Recession Who? High Inventory and the Lowest Days on Market EVER!

Nationwide US home sales rose in June by 2% which is the first annual increase since July 2019, before the pandemic-fueled buyer frenzy shocked the market of available homes and sent prospective buyers into bidding wars for nearly every listing.

Check out our Redfin interactive map and you'll see how quickly homes are selling from June 2022 compared to anytime the last 10 years.

Now with the increase supply of homes and 5.5%+ mortgage rates, high home prices and a struggling economy push more buyers to the side, thereby creating a more balanced market.

The increase in inventory has not slowed down the stats for "Days on Market". The current seasionally adjusted average for Days on Market, June 2022, is at 18 days which is still the lowest in history. Buyers now have more options even with houses selling in record time. 

For agents looking to take advantage of todays market and pick up new listings, check out The Share Group's seller listing leads

June 2022 Highlights

Competition

Prices

Sales

  • No metro areas saw home sales increase from a year earlier in June. Greenville, SC had the smallest decline, with home sales dropping 2.3% year over year, followed by Worcester, MA, down 4.1%. El Paso, TX rounded out the top three with sales down 7.2% from a year ago.
  • West Palm Beach, FL saw the largest decline in sales from a year earlier, falling 34.1%. Next came Anaheim, CA and Miami, where home sales declined by 33.6% and 33.5%, respectively.

Inventory

*Redfin Housing Data

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