Market News June 27

Market Updates

May Home Sales, Prices Rise Slightly


Recent NAR data found that sales of previously owned homes rose slightly in May, up 0.8% from the previous month. This brought sales to an annualized rate of 4.03 million units. However, sales were 0.7% lower than during May 2024.

On a regional basis:

  • Sales were strongest in the Northwest, up 4.2% month-to-month.
  • The Midwest and South also saw sales rise.
  • However, sales in the West region weakened and were down 5.4%.
Rising inventory brought the number of properties to 1.54 million at the end of May, which represents a 4.6-month supply. Still, the lower-than-average numbers are putting pressure on prices, which are still rising.

The median price of an existing home sold in May was $422,800, up 1.3% year over year and a new record high.1

Regional Inventory Update


Since the current number of homes for sale is having a major effect on prices, here's a closer look at national and regional inventory.

While national inventory is growing, this is good news for some but not all buyers. For example, buyers interested in townhomes and condo units have a better chance of negotiating a lower price, since more buyers insist on single-family homes. In the mid-Atlantic region, most May 2025 sales were for single-family homes, while 29% were townhomes and only 11% were condo sales.

The number of homes for sale also varies widely from one region to another. For example, inventory levels are actually surpassing pre-COVID 2019 levels in Florida, Texas, and Arizona metros. Washington and Oregon inventory numbers are similar. However, buyers in the Midwest and Northeast regions are dealing with lower inventory. Buyers in Southern California also have less negotiating room due to fewer homes for sale.2

Don't Forget the Thank-You Note


When you take the time to write and mail a thank-you note, you're more than simply polite. It deepens relationships and makes you memorable in a positive way (especially since snail-mailed thank-yous are much more memorable than digitally-delivered ones). And when you make it a habit to send these on a regular basis, you earn respect from others.

Famous people throughout history discovered the value of handwritten notes. For example, Benjamin Franklin described how sending a thank-you note to a political rival after he returned a loaned book to the rival's library transformed their relationship.

Your thank-you notes don't have to be lengthy or formal...just be yourself. Investing in some quality stationery is recommended. Need some inspiration? Click here for some example notes.3

Mortgage Prices Expected to Remain Flat


Last month's Consumer Price Index (CPI) numbers reflected less volatility than expected, but still presented a few surprises. For example, tariffs were expected to increase pricing for new and used cars, but these index numbers actually fell slightly.

However, the Federal Reserve is still expecting some possible inflation later this year, as tariffs are expected to gradually impact prices as pre-tariff inventory numbers shrink. In addition, considering that businesses are expected to postpone pricing and staff headcount decisions as long as possible, it could be early fall before the impact of global tariffs takes effect. This translates into continued postponement of any interest rate cuts.4

Beware This New "Long Con" Scam

New scams have become so common that it's tempting to refer to them as Scam of the Week when they appear. This week's candidate often targets real estate agents. Unlike other, better-known scams, this one takes a different approach. The perpetrator pretends to be a would-be buyer who's rich enough to buy properties for cash—and they're prepared to take all the time necessary to fool you.

Here are the basics.
  1. You become acquainted with a would-be property buyer who attempts to convince you that they're wealthy and prefer all-cash purchases. However, they don't make any offers for your listings.
  2. Instead, the fake buyer works to build a gradual friendship with you...one that may eventually feel legitimate.
  3. When the scammer decides that a level of trust has been obtained, they'll share their investment secrets about how they became rich through cryptocurrency.
  4. If you appear interested in investing, the scammer will invite you to visit a crypto investment website that looks legitimate. If you decide to make a small investment, you'll be rewarded with an impressive return.
Here's what they hope you'll do next.

You'll invest a considerable amount of your savings. Needless to say, your investment will disappear, together with the website.

This scam is especially dangerous as its perps are aware that most individuals will recognize older scam strategies that go for a quick steal. For this reason, they're careful not to rush their potential victims.

For more details of what's been dubbed the "Long Con" scam, check out this NAR article.5

Sources: 1cnbc.com, 2brightmls.com, 3theclose.com, 4redfin.com, 5nationalmortgageprofessional.com