Housing market gets more new listings than expected

Additional supply in June loosens up ultra-competitive market

National /
Jul.July 02, 2021 03:00 PM
New home listings up 11% in June from May (iStock)

New home listings up 11% in June from May (iStock)

The super-tight housing market got an influx of new listings in June — an unexpected turn of events as U.S. homes have been in short supply since even before the pandemic.

The number of new listings in June rose 5.5 percent compared to a year ago, and 10.9 percent from May, CNBC reported, citing data from Realtor.com.

More listings alone won’t end the housing shortage; strong demand has also powered housing prices to record highs in recent months. The median home sale price is up to $350,300, according to the National Association of Realtors. But additional supply in a variety of price ranges across the nation is “good news on the horizon for buyers,” George Ratiu, Realtor.com senior economist, told the website.

New listings are giving buyers more choices and will help the market, said Jennifer Myers, founder and owner of Washington, D.C.–based Dwell Real Estate Brokerage.

“That means that more people are going under contract for their next home, which in turn means more listings are coming up because those people are now able to sell their current home,” she told the outlet. “Little hinges swing big doors, as they say.”

Still, the market remains tight, with housing inventory down 43 percent at the end of May compared to a year earlier. But thanks to the new listings, the annual drop was smaller than in March, April and May, when it was down more than 50 percent.

[CNBC] — Akiko Matsuda






    Related Articles

    arrow_forward_ios
    Related Chairman Stephen Ross with St. James Residences in West Palm Beach (Getty, St. Andrews and St. James)
    Related Cos. completes $65M purchase of West Palm affordable senior housing
    Related Cos. completes $65M purchase of West Palm affordable senior housing
    Sweetwater affordable senior rental project scores $33M construction loan
    Sweetwater affordable senior rental project scores $33M construction loan
    Sweetwater affordable senior rental project scores $33M construction loan
    249 Northwest 6th Street and Michael Swerdlow (Arquitectonica, Swerdlow Group)
    Michael Swerdlow’s Block 55 in Overtown lands nearly $8M affordable housing grant
    Michael Swerdlow’s Block 55 in Overtown lands nearly $8M affordable housing grant
    The site and renderings of Premium Development’s nearby project. (Premium Development)
    Multifamily developer buys piece of Little Havana assemblage
    Multifamily developer buys piece of Little Havana assemblage
    Renderings of the Pembroke Tower project (Forum Architecture)
    Developer wins approval for senior affordable housing project in Pembroke Pines
    Developer wins approval for senior affordable housing project in Pembroke Pines
    Tony Cho (Photos via Metro 1, iStock)
    Tony Cho launches company focused on climate change and social activism
    Tony Cho launches company focused on climate change and social activism
    The Miami City Commission last week unanimously approved the Wynwood Norte Neighborhood Revitalization District. (Rendering via Plusurbia)
    Wynwood Norte plan aims to spur new affordable housing development
    Wynwood Norte plan aims to spur new affordable housing development
    (iStock)
    Home prices across globe hit records, prompting worries of bubble
    Home prices across globe hit records, prompting worries of bubble
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...