June Housing Data Shows a Market Finding Balance
June was largely a month of continuity for the economy and stability for the housing market. That is no small thing after a tumultuous spring that left us whiplashed over mortgage rates and bracing for the economic fallout of rising inflation and the war in Iran. This month, the shocks gave way to a settled, if unspectacular, backdrop: Mortgage rates hovered around 6.5% all month, inflation firmed but largely as expected—landing as confirmation rather than surprise to markets and consumers alike—the labor market steadied further, and the Fed held rates unanimously while signaling a more hawkish posture ahead. It’s not necessarily a rosy picture, but it’s one that looks more steady than just a few months ago.
The housing data told the same story of continuity. Every trend we tracked through the spring carried into June: New listings up, especially in the Northeast; pending sales up for a seventh straight month; and asking prices down, due to seller realism rather than distress. It was a no-news-is-good-news June. While it may seem obvious now, this was far from a foregone conclusion just a few months ago. We spent the spring bracing for another false start and then a second straight Cruel Summer. That the housing market held resilient was not inevitable in hindsight.
Stay up to date on the latest real estate trends.
Lower asking prices are bringing buyers back.
Lower asking prices and better supply are easing the search.
Negotiation is becoming part of the selling process again.
Inventory tells the story behind local shifts.
Backed by strong equity, low foreclosures, and steady prices.
Beat the heat—and bugs!—in style.
How to keep your kitchen’s design stylish and functional.
Artist Sandy Ostrau’s house is full of quirky vintage charm.
You’ve got questions and we can’t wait to answer them.