June's housing market just hit the brakes hard.
Pending home sales dropped 5.4% last month as mortgage rates climbed to 6.65%, the highest we've seen in nearly a year. The national median home price hit a record $440,600, up 1.8% year over year. That's the 36th consecutive month of annual price gains.
Contract signings fell across all four U.S. regions. Here in Arizona, we're in the West region where annual contract activity declined 1.1% compared to last year. Purchase applications dropped 7.3% in just one week as buyers and sellers pulled back to the sidelines after a brief spring rally.
Closed sales are now tracking at 4.09 million annually. That's the fourth straight year stuck around 4 million transactions nationwide.
But here's what most people miss. Market shifts like this create real opportunity if you know where to look and how to move fast.
DM me directly and I'll show you exactly what's working right now in the Phoenix Valley. I'll personally walk you through your best options based on what's actually happening in our local market today.
