The lack of housing inventory continues to be buyers’ biggest hurdle. In June, the number of homes for sale plummeted nationwide, prompting realtor.com® to call home sellers the “missing link” to an otherwise strong summer housing market.
The nation’s housing inventory decline has accelerated since May, and housing inventory dropped 27.4% year over year in June, according to realtor.com®’s newly released housing report. That translates to about 363,000 fewer homes for sale this year.
“Our June data reinforces that buyers are out in force and serious about finding a home,” says Danielle Hale, realtor.com®’s chief economist. “Although the new listings trend has improved, inventory continues to decline, indicating that what is coming onto the market is selling.”
Hale says the housing market has demonstrated resilience during the COVID-19 pandemic, but conditions do vary widely by market.
