Due to Father’s Day Weekend, new listing activity slightly declined, while pending transactions held flat and back on markets popped up. Overall, there were nominal shifts as compared to the weekend prior.

This Coming Weekend: It’s going to be a hot one, and inventory heading into this weekend continues to modestly increase week over week. Please ask your neighborhood ice cream truck delivery driver to swing through if you are holding a home open.

Inventory Levels: The average daily active listing count was up nominally week over week. Inventory remains significantly higher than the same time last year, but the year-over-year gap is narrowing steadily as we move deeper into the summer.

Market Dynamics: New listing activity declined slightly from the prior week but remains up compared to the same time last year. Listings in “coming soon” status were also down both week over week and year over year, likely impacted by the holiday weekend.

Pending Transactions: Buyer activity held relatively flat from the prior week and remains higher compared to one year ago. The predictive month’s supply of inventory ticked slightly up from the week prior and remains elevated versus last year, though this year-over-year gap is also tightening.

Odds of Selling in the Next 30 Days: The Odds of Selling dipped slightly compared to the week prior. This metric continues to trail last year, which is expected given higher inventory levels and a more tempered buyer pool, though the difference is gradually shrinking.

Showing Data: Showing activity declined from the week prior, which is not uncommon during a holiday week, but still tracked above the same week one year ago. On average, each listing received just over one showing per week. Buyers are still active but not feeling pressure to move quickly. Median days to go under contract increased from the previous week and remain notably higher than one year ago.

Price Reductions: The rate of price reductions rose notably from the week prior, with nearly half of the homes that went under contract last week reporting at least one price cut. This rate is significantly higher than the same week one year ago. However, the average size of those reductions decreased slightly, suggesting sellers may be making earlier or smaller adjustments to align with market expectations.