Why? What changed?
We had a ‘glut’ for like two months where a couple of houses closed under ask in our cny village, since then 75% of listings with median list of 1 mil are pending. The only homes kinda sitting are 2 mil plus. So much cash on the sidelines apparently.
Equity markets rebounding and creating wealth. There was a strong effort to put a floor into the market come hell or high water.
This also slows layoffs and reduces the number of forced sellers.
Although sales have been slower and prices softening, prices still high despite high interest rates. Still too many people sitting on sub-3 mortgage rates and over $250-500k in equity so low incentive to sell.
1 Like
S&P Cotality Case-Shiller Index Records Annual Gain in June 2025
- The U.S. National Index, the 20-City Composite, and the 10-City Composite continue to display growth with 1.9%, 2.1% and 2.6%, respectively.
- Housing wealth erodes in real terms for second consecutive month, with home price gains of
1.9% trailing consumer inflation of 2.7%.- Regional leadership flips as New York (7.0%) and Chicago (6.1%) outpace former pandemic
darlings Tampa (-2.4%) and Phoenix (-0.1%).
However:
FHFA House Price Index Declined 0.2% in June
U.S. house prices rose 2.9 percent between the second quarter of 2024 and the second quarter of 2025, according to the U.S. Federal Housing (FHFA) House Price Index (FHFA HPI®). House prices for the second quarter of 2025 remained unchanged compared to the first quarter of 2025. FHFA’s seasonally adjusted monthly index for June was down 0.2 percent from May.
Source:
.
So the yearly Case Shiller went up, quarterly remained unchanged, and the monthly decreased. This was the fourth consecutive MoM decrease.
Exacerbated by RE taxes in CA where long-term owners save huuuge vs new purchases taxed at the purchase price plus minor annual increase (think of inflation kinda equivalent).