That’s the highest percentage since 2007 and up from 24% one year ago. A report this week from ATTOM Data Solutions showed that the cost of owning a median-priced home in the second quarter was 31.5% of the average U.S. In other news, home affordability continues to suffer. “As expectations of higher future mortgage rates rise, today’s home shoppers could be more motivated, especially now that they’re seeing more options to choose from,” she said. There are a few factors that could prohibit further inventory growth, such as a pullback from potential sellers. While home price gains are moderating, they are still up 17% from a year ago. In June, the median home listing price hit another record high at $450,000, ’s data shows. On the other hand, the expanded supply of homes for sale is not doing much to reduce the sky high prices of homes. That said, there is definitely relief on the horizon, with ’s chief economics Danielle Hale saying that inventory growth has accelerated throughout June and that it should continue into next month. This statistic provides an indication of the size of the new for-sale inventory in. However, some markets are still faced with lower inventory, such as Chicago, where home listings are down 13%, and Miami, where inventory is 16% below last year’s level. The months supply is the ratio of new houses for sale to new houses sold. For instance, Austin has seen its inventory level jump by 145% from a year ago, while Phoenix is up 113% and Raleigh is up 112%. The new listings are pouring onto some of the markets that saw the biggest jumps in home demand during the height of the pandemic. Meanwhile, the number of new listings also surpassed pre-pandemic levels, rising 4.5% from a year ago.įor now though, inventory remains critically low at around 50% of pre-COVID levels.

reported that active listings of existing homes rose 19$ in June, the fastest rise since it began tracking the data five years ago. Economists say the historic shortage of homes for sale is coming to an end, as more inventory is added to the market.

Home inventory