Existing-home sales climbed 3.2% in May, inventory still building

Existing-home sales climbed 3.2% in May, hitting a five-month high. At the same time, inventory kept building. That's a rare combo. It means buyers have more options without prices spiking, and sellers who price right are still getting deals done. Your seller clients need to know the market isn't going backward, just normalizing. Your buyer clients need to know they have leverage if they move now.

Rates dropped a bit today (the government's borrowing cost is down about 10 basis points, which usually pulls mortgage rates with it). Today's average rate is 6.5%. That's not a record low, but it's better than two weeks ago. If your buyer's been waiting for permission to act, this is it. Inventory plus stable rates equals a window.

If you've got a client who wants to run numbers or talk timing, send them my way. I answer my own phone: (949) 350-8005. Rates shown are informational only, not a commitment to lend, and subject to change. Equal Housing Opportunity. NMLS 2010859.