In the summer of 2022, the American real estate market shows signs of rebalancing, despite the fact that home sales were at a lower level than in 2021.
According to the analyzes in the RE/MAX report, June is the month that recorded the highest number of properties sold in 2022, with an increase of 4.7% compared to May and a decrease of 17.6% compared to to the same month. the previous year; on the supply side, growth was recorded for the third consecutive month, up an astonishing 34.1% compared to May and 27.5% year-on-year; the increase in the median sales price continues, reaching $428,000 and achieving +11% compared to 2021.
Only one metro area recorded a decrease in median sales price compared to the same month last year: Trenton, NJ, by -1.2%. Of the 53 cities, 39 saw double-digit percentage increases year-over-year, the highest in Dallas, TX, at +29.3%, Tampa, FL, at +27.9%, and Fayetteville, AR, at +27. , 3%.
A 7.7% month-on-month increase in new properties listed for sale contributed to the supply, up 1.6% from June 2021. The average monthly sales trend jumped from 0.9 months in May to 1. 4 in June. A year ago, the average monthly sales trend was 1.0 month.
In June, the ratio between the final price and the asking price was 102%: this means that the houses sold on average for 2% more than the starting price, with an average stay on the market of 25 days.
In the 53 metropolitan areas surveyed in RE/MAX’s June 2022 survey, the number of properties newly listed for sale increased by 7.7% over May 2022 and by 1.6% over to June 2021. Annual percentage increases in new properties for sale were Phoenix, AZ, up +34.1%, Nashville, TN, up +22.8% and Philadelphia, PA, up +21.8%. The markets with the largest year-over-year percentage declines in new properties for sale were Kansas City, MO, at -18.5%, Honolulu, HI, at -15.9%, and Hartford, CT, at -15.6% .
In June 2022, the average sale price to starting price for properties sold in the 53 metropolitan areas analyzed was 102%, down from 103% in May 2022 and unchanged from June 2021. The closing price ratio e starting price expresses the average value of the selling price divided by the price that was originally requested at the time of sale. If it is greater than 100%, it means that the house was sold for a higher price than the original one. If it is less than 100%, it means that the house was sold at a lower price than the original price.
The metropolitan areas with the lowest sales price to starting price ratios were Coeur d’Alene, ID, and Miami, FL, at 97%, followed by Bozeman, MT, and New Orleans, LA, at 99%. The highest near-open price ratios were found in San Francisco, CA, at 109%, and Burlington, VT, at 107%, followed by five tied cities – Boston, MA, Richmond, VA, Manchester, NH, Hartford, CT, and Trenton , NJ – by 105%.
The number of properties for sale in June 2022 grew by 34.1% compared to May 2022 and by 27.5% compared to June 2021. Based on properties sold in June 2022, the average monthly sales trend increased to 1.4 months compared to 0.9 in May 2022 and 1.0 in June 2021. As of June 2022, the markets with the lowest supply were Charlotte, NC, and Manchester, NH, at 0.4, followed by Albuquerque, NM, at 0.5.
Nick Bailey, President and CEO: “The market is rebalancing thanks above all to the growth in supply and the slowdown in price increases. The last few years have been one of the most competitive periods ever for buyers, but we are finally seeing an improvement in conditions. The new scenario what takes place. is sketching, partly due to the increase in tariffs and partly the increase in supply, which for years has been stagnant, which has caused the frenzy among buyers that characterized the sales in 2021”.
Nate Martinez, consultant and owner of the RE/MAX Professionals agency in Phoenix (Arizona): “The Phoenix metropolitan area, which last month saw an increase in properties for sale that exceeded 20%, is transforming from a red-hot square to a much more balanced market, confirming the current trend. ‘increase in supply, more options appear for buyers, accompanied by a leveling of prices and less competitiveness for buyers”.