Inventory jumped 23.4% from a year ago to 1.32 million units at the end of June, coming off record lows but still just a 4.1-month supply. A 6-month supply is considered balanced between buyer and seller.
These inventory levels are the highest supply since May 2020, boosted by homes sitting on the market longer.
Even that new supply, however, is not helping ease prices. The median price of an existing home sold in June was $426,900, an increase of 4.1% year over year and an all-time high for the second straight month. Part of that is skewed because the higher end of the market is much stronger.
Sales of homes priced over $1 million was the only price category seeing gains over last year, while the biggest drop in sales was in the $250,000 and lower range.
“The median listing price is being held down by an influx in smaller and lower-priced listings. In fact, the number of for-sale homes in the $200k to $350k price bucket surged by 50% compared to a year ago,” said Danielle Hale, chief economist for Realtor.com.
www.cnbc.com/2024/07/23/june-home-sales-slump.html
U.S. Home Prices Hit Record in June for Second Month – WSJ
www.wsj.com/economy/housing/u-s-home-prices-hit-record-in-june-for-second-consecutive-month-cbe00c76
Rental housing in pandemic boom towns has become so expensive that many areas are seeing a huge spike in evictions.
According to data from the Eviction Lab, a research group at Princeton University, evictions are surging in a handful of cities throughout the Sun Belt region of the US.
Eviction filings are up 35% compared to pre-pandemic in metro areas tracked in the region. That’s partly due to high rent prices, researchers said, fueled by big shifts in where Americans lived and worked during the pandemic, a trend that drove many renters to the Sun Belt.
In Nashville, Tennessee, one such boom town in the Sun Belt, evictions have climbed 31% since 2019, Eviction Lab data shows. Fort Worth, Texas, another area that saw a big uptick in housing demand, saw evictions rise 25% in that time frame. Jacksonville, Florida, saw evictions climb 14%.
House prices are about to plummet by 20% in these pandemic boomtowns
House prices boomed across the country during the pandemic but some of these hotspots will see a dramatic drop in valuations, an expert has warned.
In particular, the housing market in the South is in a ‘bubble’ set to burst, according to real estate analyst Nick Gerli.
Gerli, CEO of analytics firm Reventure, predicts they could see prices drop as much as 20 percent over the next few years, with a 15 percent fall in the next year alone.
Already, recent reports have shown parts of Florida and Texas are seeing prices fall slightly – in contrast to the rest of America, where they are still edging up.
But there will be more dramatic drops in the former boomtowns in the South, according to Gerli. It is a simple matter of supply and demand.
A flood of homes for sale over recent months has come at the same time the surge in buyers that drove up prices has fallen away.