Report: Home Supply Increases for the First Time in Three Years
Seattle-based real estate brokerage Redfin reports the number of homes for sale nationwide in June rose 2%, the first annual increase since July of 2019. A combination of spiking interest rates, high home prices and a turbulent economy has pushed many buyers over to the sidelines.
Meanwhile, Redfin says that June home sales fell nearly 16% on an annual basis, the largest decline since May of 2020 and sale prices are also being impacted, with just an 11% jump year-over-year, the smallest increase in nearly two years.
“The country’s economic woes have already cooled the housing market, and they’re likely to continue dampening demand,” said Redfin Chief Economist Daryl Fairweather. “The Fed has signaled it may increase interest rates further to combat stubbornly high inflation, which could harm consumer confidence.”
No metro areas saw an annual home sales increase in June. The smallest decline was in Greenville, SC with sales down 2.3% from a year ago.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.