It’s been an interesting start to Q3 for the housing market: US existing-home sales dipped 1.7% month-over-month, but are still up 0.7% compared to last year. That means more transactions closed than last summer, even as the pace shifted. The median price of existing homes reached $434,100, marking 37 consecutive months of year-over-year gains. For many homeowners, that translates to additional equity—something I always encourage my clients to keep on their radar, whether you’re thinking of making a move or simply planning ahead.
Inventory remains tight, with 1.54 million homes on the market—a 1.9% drop from last month and 0.6% lower than a year ago. For buyers, this makes tracking new listings and timing your search all the more important. Nationally, housing affordability has actually improved, even as prices climbed, which suggests that prepared buyers can still find opportunities when the right home and timing come together. Mortgage rates have averaged in the high 6% range for a 30-year fixed loan, and if we see any rate relief as summer continues, it could open more doors.
As someone who lives the lakefront lifestyle every day, I know how nuanced the journey can be for both buyers and sellers. Whether you’re keeping an eye on your home’s value or considering your next move, understanding the latest market shifts is key. I’m always here to share local insight and thoughtful guidance, so you feel confident in every step toward your next chapter.
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