JUNE 12, 2025, EDITION

In May, the total number of listings topped 1 million homes for the first time since before the pandemic—and in April, the total value of homes for sale surged to a record $698 billion, up 20.3% from last year.

Overall spending on residential construction in April came in a smidge below March, but spending on single-family homes, though also off a bit for the month, was only 2.2% lower than a year ago.

Pending Home Sales, an index of signed contracts on pre-owned homes, fell in April, but with inventory at five-year highs, the National Association of Realtors feels buyers “are in a better position to negotiate more favorable terms.” 

In their weekly survey, the Mortgage Bankers Association  reported that mortgage applications “continue to exhibit annual gains, with purchase applications running 18% ahead of last year’s pace.”

The closely watched Case-Shiller Home Price Index disclosed, “home price growth continued to decelerate on an annual basis in March,” while FHFA home price growth, another big index, also dipped.

The price gap between new and existing homes has narrowed to an average of $14,600 at the start of this year, from $64,000 at the end of 2022. And when factoring in buyer incentives from builders, the gap can disappear.

DID YOU KNOW?… A new survey revealed a growing number of millennials are planning to buy a home—and soon. In April, 23% of millennial respondents said they intend to buy in the next six months, up from 15% last September.

In Freddie Mac’s weekly survey, the national average 30-year fixed mortgage rate decreased—“welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow.” Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information. 

Don’t hold off buying because of misinformation. 69% of U.S. adults think mortgage rates are at all-time highs. But they’re not. Today’s rates, although higher than the pandemic lows, remain well below the 7.7% historical average. 

If you’re waiting to list until mortgage rates go down, keep in mind that home prices are rising, and are expected to rise, according to many experts, through at least 2029. That means the longer you wait, the more your future home will cost you, so it might be wiser to list your home now.