As the spring market winds down the typically slower summer months are on the horizon. This spring, we have seen home sales prices recover from the lows of mid-winter, although they remain below peak prices from the spring of 2022.
New listings and sales volumes, while higher than in the winter, remain at historical lows. So far this year, buyer demand has recovered and the average days of market dropped considerably while the percentage of homes selling over list price increased.
Interest rates remained volatile with ups and downs becoming the new normal. As of early June, fixed-rate 30-year mortgages are about a quarter percent below 7%, but are changing quickly. With stocks posting gains and the debt ceiling drama behind us, financial markets may be poised to stabilize a bit more in the coming months.