It’s always exciting to see how our real estate market shifts as we move through the year. Early Q3 brought a slight 1.7% dip in US existing-home sales compared to the previous month, but sales are still up 0.7% from last year—so completed transactions are holding steady, even a touch above last summer. The median existing-home price has climbed to $434,100, marking 37 straight months of annual gains. That’s more equity in the pockets of homeowners—definitely something worth keeping an eye on! Inventory finished Early Q3 at 1.54 million homes, down 1.9% month-over-month and 0.6% year-over-year, so buyers really need to pay close attention to new listings in our still-tight market. Even as prices rise, housing affordability has improved nationally, which means there are opportunities out there for prepared buyers when the right home, price, and timing line up. With mortgage rates hovering in the high-6% range for a 30-year fixed, any decrease could make a big difference as summer continues. I always find it rewarding to guide clients through these changes—there’s a perfect home for everyone, and it’s all about staying ready for the right moment!
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