Another month, another new high, $1,011,000 median for June. The pace of growth since the rate cuts started in December has been genuinely striking, faster than most of the commentary I've read expected.
Part of me wonders if this is a short burst that settles down once the pent-up demand from the peak-rate year works its way through the system. Buyers who'd been sitting on the sidelines for a full year at 4.35% aren't a permanent source of new demand, they're a backlog, and backlogs clear eventually.
I'm watching the next couple of months closely for signs of that clearing happening. If growth this rapid continues past that point, it's a different, more durable story than a simple release of pent-up demand.