🏡 JUNE MARKET UPDATE: THE MARKET IS FLAT—BUT FOR HOW LONG?

Hi friends,

Last month, I wrote about how housing inventory in Washington County had climbed to a 10-year high—while developable land continues to disappear. Since then, the market has stayed eerily flat. Prices are holding steady, but demand feels fragile, and the pressure is building.

Mortgage rates remain stubbornly high, keeping many would-be buyers on the sidelines. At the same time, sellers are listing in greater numbers, and inventory has surged over 40% compared to this time last year.

With rising inflation concerns, recent stock market volatility, ongoing tariff uncertainty, and a generally uneasy economy—it’s hard not to ask:
How long before prices start to fall?

🏠 A Shifting Landscape—Buyers Are Hesitant, Sellers Are Listing…Too High

According to the May market summary:

  • Pending sales were about even, up slightly (+1.7%) compared to last May.

  • New listings surged 14.3%, with total active inventory up 41.3% year-over-year.

  • Sold listings dropped nearly 10%, signaling some buyer hesitation.

Even more telling:

  • Median sale price in May: $525,000 — unchanged from May 2024.

  • Year-to-date, the median price is down just under 1% compared to last year.

So what does this tell us?

The market isn’t crashing—it’s leveling off. Prices are holding steady overall, but with inventory rising and homes sitting longer, buyers have more leverage than they’ve had in years.

Meanwhile, homes are taking longer to sell:

  • Median Days on Market: 42 days (up 68% from last year)

  • Cumulative Days on Market (CDOM): 76 days

In this environment, pricing your home correctly from the start is absolutely critical. Overpricing might seem tempting—I often hear sellers say, “I’m not in a rush,” or “We can always come down, but we can’t go up.”
But it often means your home will sit longer, lose visibility, and ultimately sell for less.

Pricing it right from the beginning typically leads to a faster sale and a higher final price than chasing the market down with multiple price reductions.

⚖️ Pressure on Both Sides

We’re in an unusual moment where neither buyers nor sellers have the upper hand.

  • Sellers are pricing optimistically, hoping for spring and now summer buyers to show up—but many homes are sitting longer and undergoing price reductions.

  • Buyers are feeling the squeeze from high interest rates, limited affordability, and general financial anxiety. Even those who want to move are hesitant to act.

This kind of market standoff can’t last forever. Eventually, something will shift—rates could drop, unlocking demand… or pressure could force prices lower.

🏃‍♂️ On a Personal Note: I Recently Ran 100 Miles in a Single Weekend.

That’s not a typo. I just completed the Scout Mountain Ultra, a grueling 102-mile trail run in the Idaho mountains.

It was the hardest thing I’ve ever done. I ran through the night, battled nausea, dehydration, and some serious mental demons. At one point, I was lying on the trail thinking I might quit. But somehow, one step at a time, I finished.
👉 You can read about the experience on my Facebook post here.

Why mention this in a real estate update?

Because endurance matters—in life and in real estate. Sometimes the market feels like a slog. Sometimes buying or selling a home feels overwhelming. But there’s always a way forward, and there are people who want to help you get there. (Just like the volunteers at the aid stations who saved me during that run.)

📩 What This Means for You

  • Thinking of buying? There’s more inventory and less competition. Let’s go find a great fit and negotiate smart.

  • Thinking of selling? The buyers are still out there, but pricing and presentation matter more than ever. I’ll help you position your home to stand out and get priced right from day one for the best results.

  • Curious about your home’s value? I’ll run fresh comps and give you a clear picture of where you stand.

I may not have all the answers, but with 16 years of experience, over 900 personal transactions, and more than 2,500 brokered through my company, I’ve got some hard-earned perspective to share.

Buying or selling a home is an adventure—let me be your guide.

With respect and gratitude,
Joe Allen
Southern Utah’s Home Adventure Guide
realtyabsolute.com