The housing market is getting hotter this summer, according to a preliminary analysis of June data from realtor.com®.
The median list price nationwide in June rose 7 percent year-over-year, reaching $233,000. The median days on the market is 66 days, also down 7 percent year-over-year. Also, inventories are growing faster — 4 percent higher in June over May, but still down over last year.
“Our early read of real estate trends in June suggests good news ahead for the U.S. residential real estate market, especially in the hottest markets with healthy growth in supply,” says Jonathan Smoke, realtor.com® chief economist.
Traffic and searches on realtor.com® continued to set new highs in June. Unique users for June are now on pace for at least a 40 percent growth year-over-year and visits and searches at realtor.com® are expected to surge more than 50 percent and 30 percent, respectively, Smoke says.