We just hit 1 million homes for sale—the most we’ve seen since 2019! It’s a step in the right direction, but there’s still not enough to meet buyer demand in many areas. The good news? We’re in busy season, so we’re seeing more folks put their homes up for sale, which could help balance out the market.

The average 15-year fixed rate went up slightly from April but is still just under 6%. That’s encouraging for buyers in the market. If they’re financially ready, a small rate change shouldn’t keep them from buying a home they love.

Last month, the median home price was $440,000—about the same as this time last year. But since 2019, prices have jumped 37.5%. That’s great news for sellers: Their home’s likely worth more than they paid, which means more money in their pocket if they sell. For buyers, it means homes cost more—but buying is still possible. If they set a savings goal and stick to a budget, they’ll be on their way to owning a house.

Last month, homes sat on the market a day longer than in April. This could be a sign that some buyers are tapping the brakes in hesitation because of higher home costs. The market might be shifting, which could give buyers the upper hand in negotiations in certain areas.