Record Home Sales, Record Prices,
June created the perfect trifecta for a hot housing market: June home sales and prices both set report records, while inventory grew for the first time in 15 months.
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, which spans 53 metro markets. The Median Sales Price of $336,000 was also a report record, eclipsing the previous record of $320,000 – set in April and tied in May – by 4.9%.
The number of homes for sale, meanwhile, grew 1.9% over May – the first increase since March 2020. Inventory, however, still remained 37.5% below June 2020 levels.
With year-over-year comparisons skewed by the pandemic, May-to-June averages for 2015-2019 are helpful in illustrating what’s typical at this time of year. June has been the top month for home sales in four of the past six years:
• 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%.
• 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, June’s price is 21.9% higher than June 2020’s $275,000.
• The 1.9% increase in inventory from May to June was far greater than the typical gain of 0.6%. Still, inventory was down 37.5% year over year.
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