Check out data from the latest RE/MAX National Housing Report – and learn what it means for homebuyers this season.
A lot of eyes are on the U.S. housing market this summer. Some people are keeping a close watch on interest rates, hopeful for a decrease. Others are making moves because, with inventory on the rise, they have a greater selection of homes to choose from.
According to the RE/MAX National Housing Report for June 2024, which surveyed real estate trends across 50 U.S. metro areas, the number of homes on the market across the country rose 6.7% from the month prior – and soared a whopping 38.1% over June 2023.
But as the inventory has built up, overall sales have slowed a bit. The RE/MAX report found that home sales in June decreased 7.2% from May and were down 11.6% from a year ago.
“It’s good to see inventory levels rising, as more listings represent more options for buyers,” says Amy Lessinger, President of RE/MAX. “Given the decline in sales, it’s evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity.”
What’s going on with new listings?
Another component in the rising inventory? New listings are hitting the market. In June, there were 8.3% more new listings on-market compared to the same time a year ago. It’s the fourth straight month in which new listings were higher year-over-year.
Burlington, Vermont, is one place that saw a substantial increase in new listings during June. The market with the biggest annual jump in the RE/MAX report, Burlington saw new listings increase 25.3% over June of last year. One RE/MAX Broker/Owner is seeing a frenzy of demand in the community.
“While the inventory in the greater Burlington market has grown, this doesn’t tell the whole story. Homes priced under $800,000 and in good condition still face fierce competition. Our average negotiation hovers around 3% over the asking price,” says Rich Gardner, Broker/Owner of RE/MAX North Professionals with five locations in Burlington and the surrounding area.
“We still have less than two months of supply, with eager buyers snapping up new listings. Our market seems to be returning to more familiar trends, with our warmer months being the busiest for home sales,” he adds. “Burlington’s real estate market is navigating a period of adjustment and growth. The increased inventory and competitive pricing reflect a dynamic and resilient market.”
Phoenix, Arizona (25% increase year-over-year) and San Antonio, Texas (20%) had the report’s second and third largest gains in new listings. At the other end of the spectrum, the markets with the biggest decreases year-over-year were Cleveland, Ohio; Indianapolis, Indiana; and Wichita, Kansas.
What does this mean for summer homebuyers?
As market conditions continue to evolve, those looking to buy a home this summer (and beyond) will want to work with a trusted real estate agent with plenty of experience. Take a look at the new RE/MAX Homebuyers Guide – a comprehensive rundown of the homebuying process step-by-step – for tips on tasks like finding a compatible local agent, navigating the lending process, finding your ideal home, and more.
And once you’re in your new space, you can enjoy one of the perks of owning a home: having staycations! This way, you won’t need to travel far to kick back and relax in a place you truly love. If you’re looking for tips for creating the ultimate staycation in your very own space, check out these creative ideas.
Ready to start the homebuying process? Connect with a RE/MAX agent today.
Article originally appeared on RE/MAX.com.
