Home sales in June have risen the most out of any month so far in 2022 in a move that indicates more balance is starting to take hold in the housing market, according to a report by real estate brokerage Re/Max released Monday.
Specifically, June home sales topped May's reading by 4.7%, but still remains 17.6% short of the year-ago period.
And inventory jumped for a third straight month by 34.1% M/M in June and +27.5% from June 2021. That was driven by a M/M increase of 7.7% in new home listings and +1.6% Y/Y in June, Re/Max reported.
"The market is moving toward greater balance, especially with inventory gains and the slowing of price appreciation," Re/Max CEO and president Nick Bailey said in a statement. "The past few years have been one of the most competitive times ever for buyers – and we're finally seeing conditions ease up."
Home prices, meanwhile, are still high. The median sales price in June was $428K, up 0.6% over May and +11% from June a year a go, as the supply of homes is still relatively tight.
The average close-to-list Price Ratio for June came in at 102%, meaning that homes sold for 2% above the asking price. That's down from 103% in May and matched June of last year, as homebuying conditions wane.
Home builder stocks that may be impacted: D.R. Horton ( DHI ), KB Home ( KBH ), PulteGroup ( PHM ), Toll Brothers ( TOL ), Lennar ( LEN ), Beazer Homes USA ( BZH ), Tri Pointe ( TPH ), NVR ( NVR ) and Taylor Morrison ( TMHC ).
Earlier, NAHB Housing Market Index s tepped down in July .
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Home sales in June perked up the most of 2022, as market moves toward greater balance