TAMPA, Fla. – RE/MAX Realty has released the company’s National Housing Report for June, and while prices continue to post strong year-over-year gains in the Tampa area, the hot real estate market could begin to calm down.
According to Re/Max, June 2022 had the most home sales of any month this year across the country, but was 17.6% lower than June 2021. The report found that home inventory in the United States rose for a third consecutive month (34.1% from May; 27.5% year-on-year).
Inventory was helped by a 7.7% increase in new listings from May to June, which also represents a 1.6% jump from June 2021.
RE/MAX CEO Nick Bailey said the overall housing market is slowly moving toward a better balance between buyers and sellers.
“Part of this is due to rising interest rates – although buyers are also finding solutions in ARMs, FHA products and other financing – but even more important is the increase in listings after several years of instant sales and low inventory,” Bailey said. “Markets like Nashville and Phoenix saw new listings increase by more than 20% in the past month, providing new options for buyers who may have gotten sidelined in last year’s frenzy. “
A new report from Redfin shows that the median sale price of US homes fell 0.7% from its record high in June in the four weeks ending July 10. According to the report, sellers’ asking prices also fell 3% from their peak in May as the share of homes with price cuts hit a new high.
“Vendors have been a bit spoiled over the past two years. Now, because they want to make sure they sell their house and get a good price, they are more open to negotiation,” said Kendall Bonner Broker/Owner of RE/MAX Capital Realty.
Still, while parts of the real estate market looked promising for buyers, median Tampa home prices continued to soar.
According to RE/MAX, the median sale price for a home in the Tampa area was $385,000, up 27.9% from the June 2021 median sale price of $300,990.
Overall, RE/MAX said homes typically sell for 2% above asking price and spend an average of 25 days on the market.