June Pending Home Sales Up from Last Year, Down From May
Homeowners accepted fewer offers for single-family and condo sales in June than they did in May. It’s the first time since February pending sales have declined from the previous month, and the second straight month the moving average trend has declined. Compared to June last year, they are up 20.1%.
Pending sales are a leading indicator of housing activity based on signed contracts for existing single-family homes, condominiums, and townhome resales in the region monitored by the Northeast Tennessee Association of Realtors (NETAR) Home Sales Report. Since resales go under contract 30 to 60 days before the sale is closed, pending sales typically lead existing-home sales by about two months.
”Last month’s new accepted offers come as we’re beginning to see a slight increase in inventory, some signs of buyer fatigue, and what looks to be a return to normal seasonal slowing,” NETAR President Kristi Bailey said.” The overall inventory picture is still very tight. Still, increased listings outnumbering accepted offers in June is a signal to buyers that there are more choices as the market moves into the summer season. June and July are typically the top months for completed sales, she added.
There were 1,192 active listings at the end of June. That’s 144 more than May.
The typical home that closed in June was on the market 48 days before selling, up from 47 days in May.
Balanced market conditions are five to six months of inventory. It increased to 1.5 months in June after being 1.3 months for three months.
The average listing price last month was $319,468. The average sales price was $255,637, up 25.7% from last year.
As measured by the median sales price, the market’s middle point presents a more conservative market picture than averages that have been skewed higher by the number of expensive home sales.
June’s median listing price was $219,900. The median sales price was $209,000, up 23.4% from last year.