We are moving into the second half of the year and taking stock of how the market has fared so far. The good news is that despite many gloomy forecasts from early January, residential real estate markets have returned toward more typical seasonal trends as buyer demand has improved. While challenges remain for today’s buyers and would-be sellers, there’s hope and growth in the data. Importantly, as we go through the latest numbers, keep in mind that consumers today come to market with a great deal of research on their own and are looking to you for validation and for the confidence that they are making the right decision. With that in mind, let’s take a closer look at the numbers.

Good News

• Housing is normalizing after two unprecedented “unicorn years”
• Return of seasonality is a welcome sign
• Prices are rebounding

Reality Check

• Homeowners have limited options between rates & inventory
• New listings are still declining
• Affordability remains primary challenge

Outlook

• New construction is growing, offering more options for buyers and sellers
• Expect a moderately active summer season

Available inventory strongly impacts home sales, too. . . . existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019. – Lawrence Yun, Chief Economist, NAR