Demand outran supply growth, and the top tier gave ground.
The loudest number in the second quarter is the pipeline. Homes under contract at the close of Q2 ran about forty four percent above the same point last year, the largest year-over-year move on any line in this report. Active inventory grew about nineteen percent and new listings about eighteen, so supply expanded meaningfully, and demand still expanded faster than that.
Prices went the other way. The quarterly median finished about three percent below last Q2 and the average about eight percent below, on closings up roughly seven percent and dollar volume down about one percent. Read together: more homes traded, at somewhat lower prices, with the upper tier contributing less than it did a year ago. Sellers still held about ninety nine percent of list, a point better than last spring.