Housing inventory grows for first time in over a year: report
Inventory is still down 37.5% compared to June 2020
Inventory in the U.S. housing market grew in June for the first time in 15 months while home sales and prices continued to soar, according to a new report.
The combination of all three "created the perfect trifecta for a hot housing market," according to the RE/MAX National Housing Report for June 2021, which covers 53 markets.
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In June, sales surged 14.2% from May and topped "all other months in the 13-year history of the report," according to RE/MAX.
The median sales price – about $336,000 – also hit another record, surpassing the previous high of $320,000 in April, according to the report.
Home For Sale Real Estate Sign and Beautiful New House. (iStock)
Meanwhile, the number of homes for sale in June grew 1.9% from the prior month, which marks the first increase since March 2020.
And although inventory is still down 37.5% compared to June 2020, the slight uptick is a "welcome sign" for buyers, RE/MAX president Nick Bailey, said.
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"June saw a unique case of supply and demand rising in unison, thanks to an uptick in sellers listing their homes for sale – a very welcome sign for frustrated buyers," said Bailey.
According to Bailey, sellers appear "more confident about finding another home after they sell their current one" which is contributing to inventory levels.
If this confidence continues, "inventory levels should keep growing."