New Home Listings Down 25% From One Year Ago
WRE News June 10, 2023
Seller
WRE News June 10, 2023
Seller
New listings have become the housing market’s equivalent of an endangered species, as data report from Redfin (NASDAQ:RDFN) has determined new listings were down 25% year-over-year as of the four weeks ending June 4 – the lowest level of any early June on record.
Furthermore, the absence of new listing pushed the total number of homes listed for sale down 5% year-over-year, which is also the lowest level on record for early June. As a result of the limited inventory, national home price declines have been minimal – Redfin found the median home price at $379,463, down 1.6% year-over-year for the smallest decline in three months.
The Texas capital of Austin had the biggest year-over-year home sale price decline (-13.4%) while Cincinnati had the greatest sales price increase (9.2%).
“Elevated mortgage rates are driving the inventory shortage, with the daily average hitting 6.94% on June 7, near its highest level in two decades,” said Redfin in its data report. “The vast majority of homeowners have a mortgage rate below 6%, discouraging them from listing their home and giving up their relatively low rate.”
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