June Report Shows First Housing Market Inventory Increase in Three Years
As the overheated housing market demand cools off amid rapid interest rate and price increases, the June report from Redfin came in with a 2% increase in the quantity of homes on the market nationwide. This is the only month to show an increase in inventory since July 2019. Additionally, the report puts the volume of completed home sales at 525,200, a 16% reduction year-over year. Price increases nationwide continued in June (up 11.2%), but not at the frenzied pace of recent months and one metropolitan area, San Francisco, marked the first price decrease of -0.5%.