High-end homes boost latest US HPI, but more recent data highlights two-speed market
Austin, Texas posted the steepest per-square-foot decline among major metros at 8.2%, followed by Memphis at 6.0% and Buffalo at 5.2%. Providence, Indianapolis and New York saw the largest gains, up 8.7%, 4.9% and 3.4% respectively.
Inventory keeps climbing, but gap remains
Active listings reached 1,102,615 in June, up 4.1% from May and 1.9% from a year earlier, though annual growth has decelerated from 2.2% the previous month. Supply remains 11.3% below typical 2017 to 2019 levels, a slightly wider shortfall than May’s 10.4% gap.
New listings rose 2.4% annually to 463,480, driven largely by a 12.6% jump in the Northeast. Delistings, homes pulled from the market without selling, fell nearly 10% year over year and now account for roughly 5% of active inventory, near their lowest share since last year’s surge began.
Looking toward July, Krimmel said early indicators suggest the market is unlikely to repeat last summer’s stall.
“July is when the market traditionally takes its foot off the gas, spring listings age, buyer urgency fades, activity slows,” Krimmel said. “June already shows the first signs of a slight seasonal slowdown: price cuts ticked up to 18.5% of current listings, and new listings were flat from last month even as they remained above last year. We’ll be watching whether homes start sitting longer, whether price cuts accelerate beyond the usual summer ramp up, and whether new listings genuinely pull back or just flatten out. So far, the leading indicators are holding, so we do not expect the market to stall out like it did last summer.”
