While the second quarter market watch was not quite finished by press time today, you can expect it very shortly. In the meantime, it was an interesting conversation in our national market trends CE class this week. The best description of the current real estate market was ‘curious’!

From Realtor feedback, some properties get fast and intense attention immediately and others sit with little buyer interest, even in the same home category and price range. Selling homes that need simple cosmetic work can be a challenge in this market. NAR’s latest nationwide trend report shares some similarities:

• June existing home sales were down 2.4% compared to May but up 2.8% year-over-year, according to NAR data.
• The higher-end market is outperforming home sales at lower price points as affordability constraints take a toll on first-time buyers.
• Mortgage rates ticked up slightly this week while remaining in a narrow 6.5% range

• A weekly increase in pending home sales could be a sign that more “fresh listings” are on the way as sellers respond to demand.
• Sellers received an average of 2.5 offers, up slightly from 2.2 in April and from 2.4 one year ago.
  
• 21% of homes sold above list price, up from 18% a year ago and 18% last month.
• First-time buyers represented 33% of buyers, up slightly from 32% last month and down slightly from 34% one year ago.

Stay tuned for the Berkshire 2nd Quarter Market Watch! Pinky promise.