Phoenix among Highest Increase in July Home Inventory, Says Report

Rick McCartney

A double-digit drop in home sales from June to July fueled a double-digit increase in homes for sale, triggering the first decline in the Median Sales Price since January.

July’s Median Sales Price of $415,000 was down 2.9% from June and the lowest since April’s $406,000. The 16.6% decline in home sales was also the first since January. Year-over-year, sales were down 26.3% from July 2021.

Following a period of continual contraction in recent years, inventory jumped for the fourth consecutive month. There were 13.3% more homes for sale than in June and 30.4% more than a year ago. Months Supply of Inventory has doubled since May and is now at 1.8, while Days on Market was 24. New listings, however, dropped 7.8% compared to June and 7.2% compared to July 2021.

“It’s an exciting time to be a homebuyer. For the first time in years, we’re seeing sustained inventory gains and the slowing of home price appreciation,” said Nick Bailey, President and CEO. “The market is rebalancing after favoring sellers for so long. There’s still ground to make up with new construction, but the change in recent months has brought some much needed relief to buyers. And sellers still have it good, too. A calming market doesn’t mean a stoppage – and there are plenty of benefits to being on that side of the equation.”

Added RE/MAX North Professionals real estate agent Rich Gardner, who is based in Colchester, VT, “The housing market in Vermont has stayed strong favoring sellers. Since January, we are still seeing values in Chittenden County rise for both single-family and townhouse-condo sales.”

The average Close-to-List Price Ratio in July was 101%, meaning that homes, in general, sold for 1% more than the asking price. That dropped from 102% in June 2022 and July 2021.

Highlights and the local markets leading various metrics for July include:

Months’ Supply of Inventory – Average of 53 metro areas
The number of homes for sale in July 2022 was up 13.3% from June 2022 and up 30.4% from July 2021. Based on the rate of home sales in July 2022, the Months’ Supply of Inventory increased to 1.8 compared to 1.4 in June 2022, and increased compared to 1.2 in July 2021. In July 2022, the markets with the lowest Months’ Supply of Inventory were Albuquerque, NM at 0.7 followed by Manchester, NH at 0.8.

Months’ Supply of Inventory:
5 Markets with the Biggest YoY Increase

Market

Jul 2022
Months’ Supply
of Inventory

Jul 2021
Months’ Supply
of Inventory

Year-over-
Year %
Change

Raleigh, NC

1.6

0.5

+257.4 %

Phoenix, AZ

4.4

1.2

+254.3 %

Las Vegas, NV

3.8

1.1

+252.9 %

Salt Lake City, UT

2.2

0.7

+209.9 %

San Diego, CA

2.0

0.7

+191.5 %

New Listings 
Of the 53 metro areas surveyed in July 2022, the number of newly listed homes is down 7.8% compared to June 2022 and down 7.2% compared to July 2021. The markets with the biggest decrease in year-over-year new listings percentage were Kansas City, MO at -47.7%, St Louis, MO at -36.9%, and Burlington, VT at -32.2%. Leading the year-over-year new listings percentage increase were Dover, DE at +39.4%, Phoenix, AZ at +34.1%, and Trenton, NJ at +19.1%.

New Listings:
5 Markets with the Biggest YoY Decrease

Market

Jul 2022
New Listings

Jul 2021
New Listings

Year-over-
Year %
Change

Kansas City, MO

3,608

6,901

-47.7 %

St. Louis, MO

4,862

7,700

-36.9 %

Burlington, VT

244

360

-32.2 %

Anchorage, AK

714

1,016

-29.7 %

San Francisco, CA

4,645

6,009

-22.7 %

Closed Transactions 
Of the 53 metro areas surveyed in July 2022, the overall number of home sales is down 16.6% compared to June 2022, and down 26.3% compared to July 2021. The markets with the biggest decrease in year-over-year sales percentage were Houston, TX at -45.1%, San Diego, CA at -42.1%, and Miami, FL at -40.9%. No metro area had a year-over-year sales percentage increase.

Closed Transactions:
5 Markets with the Biggest YoY Decrease

Market

Jul 2022
Transactions

Jul 2021
Transactions

Year-over-
Year %
Change

Houston, TX

5,836

10,625

-45.1 %

San Diego, CA

2,242

3,875

-42.1 %

Miami, FL

6,497

11,001

-40.9 %

Salt Lake City, UT

1,137

1,874

-39.3 %

Las Vegas, NV

2,730

4,394

-37.9 %

Median Sales Price – Median of 53 metro area prices
In July 2022, the median of all 53 metro area Sales Prices was $415,000, down 2.9% compared to June 2022, and up 8.1% from July 2021. One metro area saw a year-over-year decrease in Median Sales Price, Dallas, TX at -1.9%. Twenty-seven metro areas increased year-over-year by double-digit percentages, led by Tampa, FL at +23.7%, Fayetteville, AR at +21.6%, and Raleigh, NC at +19.1%.

Median Sales Price:
5 Markets with the Biggest YoY Increase

Market

Jul 2022
Median Sales
Price

Jul 2021
Median Sales
Price

Year-over-
Year %
Change

Tampa, FL

$377,260

$305,000

+23.7 %

Fayetteville, AR

$335,000

$275,500

+21.6 %

Raleigh, NC

$448,250

$376,390

+19.1 %

Miami, FL

$445,000

$375,000

+18.7 %

Nashville, TN

$459,000

$387,250

+18.5 %

Close-to-List Price Ratio – Average of 53 metro area prices
In July 2022, the average Close-to-List Price Ratio of all 53 metro areas in the report was 101%, down 1.3% compared to June 2022, and down 1.1% compared to July 2021. The Close-to-List Price Ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest Close-to-List Price Ratio were Coeur d’Alene, ID and Miami, FL, tied at 97%, followed by another tie between Bozeman, MT and New Orleans, LA at 98%. The highest Close-to-List Price Ratios were in Burlington, VT at 105%, followed by a five-way tie between Boston, MA, Hartford, CT, Manchester, NH, Richmond, VA, and San Francisco, CA at 104%.

Close-to-List Price Ratio:
5 Markets with the Biggest YoY Decrease

Market

Jul 2022
Close-to-List
Price Ratio

Jul 2021
Close-to-List
Price Ratio

Year-over-
Year %
Change

Seattle, WA

99.7 %

105.6 %

-5.5 %

San Francisco, CA

103.9 %

109.2 %

-4.9 %

Denver, CO

100.4 %

103.6 %

-3.1 %

Salt Lake City, UT

99.6 %

102.5 %

-2.9 %

Raleigh, NC

101.9 %

104.9 %

-2.8 %

Months’ Supply of Inventory – Average of 53 metro areas
The number of homes for sale in July 2022 was up 13.3% from June 2022 and up 30.4% from July 2021. Based on the rate of home sales in July 2022, the Months’ Supply of Inventory increased to 1.8 compared to 1.4 in June 2022, and increased compared to 1.2 in July 2021. In July 2022, the markets with the lowest Months’ Supply of Inventory were Albuquerque, NM at 0.7 followed by Manchester, NH at 0.8.

As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.

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