Inventory Continues to Increase Amid Modest Median Price Growth and Home Sales Decline

June home sales declined 7.2% from May’s strong showing and were down 11.6% year over year – atypical considering June historically has more sales than May.

Across the 50 metro areas surveyed, inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May’s year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Inventory compared to last June’s 1.4 months.

The median sales price of $431,000 was $6,000 (1.4%) higher than in May and $19,000 (4.6%) higher than in last June. On average, buyers paid 100% of the list price for the third month in a row following eight months of paying 98-99%.

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