Prices Begin to Slip — June Market Stats Reveal a Shift

After months of watching the warning signs, I’m finally seeing it first-hand — home prices are beginning to decline.

Just this past week, I've seen two instances where sellers couldn’t sell for what they paid up to three years ago. That’s a trend we haven’t seen since the 2007–2008 peak, when it took years for values to bounce back.

The good news? Any current price dips are likely to be short-lived, lasting only as long as interest rates remain above 5%

🔍 June Market Snapshot (vs. Last Year)

Buyer Demand: ⬆️ 10%

Housing Supply: ⬆️ 37%

Median Sales Price: ⬇️ 1%

Days on Market: 20 days (vs. 14 days)

This marks the first year-over-year price decline in more than a decade — something we haven’t seen since a brief anomaly in December 2015. Back then, prices still ended the year up 6%.

But here’s what’s unusual: even without a drop in interest rates, pending home sales jumped 10% in June. That tells me consumers may be feeling more confident economically — and are stepping back into the market.

Meanwhile, homes are sitting longer, inventory is building (now at a 9-year high), and sellers need to price competitively to avoid sitting.

🎯 What This Means for You

If you’re buying, there are opportunities showing up that haven’t been available in years. If you’re selling, you need a strategy that reflects today’s conditions — not last year’s market.