06/01/2026
📊 Monday Housing Market Update
This week marked a significant turning point in the housing market: inventory officially flipped negative year-over-year for the first time. Here's what the data is telling us:
🏠 INVENTORY
▪️Current inventory: 795,921 homes - down from 803,479 this same week last year. That's the first negative YoY reading after a prolonged stretch of supply growth that once reached +33% YoY.
▪️Inventory is still at multiyear highs compared to 2020–2023, but the trend is now confirmed: supply is tightening
📉 MORTGAGE RATES
▪️Rates ended the week at 6.56%, within the 2026 forecast range of 5.75%–6.75%
▪️Rates never broke above 7% even during the Iran conflict spike, thanks to well-controlled mortgage spreads
▪️The 10-year yield pulled back to 4.44% after hitting a 2026 high of 4.68% on May 19
📋 DEMAND
▪️Purchase applications: flat week-over-week, but up 5% year-over-year
▪️18 of 20 weeks have been positive YoY, including 9 double-digit weeks
▪️Pending sales: 69,215 in 2026 vs. 68,071 in 2025, buyers are still active!
🏗️ NEW LISTINGS
▪️71,249 new listings this week vs. 70,414 last year -slightly ahead YoY, but still well below the historical seasonal norm of 80,000–100,000 per week
▪️Memorial Day caused a temporary dip, expect a rebound in the data next week
✂️ PRICE CUTS
▪️36.88% of listings have a price cut in 2026 vs. 38.00% last year
▪️Slight compression suggests sellers have a little more leverage nationally
⚠️ WHAT TO WATCH
Jobs report this week could push the 10-year yield up or down significantly. Rates above 6.64% historically soften housing demand. Monitor purchase apps closely!
The market is at an inflection point. Supply is tightening, demand is holding, and rates are behaving. Want to talk about what this means for your specific situation? Drop a comment or send me a message.