Following the pandemic-impacted May, home sales in June posted a near-record 37 percent gain, according to a report from RE/MAX.
The supply of housing inventory in June dropped below two months for the first time in the report’s history, RE/MAX said. Overall, home sales in June dropped 6.9 percent year-over-year, which was the third-highest sales month of 2019.
“June home sales snapped back in a major way,” RE/MAX Holdings CEO Adam Contos said in a release. “With historically low interest rates, stabilizing unemployment and increased mobility tied to working remotely, buyer demand remains high in most areas of the country. We’re seeing positives in several leading indicators such as pending sales and mortgage applications.
“The biggest challenge continues to be lack of inventory, and over time we may see some gains around people wanting a different living environment after spending so much time at home this year,” Contos said. “There’s also some potential in the idea that with changing workplace dynamics, underused commercial spaces could be transformed into residential properties. Creative solutions like that may provide some relief for inventory constraints as well as affordability issues.”
According to the report, all 53 metropolitan markets analyzed posted gains over May and a third topped last June. Inventory in June dropped 27.9 percent year-over-year.
RE/MAX said the metropolitan areas with the greatest year-over-year sales percentage increases in June were Tulsa, Okla. (15.9 percent); Little Rock, Ark. (14.6 percent); and Dallas/Ft Worth (9.3 percent).