Number of Homes Available for Sale in June Increases by 2%, Redfin Says

Redfin, the Seattle-based, technology-powered real estate brokerage firm, is reporting that the number of homes for sale nationwide increased by 2% in June. This is the first annual increase since July of 2019.

According to Redfin, the supply of home for sale has increased as the result of a combination of 5.5%-plus mortgage rates, higher home prices, and a faltering economy, which has pushed more buyers to the sidelines. And this in turn is creating a more balanced marketplace.

Year-over-year, home sales have declined nearly 16%. This is the largest decline since May of 2020. The same shift has also begun to impact home selling prices. While they are still growing by double digits, the 11% year-over-year increase in sale prices is the smallest in nearly two years.