Summer Market Update: More Inventory, Fewer Surprises for Savvy Buyers

As we transition into summer, the real estate market is showing signs of activity picking up. After months of tight inventory, it’s refreshing to see more homes finally hitting the market. For buyers, this is a welcome shift. However, despite this increase in inventory, home prices aren’t exactly dropping—at least not in the way some might expect. In fact, well-priced and well-maintained homes continue to attract multiple offers, maintaining their value and in some cases, even selling above asking price.

What’s Behind the Price Stability?

While we are seeing more homes available, it’s important to note that prices are holding firm in many segments of the market. Homes that are priced well and are in good condition are still in high demand, especially in desirable areas. This continued competition means that sellers who price their homes appropriately can still expect to see multiple bids.

However, not all homes are seeing the same results. In fact, price reductions are becoming more common on homes that are either overpriced or in poor condition. These listings have been sitting on the market for longer periods of time, prompting sellers to lower their asking prices. For buyers, these lingering homes can offer hidden opportunities. With less competition, buyers have more room to negotiate, may be able to secure inspection contingencies, and could even score a property at a significant discount if they’re willing to put in the work.

The Mortgage Rate Picture

Mortgage rates are another key factor influencing the current market dynamics. As of now, rates are hovering in the mid-to-high 6% range, slightly up from early April. The Federal Reserve has indicated that it’s holding off on any rate cuts for now, awaiting more clarity on how upcoming tariffs will affect the broader economy.

While higher rates might make some buyers hesitant, it’s important to keep in mind that rates are still relatively manageable compared to the volatility of recent years. For many buyers, this means the market is still within reach—though they may need to adjust their expectations on monthly payments and loan amounts.

The Recession Talk and Housing Market Resilience

There’s also been some buzz about the possibility of a recession, but historically, a recession doesn’t always correlate with falling home prices. In fact, of the last six recessions, home prices only dropped significantly once—during the 2008 crash, which was directly caused by the housing market itself. During every other recession, home prices either held steady or increased. Right now, home values are still rising at a steady 4–5% year-over-year pace, which is a good sign for those thinking long-term.

As summer continues, the market will likely remain competitive, but with a bit more breathing room for buyers. If you're in the market for a home, now could be the perfect time to start looking—especially if you're open to exploring homes that might need a little extra attention or negotiating room. With prices still relatively stable and inventory increasing, there are plenty of opportunities out there. Stay informed, stay patient, and you could find a great deal in the summer market.