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TL;DR: The market is moving — but selectively. Inventory is building, buyers have more choices, and yet well-priced homes are still flying off the shelf.
Not to sound like a broken record, but median pricing continues to be a frustrating metric — and this month is a perfect example of why. The MLS data is sensitive to pull date because some agents don’t update their sales status promptly. Pull early and you see prices down 1% month-over-month and down 9% year-over-year, as indicated in this video. Pull the same data a week later and the numbers shift meaningfully: up 3% month-over-month and down 5.7% year-over-year. Same source, same market, different snapshot. It’s a measurement problem, not a market problem — which is why I’d caution against anchoring to any single data point. Trend lines over headlines, always.
The activity data tells a cleaner story. 32% of homes sold over asking with multiple offers — up from 20% last month, though well off the 54% we saw a year ago. 80% of homes sold within 30 days, and 68% went under contract within two weeks. At the same time, 8% of the homes took over three months to sell. Inventory is up 60% year-over-year, and while buyers are actively buying they aren’t absorbing all of the new listings, so inventory is building — but that’s seasonally normal for this time of year.
So what does it mean?
Sellers: The bimodal distribution is real. Roughly a third of homes are attracting multiple offers; another chunk are sitting and eventually reducing price. The delta between those two outcomes is almost entirely explained by pricing and presentation. Come in sharp, show well, and let the market do the work.
Buyers: More inventory means more options, but don’t misread the data as a soft market. Well-priced homes are still moving in the first weekend. Know your numbers, know your priorities, and be ready to act with conviction when the right one shows up.
