A Market in Transition: What We're Seeing This Summer
The June housing numbers are in, and they paint a picture of a market shifting, slowwwwly, in buyers’ favor.
Home prices are flat when they are typically rising
The median price held flat at $675,000 for the third straight month, nearly identical to where we were in June 2024. In an average spring market, we’d expect to see prices climb, but that isn’t happening this year.
What did move? 📈
Time on market—homes took an average of 16 days to sell last month, up from 11 days in both May and a year ago. It’s a subtle shift, but it signals less urgency among buyers.
Meanwhile, inventory keeps growing:
- 10,594 active listings, up 31% year over year
- New listings dipped from May but were still up 7% YoY
- Pending sales were at 3,491, down slightly compared to May, but up 10% from May 2024
Months of supply hit 3.6, the highest level we’ve seen since 2012 (!). Traditionally, anything above 4 months starts to look like a buyer’s market-and while we’re not quite there, buyer leverage is growing. A recent study from Home Economics suggests that price softening tends to begin around the 5-month mark.
What about mortgage rates?
Rates are hovering around 6.8%, recently trending down-but not enough to boost demand. While today’s rates are historically “normal”, it’s hard to forget the days of 3% mortgages. And with over 70% of U.S. homeowners holding rates below 5%, fewer people are motivated to sell.
What we're seeing on the ground
Our buyers are enjoying more selection and less competition-and they’re jumping at the right opportunities. The best homes still get attention, but buyers have a little more breathing room to evaluate properties and weigh their options.
For sellers, this means pricing and prep are more important than ever. The market isn’t moving at breakneck speed, but good homes-priced right-are still getting offers in the first two weeks.
A Note of Gratitude and Change
After two incredible years of growing The Girard Group together, my business partner and friend Chad Dierickx has decided to head back to his hometown of Seattle in August. While I am personally very sad to see them go, I couldn’t be happier for Chad, Ashley, and their girls as they return to the ocean and all things Seattle.
Chad and I first connected when we worked together as real estate agent/client to find him a home in his targeted neighborhood of Heritage Village. It didn’t take long to see that our values aligned-both personally and professionally-which led him to join me in growing the business I’d been building for nearly two decades. It seems like yesterday that Chad and Ashley were sitting in my living room casually talking about how great it would be to work together. Over these last two years, we’ve been more than business partners. We’ve been neighbors and friends
For those of you who worked with us as a team, thank you for trusting us with one of life’s biggest decisions. It’s meant the world. As for me, I’m still here—dedicated, energized, and ensuring everything continues seamlessly. You can count on the same attentive, thoughtful service you’ve always received.
Chad will be picking up where he left off with Windermere Real Estate in Seattle, where he was a successful real estate agent for over 15 years before moving to Colorado. If you or someone you know needs a trusted agent, please reach out to Chad.
Here’s to change, growth, and the lifelong connections that make this work so special.
Best,
Jen Girard
