TAMPA, Fla. — RE/MAX Realty released the company's national housing report for June, and while prices continued to show large year-over-year gains in the Tampa area, the red hot housing market may be starting to cool off.
According to Re/Max, June 2022 posted the most home sales of any month this year across the nation but was 17.6% lower than June 2021. The report found home inventory in the U.S. increased for a third consecutive month (34.1% over May; 27.5% year over year).
The inventory was aided by a 7.7% increase in new listings from May to June, which was also a jump of 1.6% over June 2021.
RE/MAX CEO Nick Bailey said the overall housing market is slowly moving toward a greater balance between buyers and sellers.
"It's due partly to the rise in interest rates – although buyers are also finding solutions in ARMs, FHA products, and other financing – but even more significant is the increase in listings after several years of instant sales and low inventory," Bailey said. "Markets like Nashville and Phoenix saw an increase in new listings of over 20 percent last month, bringing new options for buyers who may have sidelined themselves in the frenzy of last year."
A new report from Redfin shows the median sale price for U.S. Homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10. According to the report, sellers’ asking prices also came down 3% from their peak in May as the share of homes with price drops hit another new high.
“Sellers were a little spoiled over the last couple of years. Now because they want to make sure that they sell their home and they get a good price, they’re more open to negotiation,” said Kendall Bonner Broker/Owner of RE/MAX Capital Realty.
Still, while some parts of the real estate market showed some promise for buyers, Tampa median home prices continued to soar.
According to RE/MAX, the median sales price for a home in the Tampa area was $385,000, up 27.9% from the June 2021 median sales price of $300,990.
Overall, RE/MAX said homes in general sold for 2% more than the asking price and spent an average of 25 days on the market.