List Prices Fall At Fastest Annual Rate Since 2017

On today’s Hot Sheet, Byron Lazine discussed new housing market data from Realtor.com and Redfin showing sellers are adjusting to softer conditions, with median list prices falling 2.4% year over year in May—the steepest annual decline since 2017—and delistings and relistings reaching their highest levels since 2020 as homeowners return to market with more realistic pricing strategies.

He also reviewed the latest labor market updates from the U.S. Bureau of Labor Statistics and ADP, which showed job openings rising to 7.6 million in April while private employers added 122,000 jobs in May, alongside continued wage growth and easing turnover.

For today’s final topics, Byron covered fresh data from the Mortgage Bankers Association and the U.S. Department of Labor, highlighting a 2.5% weekly decline in mortgage applications, a drop in the 30-year fixed mortgage rate to 6.57%, and unemployment claims data that pointed to a labor market remaining relatively stable despite a modest increase in new filings.