A more balanced housing market is on the way
Home prices rose 19% year-over-year across 19 major U.S. markets, according to Redfin’s June home price tracker. Strong price increases continue to support growing inventory, Redfin writes, which increased for the third consecutive month.
Sacramento, San Francisco and Las Vegas yet again had the highest year-over-year price increases, gaining 38%, 34%, and 33%, respectively. Philadelphia experienced the smallest gain in prices, with a 3.1% increase year over year.
The number of homes for sale fell 19% from June 2012, but rose 2.4% month-over-month. June marks the third consecutive month-over-month increase.
Chicago and Phoenix were again the only markets that saw year-over-year improvement, with Chicago up 2.3% and Phoenix up 10%.
Home sales, on the other hand, faltered in June, with a minor year-over-year gain of 2.7%, and a 5% decline from the May report. Ten markets saw sales increase from last year, four fewer than in May. Just six markets saw an increase in monthly sales volume.
Although the housing market is still a seller’s market, the June numbers point toward a more balanced market.
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