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Listing prices in June flat YoY and below June 2022. Mortgage rates still at 7%. Prices way too high. Something has to give.
By Wolf Richter for WOLF STREET.
New listings of homes for sale have been rising, in June by 6.3% year-over-year, but that’s not huge; what’s huge is that sales have plunged in a historic way because buyers remain on strike as prices are way too high, and the new listings pile on top of the active listings still on the market before they get pulled, and so active listings across the US jumped by 36.7% year-over-year in June, to 840,000 listings, the highest since and just a hair below June 2020.
But it’s not spread evenly across the country.
In some metros active listings have exploded, while in other metros, well, in one metro of the top 50 metros, active listings declined.
Of the 50 largest metropolitan areas, the Tampa metro came out on top with active listings in June nearly doubling year-over-year (+93.1%), on an 18% year-over-year increase in new listings. It was followed by the Orlando and Denver metros.
The San Diego metro was #4, with a 72% surge in active listings, and a 20.6% increase in new listings, according to data from Realtor.com today. These are magnificent increases in inventory for sale, even as sales have fizzled compared to pre-pandemic years.
Of the top six metros, in terms of increase in active listings, four are in Florida. California has two in the top 10: the metros of San Diego and San Jose.
These are listings of existing homes of all types – single-family houses, condos, co-ops, and townhouses. But new homes that builders are selling are excluded unless they’re also listed on the MLS.
To 50 Metro Areas
Active Listings, YoY
New Listings, YoY
1
Tampa-St. Petersburg-Clearwater, Fla.
93.1%
18.1%
2
Orlando-Kissimmee-Sanford, Fla.
81.5%
14.7%
3
Denver-Aurora-Lakewood, Colo.
77.9%
7.6%
4
San Diego-Chula Vista-Carlsbad, Calif.
72.5%
20.6%
5
Jacksonville, Fla.
69.6%
21.8%
6
Miami-Fort Lauderdale-Pompano Beach, Fla.
67.7%
12.7%
7
Seattle-Tacoma-Bellevue, Wash.
61.9%
30.5%
8
Atlanta-Sandy Springs-Alpharetta, Ga.
58.6%
13.5%
9
Phoenix-Mesa-Chandler, Ariz.
56.4%
5.6%
10
San Jose-Sunnyvale-Santa Clara, Calif.
53.5%
26.5%
11
Memphis, Tenn.-Miss.-Ark.
53.3%
8.7%
12
Dallas-Fort Worth-Arlington, Texas
52.3%
10.4%
13
Charlotte-Concord-Gastonia, N.C.-S.C.
49.3%
13.9%
14
San Antonio-New Braunfels, Texas
48.6%
21.8%
15
Sacramento-Roseville-Folsom, Calif.
45.9%
8.7%
16
Riverside-San Bernardino-Ontario, Calif.
43.9%
10.4%
17
Raleigh-Cary, N.C.
40.4%
16.6%
18
Birmingham-Hoover, Ala.
40.2%
2.1%
19
Houston-The Woodlands-Sugar Land, Texas
39.7%
17.4%
20
Richmond, Va.
39.5%
5.7%
21
San Francisco-Oakland-Berkeley, Calif.
39.5%
11.3%
22
Oklahoma City, Okla.
38.7%
11.4%
23
Los Angeles-Long Beach-Anaheim, Calif.
36.9%
11.2%
24
Portland-Vancouver-Hillsboro, Ore.-Wash.
34.6%
-0.9%
25
Columbus, Ohio
32.3%
3.9%
26
Austin-Round Rock-Georgetown, Texas
31.8%
1.5%
27
Cincinnati, Ohio-Ky.-Ind.
30.4%
9.5%
28
Baltimore-Columbia-Towson, Md.
29.4%
2.1%
29
Indianapolis-Carmel-Anderson, Ind.
28.8%
-6.2%
30
Louisville/Jefferson County, Ky.-Ind.
28.7%
6.3%
31
New Orleans-Metairie, La.
28.6%
-0.4%
32
Virginia Beach-Norfolk-Newport News, Va.-N.C.
27.9%
1.3%
33
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.
27.2%
8.3%
34
Kansas City, Mo.-Kan.
23.9%
5.1%
35
Boston-Cambridge-Newton, Mass.-N.H.
23.1%
6.9%
36
Providence-Warwick, R.I.-Mass.
22.9%
9.3%
37
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
21.8%
-6.3%
38
Milwaukee-Waukesha, Wis.
20.6%
-3.5%
39
St. Louis, Mo.-Ill.
20.6%
0.7%
40
Nashville-Davidson-Murfreesboro-Franklin, Tenn.
20.0%
6.0%
41
Pittsburgh, Pa.
14.1%
4.8%
42
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
10.8%
1.6%
43
Detroit-Warren-Dearborn, Mich.
10.3%
-2.7%
44
Buffalo-Cheektowaga, N.Y.
10.0%
8.7%
45
Hartford-East Hartford-Middletown, Conn.
6.4%
-1.7%
46
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
5.8%
0.3%
47
Cleveland-Elyria, Ohio
5.6%
1.3%
48
New York-Newark-Jersey City, N.Y.-N.J.-Pa.
3.1%
-1.5%
49
Rochester, N.Y.
3.1%
-2.1%
50
Las Vegas-Henderson-Paradise, Nev.
-29.5%
15.5%
Active listings nationwide.
In the country overall, active listings rose 36.7% year-over-year to 840,000 in June, just a hair below June 2020, according to data from Realtor.com today.
Price Reductions.
Of the active listings, 37.6% had reduced prices in June. There were some months in 2022 with a higher share of reduced prices, and beyond that, there were none in the data of Realtor.com going back to 2016:
Listing Prices.
Every year around June, the median listing price peaks seasonally and then falls off through January. In June 2024, listing prices were flat with June 2023 and a hair below June 2022. This is forming a beautiful triple top, with the first top having been the highest, and now the active listings are piling up too and the (tiny?) price reductions off those still too high listing prices can’t move the inventory.
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The post Here Comes the Housing Inventory as Sales Plunge: Active Listings Explode in Tampa, Orlando, Denver, San Diego, Jacksonville, Miami and Surge in other Metros appeared first on Energy News Beat.
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