BiggerPockets Daily The Spring Market Was the Worst In Years, But Could Summer Be Better?
4 snips
Jun 12, 2025 Pending home sales are at their lowest since 2015, with only 28.5% of homes selling above asking prices. Sellers are making concessions as high mortgage rates deter buyers. However, there are signs the economy might strengthen, raising hopes for a better summer market. Regional variations in buyer activity complicate the landscape, while potential interest rate cuts could further influence trends. It's a fascinating time in real estate, with opportunities for those ready to navigate the shifting tides.
AI Snips
Chapters
Transcript
Episode notes
Spring Market Cooled Significantly
- The spring 2024 real estate market is significantly cooled with buyers holding leverage due to rising listings and falling pending sales.
- Only 28.5% of homes are selling above asking, down from 53% during the 2022 peak frenzy.
Days on Market Signal Shift
- Median days on market rose to 36 days, unusual for spring and signaling a cooled market trending towards buyers.
- The threshold for a buyer's market has shifted to around 45 days due to pandemic-induced changes in real estate norms.
Mixed Local Market Trends Emerge
- Mortgage purchase applications jumped 10% last week, hinting at a possible summer market rebound.
- Local market conditions vary greatly; some cities posting gains while pandemic hot spots show declines.