Summer is typically our "digs days" in terms of sales slowing down and we're certainly seeing that this year. We just wrapped up our “home buying/ selling” season and it did not perform as well as we’d hoped, nor as well as it usually does.
We all enjoyed the low rates of 2.65% in January 2021 to rates approaching 8% in late 2023, a freeze effect has taken over. Sellers can’t afford to give up their existing low rate to move up or down into something new,  buyers simply can’t afford to buy, 
The median monthly mortgage payment was $2,829 at a 6.99% mortgage rate, representing an 8.6% YoY change.. 
We appear to be in a gray zone and it seems like this may be the case for the foreseeable future. 
55% of sales are closing with seller incentives compared to 49% last year. The median incentive to the buyer is currently $9,400, up $1,200 from a year ago. According to public records data, in terms of resale homes, May of 2024 was the third worst May since we began aggregating sales data in 1999. Sales in May were lower only in 2020 and 2008, the outbreak of COVID and The Great Recession.Of course no one knows for sure what any market will do and in the long run Home ownership has constantly been one of the top wealth accumulators for the average person over their lifetime.  🏡 **
Key Market Data for May: 
• The median sales price was $450,000, reflecting a 3.5% year-over-year (YoY) change. 
• The median asking price was $479,900, representing a 4.3% (YoY) change. 
• “Pending Sales” Contracts are down 10.94% (YoY). 
• New listings in May totaled 9,653, representing a +25.58% (YoY) change. 
• Active listings were at 17,897, representing a +55.01% (YoY) change.
• There were 7,386 homes sold as reported by ARMLS, down 6.47% (YoY).
Thank you very much for reading this market update and please let me know if I can answer any questions or help you, or anyone you know find the right home or sell your existing home. 
Information provided BY ARMLS STAT "JUNE" 2024