Inventory Levels Up 36.7% From Last Year

The number of homes actively for sale in June increased by 36.7% from one year earlier, according to new data from Realtor.com. This represents the eighth consecutive month of year-over-year listings increases.

All four regions recorded year-over-year inventory increases last month, with the highest growth rates in the South (48.7%) and the West (36.5%); in comparison, the Midwest saw a 21% upswing in listings while the Northeast trailed the other regions with an 11.8% increase.

Nonetheless, inventory levels were still far below pre-pandemic levels except in a few southern metros, notably in Austin (41.3%), San Antonio (24.1%), and Memphis (22.3%).

Also during June, the median home spent 45 days on market, an increase of two days compared to last year.

“While the quantity of homes on the market still trails pre-pandemic levels, home buyers are seeing more options to choose from as inventory increases,” said Danielle Hale, chief economist at Realtor.com. “The combination of more for-sale homes and longer time on the market is beneficial for home shoppers as they have more selection and don’t need to feel as rushed in picking a place to call home. Whether this translates into more home sales will likely hinge on how mortgage rates impact affordability in the second half of the year.”