Year over year, housing inventory turned negative for the first time in 13 months in June, the real estate data provider said. 

Analyzing property listings from January 2020 to June 2023, Los Feliz found that Florida accumulated 1.7 million new listings at a rate of 20,665 per every 100,000 homes.

The median existing-home price for all housing types in June rose to $410,200, 0.9% less than the all-time high of $413,800 reached in June 2022, the National Association of REALTORS® said. 

Back in 2018, Freddie Mac stated that the country still needed about 2.5 million extra homes in order to meet demand. Then the pandemic homebuying boom depleted already-low inventory levels and high mortgage rates in the second half of 2022 chained many homeowners to their existing low rates.

Low inventory and high demand are buoying builder sentiment in the face of several headwinds. 

The drop in the pace of new-home construction follows a significant surge the month before, according to government statistics. 

Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said. 

Miami ranked as the hottest market overall: With occupancy at 97.1% and over 70% of renters renewing their leases, the metro has undoubtedly returned to its spot as the most competitive market in the country.

It takes the average Miamian 13 years to save up for a 10% down payment on a home, according to a recent Axios analysis.

Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

Motivations for homeownership are varied across generations: Gen Z and Boomers made the decision for better living conditions, while Gen X and Millennials were in search of stability they couldn’t get while renting.

“Paint is a relatively affordable and easy change, yet it has an outsized impact on a buyer’s perception of the home,” said Amanda Pendleton, home trends expert at Zillow.

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row.