Have Sellers Ghosted the Market?

The spring listing season was off to a great start—finally breaking past the 80K weekly listings barrier after two years in a slump.

But now? Things are cooling off… fast. 😬

Last week’s bounce was more of a wobble than a comeback, clocking in at 73,433 new listings, just barely ahead of last year.

Are Sellers Tapping Out Early?
That’s the big question. We’re in peak season, but instead of a surge, we’re seeing sellers go quiet. And remember—most sellers are also buyers, so when listings stall, the whole system slows down.

Inventory: Still Climbing (Barely)
We are seeing inventory rise (up to 808K homes), but growth is slow. For context: this time last year, inventory was only at 611K—so we’re still moving in the right direction. Just… slowly.

Price Cuts? More Like Price Reality Checks
Price cuts hit 39% of active listings this week (up from 36% last year). That’s a signal: sellers are adjusting to a market that isn’t as hot as it once was.

Mortgage Mayhem
Rates ping-ponged this week thanks to mixed job data and a surprise Trump–China headline. We started around 6.96%, dipped a bit, and ended the week right back where we started. Classic.

Mortgage Spread Drama: Calming Down (Kind Of)
Spreads have cooled since 2023’s chaos. If we were still at peak spread panic, rates would be almost 0.7% higher. If spreads were normal? You’d be looking at rates nearly 0.8% lower. So, still room to improve.

Purchase Apps: A Winning Streak!
Get this: 18 straight weeks of year-over-year growth for mortgage purchase apps, even if volume dipped slightly last week. May was strong, and 2025 is finally showing some demand energy.
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What’s Next?
Inflation reports, bond auctions, and whatever headlines the political world throws our way (hello, Trump-China trade talks). Keep an eye on next week’s listings—if they drop again, we may be in for a quiet summer.
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TL;DR: The market wants to wake up, but sellers might be hitting snooze. Keep your coffee close—and your mortgage rate locked.
SOURCE: HOUSINGWIRE

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