Even though the real estate market is recovering from poor sales from the past months due to the pandemic, and buyers are eager, sellers are taking their sweet time.
According to Realtor.com, new listings continued declining by 17 to 21% in June 2020, compared to last's year. There are an estimated 363,000 fewer properties this June 2020, which means the U.S. housing inventory continues declining year-over-year.
Last June, however, buyers showed great interest in buying properties. Therefore...
We are in a seller's market.
The largest metro areas in the country have shown faster recovery since they were dropping by 26.5 percent year-over-year.
New listings on these large cities were lower only by 16.2% compared to the national decline of 19.3%.
Homes in metropolitan areas spent an average of 53 days on the market, which is only 6 days more than last year, and 19 days less than homes in other U.S. cities.
Listing prices averaged +5.7% year-over-year on metro areas, and +3.3% year-over-year presented in May 2020. This increase is higher than the +5.1% year-over-year nationwide.
Some properties were on the market for fewer days year-over-year in cities such as Boston-Cambridge-Newton, Massachusetts-New Hampshire, Hartford-West Hartford-East Hartford, Connecticut, and Rochester, NY, as shown in the table below.
The Boston-Cambridge-Newton, Massachusetts-New Hampshire metro shows 10.5% fewer new listings, with 35 median days on market, which is three fewer days than the prior months. Pittsburgh had the largest increase, escalating 30 days year-over-year, also increasing in listing pricing by 23.8%.
Some markets had an average decrease in listing prices, such as Jacksonville, FL, Dallas-Fort Worth-Arlington, Texas, and Miami-Fort Lauderdale-West Palm Beach, Florida. In addition to the decrease in price, the last metropolitan area reported a 2.5% increase in new listings.
Check out our available listings! Click here!