6/29 total active listings in MIBOR = 2626
- Just over a month ago the total active listings were under 2000!
Realtor.com goes into more depth on the national housing market here:
New Listings Increase Over May- A Welcome Sign
Nationally, the inventory of homes actively for sale in June decreased by 43.1% over the past year, a lower rate of decline compared to the 50.9% drop in May. A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains historically low. This decline amounted to 415,000 fewer homes actively for sale on a typical day in June compared to the previous year. The total number of unsold homes nationwide–a metric that includes active listings and listings in various stages of the selling process that are not yet sold– is down 20.3% percent from June 2020.
In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market. However, newly listed homes are still down 14.4% from the typical rate of newly listed homes in 2017 to 2019.
The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 40.5% over last year in June, a slowdown in the rate of decline compared to last month’s 49.4% decrease. Regionally, the inventory of homes in southern metros is still showing the largest year-over-year decline. Large southern metros are also seeing the lowest growth in newly listed homes (+4.6%), on average, compared to last year, while newly listed homes in large metros in the Midwest, West, and Northeast, were growing by 19.6%, 18.4%, and 9.9% year-over-year, respectively. In both May and June this year, large Southern metros have not seen many more new listings than the same time last year, which were lower in the South in 2020 much like they were in other regions. By comparison, other regions are either approaching or have reached normal levels seen between 2017 and 2019.
Markets that are seeing the largest year-over-year growth in newly listed homes include Milwaukee (+44.7%), San Jose (+40.7%), and Cleveland (+37.9%). Markets that are still seeing a decline in newly listed homes compared to last year include southern metros such as Nashville (-24.2%), Raleigh (-21.4%), and Miami (-7.8%).