The report describes the inventory levels in December as “astonishingly low” after Zillow observed an 11 percent decline from November to December alone. now sits at $320,662, according to the report. Home values were 19.6 percent higher in December than the same time the previous year - the highest year-over-year increase in Zillow’s dataset. That’s higher than the previous monthly increase of 1.2 percent. Price growth picked up steam over the holidays as well, with home values jumping by 1.4 percent from November to December. housing market,” Zillow senior economist Jeff Tucker said in the report. “Home shoppers picked the shelves clean this December, leaving fewer active listings than ever before in the U.S. Overall, RE/MAX said homes in general sold for 2% more than the asking price and spent an average of 25 days on the market.Buyers continued to compete over a dwindling number of home listings deep into the holiday season, driving prices higher and bringing the number of homes on the market at any one time to its lowest level on record.Īctive home inventory dropped below 1 million in December, nearly 41 percent lower than inventory levels two years earlier, according to the latest market report from Zillow. Still, while some parts of the real estate market showed some promise for buyers, Tampa median home prices continued to soar.Īccording to RE/MAX, the median sales price for a home in the Tampa area was $385,000, up 27.9% from the June 2021 median sales price of $300,990. Now because they want to make sure that they sell their home and they get a good price, they’re more open to negotiation,” said Kendall Bonner Broker/Owner of RE/MAX Capital Realty. “Sellers were a little spoiled over the last couple of years. According to the report, sellers’ asking prices also came down 3% from their peak in May as the share of homes with price drops hit another new high. Homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10. "Markets like Nashville and Phoenix saw an increase in new listings of over 20 percent last month, bringing new options for buyers who may have sidelined themselves in the frenzy of last year."Ī new report from Redfin shows the median sale price for U.S. "It's due partly to the rise in interest rates – although buyers are also finding solutions in ARMs, FHA products, and other financing – but even more significant is the increase in listings after several years of instant sales and low inventory," Bailey said.
RE/MAX CEO Nick Bailey said the overall housing market is slowly moving toward a greater balance between buyers and sellers.
The inventory was aided by a 7.7% increase in new listings from May to June, which was also a jump of 1.6% over June 2021. increased for a third consecutive month (34.1% over May 27.5% year over year). The report found home inventory in the U.S. RE/MAX Realty released the company's national housing report for June, and while prices continued to show large year-over-year gains in the Tampa area, the red hot housing market may be starting to cool off.Īccording to Re/Max, June 2022 posted the most home sales of any month this year across the nation but was 17.6% lower than June 2021.
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