Despite inventory gains, demand appeared to soften in June. Demand saw a cooldown compared to last year, with a decline of nearly 5%. Traditionally, we see a rise in pending sales from January to May or June, followed by a gradual decline through the end of the year. In 2023 and 2024, the market peak for pending was earlier than we have seen historically, with April being the peak pending month (so far for 2024). 

We might expect the number of active listings to continue increasing over the next one to two months, with the peak of active listings in August or September possibly reaching 10,000. Ultimately, what we are likely seeing is a shift in the market toward a more balanced or buyer-friendly market—assuming mortgage rates remain at current levels.

Average prices for single-family properties increased both month over month and year over year. The average price for single-family properties increased 0.9% compared to last month and was up slightly (0.5%) compared to last year at this time.  Anecdotally, buyers increasingly have more time and feel less pressured when deciding on a potential property. We continue to hear that pricing a home "correctly" the first weekend is necessary.