For the second month in a row, the number of homes for sale topped 1 million—the most we’ve seen since 2019 (but inventory is still about 13% below pre-pandemic levels).¹ With listings showing a year-over-year increase for 20 straight months, buyers have more options and sellers are facing more competition—a sign the market’s starting to tilt in buyers’ favor.

The average 15-year fixed mortgage rate is holding steady just under 6%. And last week, it dipped to the lowest weekly average in four months. But don’t let your clients try to time the market. Rates are as unpredictable as the weather. If they’re debt-free and have a fully funded emergency fund and a solid down payment, they’re ready to buy or sell—no matter what the market’s doing.

Home prices held steady—about the same as May (and June 2024). While prices might feel high, it’s still possible for folks to find an affordable home they love—just make sure they keep their monthly mortgage payment at or below 25% of their take-home pay. In some areas, homes are sitting on the market longer. If your client is selling, help them price their home right from the start to avoid price cuts.

In June, homes spent about two more days on the market than they did in May—and five more days than this time last year. With higher prices, some buyers are continuing to tap on the brakes. That slowdown is beginning to shift the market in their favor, giving buyers in certain areas more leverage at the negotiating table.