Buyers and sellers are exhausted by the extremes. Nationwide, new listings are up a strong 5.5% year over year and an even more impressive 11% from last month.
In the Denver Metro, our new listings were up 6% from last year, and 24% from May. This added 7,826 homes to the Denver market last month, lifting our 2,000 active listings to a less than healthy, but certainly welcome 3,122 at the end of June. That's a 50% lift in one month, although it's still shy of a healthy market.
The average active listings for June is 16,098. Days on market is still 4 for both detached and attached. Mortgage purchase applications dropped to a 5 month low. Pending home sales slowed down to a 2% gain from last month's 17% month-over-month increase.
Get more information in this episode of The Double Comma Club.
It's hard to tell a buyer that now is the best time to buy when home prices continue to break records landing in June with a median closed price of $545,000, which was 1.5% higher than last month - annualized that would be an 18% gain in value which is exactly where we are year-to-date. As a buyer, you are paying $100,000 more for that median home this year than last year. But as a seller, you gained $100,000 in wealth while you slept, where you slept.
THAT is why now IS the time to buy. Oh and that spike in inventory we saw last week? It may have been a 50% increase but as much as 4 cents is double 2 cents; we are still way short of a dollar.
Click here for this month's Market Trends Report as well as the full blog: https://www.theruethteam.com/market-trends/