More Homes, More Choices: So What’s Stalling Buyers?
Let’s pause for a second.
If the market has more homes for sale, why aren’t buyers flooding in?
That’s the question that’s left, even seasoned experts raising their eyebrows.
According to the National Association of REALTORS®’ latest data, pending home sales dipped 0.8% in June. That’s 2.8% lower than this time last year, even with a surprising 16% jump in available listings. So yes, we’ve got more homes. But buyer urgency? Still lagging.
Wait, Isn’t This What Buyers Wanted?
More inventory. Steadier mortgage rates. A wider selection of homes.
It all sounds like the green light buyers have been waiting for.
But here’s the catch: buyers aren’t just looking for options, they’re looking for confidence. And in the last two years, many have been waiting, hoping, and watching for the right moment to re-enter the market.
So, What Could Finally Spark the Shift?
Here’s where it gets interesting. While actual contract signings are a bit sluggish, mortgage application volume is surging. For several consecutive weeks, mortgage applications for home purchases have been 20% higher than they were a year ago.
What does that tell us?
Buyers are coming back.
They’re searching, they’re applying, they’re preparing.
These aren’t browsers, they’re serious, qualified buyers getting ready to act.
Flat Mortgage Rates = Predictability
Let’s talk rates.
The 30-year fixed mortgage has stayed relatively flat, hovering consistently for over six months.
And while “flat” might sound uninspiring, it’s actually a relief for many buyers. No guessing games. No volatile swings. Just solid ground to plan on.
“Forget the fear of missing out,” says Jessica Lautz, NAR’s deputy chief economist. “For buyers, this steady rate environment removes a major stressor.”
Buyers Are Eager, Affordability Just Has to Catch Up
There’s a clear desire. We’re seeing it in search data, loan applications, and open house foot traffic. But the barrier remains: affordability.
Lawrence Yun, NAR’s chief economist, shared during the Real Estate Forecast Summit that job growth and wage increases are creating pent-up demand. The U.S. has added 7 million jobs since the pandemic. That’s a huge pool of future buyers just waiting for a more financially comfortable entry point.
“When mortgage rates dip again, we’ll likely see sales surge quickly,” Yun says.
Meanwhile, Sellers Are Holding the Advantage
While buyers wait, sellers are still winning.
The median home price rose to $435,300 in June, an all-time high for the month. Equity gains? Off the charts.
In just five years, the average homeowner has gained $140,900 in wealth. That’s not just good news—it’s generational wealth.
So even as transaction volume cools, homeownership continues to prove its long-term value.
Regional Bright Spots Are Still Shining
It’s important to remember: real estate is local.
And not every region is following the same playbook.
Take the Northeast, it’s one bright spot in June’s data. Pending sales there rose 2.1%, even with the highest year-over-year price growth in the nation.
In contrast, other regions dipped:
- West: -3.9%
- Midwest: -0.8%
- South: -0.7%
If you’re buying or selling in Ventura County, it’s more important than ever to work with someone who knows your specific market like the back of their hand.
What This Means for You
If you’re a buyer, this is your planning season.
There are more homes to choose from. Rates are stable. And competition? Softer than we’ve seen in years.
If you’re a seller, there’s still strong equity to leverage, and buyers are circling. Those who act early could see the most reward as demand reawakens.
So here’s the real question:
Are you ready when the market moves?
📍 Let’s talk through your game plan, no pressure, just clarity.
📞 Call Roylin Downs – Ventura County’s First A.I. Certified Agent
📧 realtorroylin@gmail.com
🌐 RoylinSells.com
DRE# 01065591
