By Tim Glaze | Housingwire
Home sales fell 1.2% from May to June, the largest drop at this time of year on record since at least 2012, according to a new Redfin study released this week.
The national median home-sale price hit a record high of $386,888, up 25% year over year, but a slight decline from the record of 26% in May. The number of homes for sale fell 28% year over year from 2020, and the typical home sold in just 14 days — a record low and, down from 39 days in June 2020.
Homes sold for their highest prices and at their fastest pace on record, but measures for market speed and competition seem to be at or near peak levels for this year, said Daryl Fairweather, Redfin’s chief economist.
“In June we entered a new phase of the housing market,” Fairweather said. “Home sales are starting to stall because prices have increased beyond what many buyers can afford. This summer I expect home prices to stabilize as more homeowners list their homes, realizing they likely won’t fetch a higher price by waiting longer to sell.”
