Here are a few national insights that stood out:

• Home Price per Square Foot is Now Below 2024. The slope of the asking price of homes for sale continues to be pretty steep. This is the first negative reading since 2023 and looks like it's aiming for full year 2025 to finish lower than 2024. (national, single fam)

• The Case Shiller Index for June was released last Tuesday. It was still 1.9% above 2024, but in a few months, I expect it'll catch up to the real-time active market data and turn negative too. Expect EOY "Home prices are down for 2025" headlines.

• The price of the weekly pending home sales is still positive. +1.6% vs last year at this time. I expect it to be negative by October. In the chart below I've highlighted three recent pricing moments to pay attention to for repeats later in 2025, depending on mortgage rate moves.

• Inventory has stopped growing. 861,000 single-family homes are unsold on the market. That's unchanged for 6 weeks. Limited supply has implications of a floor on future prices. There are just not that many sellers out there.

• Home sales are inching higher. 66,000 newly pending single-family home sales this week, plus 13,000 condos. 4% more than a year ago. In fact, year-to-date the cumulative pending home sales are finally ahead of 2024. 2.759 million sales vs. 2.758 million last year.