Median Listing Price for Homes Hits Record $299,000 in June; Days on Market Also At Record Low of 54 Days

SANTA CLARA, Calif., June 27, 2018 -- U.S. homes sold in just 54 days on average in June and the median listing price hit $299,000, setting records as the nation's inventory of active home listings continued to decline year-over-year in June, according to the realtor.com® June 2018 monthly housing trend report. Limited options, fast selling properties and escalating home prices have been a persistent challenge for would-be buyers and June data largely shows more of the same.

The inventory of homes for sale in the U.S. grew 4 percent in June over May, representing a typical seasonal increase. On an annual basis, inventory decreased 4 percent, a slower rate than the 8 percent average decrease in the previous 12 months. Approximately 547,000 new listings appeared on realtor.com® in June, 2 percent higher than a year ago. This provided some relief to tight inventory conditions despite new listings dipping 2 percent lower than May 2018.

Listings on realtor.com® sold in just 54 days on average, six days less (10 percent faster) than last June and one day less than May. Of the top 100 markets, there are six in which listings spent 30 days or less on the market on average:

1. San Jose-Sunnyvale-Santa Clara, Calif.: 23 days on market
2. Seattle-Tacoma-Bellevue, Wash.: 24 days on market
3. San Francisco-Oakland-Hayward, Calif.: 25 days on market
4. Omaha-Council Bluffs, Neb.: 26 days on market
5. Salt Lake City, Utah: 26 days on market
6. Colorado Springs, Colo.: 30 days on market

"The pace of sales in the early days of summer continues to be as fierce and unforgiving as it's ever been, especially for entry-level buyers," said Javier Vivas, director of economic research for realtor.com®. "On the bright side, buyers saw more new listings hit the market than they saw last June, causing inventory to drop at a slower rate. However, much of the new inventory is composed of higher-priced, newer and larger homes, forcing a very hungry pool of buyers to adjust their budgets."

The median listing price of $299,000 is the highest recorded price point since realtor.com®'s inventory data series began in early 2012. Listing prices increased 9 percent year-over-year and show no signs of slowing down, increasing an average of 9 percent year-over-year for the last 12 months.

Offering the most comprehensive source of information about for-sale MLS-listed properties, among competing national portals, realtor.com® tracks national housing trends as well as data for the 500 largest U.S. metros. For June trend data on these markets as well other housing trend data, please visit: https://realtor.com/research/data

About realtor.com®

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