June 2025 Monthly Housing Market Trends Report

• The inventory of homes for sale rose 28.9% year over year, marking the 20th consecutive month of inventory growth and the second consecutive month with over 1 million active listings. June 2025 inventory hit a new post-pandemic high, but remains 12.9% below pre-pandemic levels.
• The total number of unsold homes, including those under contract, was up 20% compared to last year. 
• Pending home sales—homes under contract—decreased 1.6% year-over-year. 
• Newly listed homes declined for a second straight month, but were up 6.2% year over year.
• Homes spent a median of 53 days on the market, five more than a year ago, but about the same level as pre-pandemic norms for June.
• The national median list price for homes was $440,950, up a modest 0.2% since last year, and remaining in line with 2022–24 levels. Median price per square foot increased by 0.7% year over year.
• Price cuts were reported on 20.7% of listings—the highest share for any June since at least 2016 and the sixth consecutive month with growing price reductions.

According to the NAR® June housing data, the housing market offered buyers more options, as inventory continued to climb for the 20th straight month and new listings increased year over year across every major region. Nationally, homes are taking five days longer to sell than a year ago. Overall, the market continues its slow and steady rebalancing heading into summer.

Still, large regional differences remain a defining feature of the housing outlook. For most major metros in the South and West, inventory and median time on market have surpassed typical pre-pandemic levels, putting downward pressure on list prices. The Northeast and Midwest, meanwhile, remain relatively tight and continue to see modest price growth. 

This month’s report includes a Seller Spotlight, which takes a closer look at how homeowners are responding to this softer, slower market—and what their choices reveal about the road ahead. Price cuts have emerged as a key trend in this spring’s housing market. With demand softening and competition increasing, sellers are adjusting—albeit selectively. In June, more than 1 in 5 listings saw a price reduction. Yet despite growing markdowns, national median list prices have held steady, suggesting most sellers are still anchored to peak-era expectations. Rather than dropping prices, many are choosing another path: pulling their home off the market altogether. De-listings outpaced overall inventory gains—jumping 35% year to date and 47% year over year in May, compared with active listing growth of 28.4% and 31.5%, respectively. The spike signals that some sellers would rather wait than negotiate, suggesting recent buyer-friendly momentum could wane.

Buyers gain options as inventory climbs again

Homebuyers found more options in June, as the number of actively listed homes rose 28.9% compared to the same time last year. This builds on May’s 30.1% increase and marks the 20th consecutive month of year-over-year inventory gains. The number of homes for sale topped 1 million (1.08 million) for the second consecutive month and exceeded 2020 levels for the third month in a row, a key pandemic recovery benchmark. Still, June inventory remains 12.9% below typical 2017–19 levels, down from 14.4% in May, indicating the market is closing the pre-pandemic inventory gap at an accelerating pace.

Total listing counts, which include both homes for sale and those under contract, also posted a 20% year-over-year increase, maintaining its 19-month streak.

While inventory was up, buyer activity was more subdued. Pending home sales—listings under contract—fell 1.6% year over year, following 2.6% drops in both May and April.

Newly listed homes increased 6.2% from last June, but are down from year-over-year increases of 7.2% in May and 9.2% in April. Overall, new listings are tracking well higher than in 2023 and 2024, but still far below the pre-pandemic norm. Typically, new listings ramp up through May, but this year’s spring homebuying season has been unusually muted. New listings peaked in April and have declined in each of the past two months, an indication that listing momentum is slowing as potential sellers pull back from the market.

Where housing inventory is growing the fastest

Inventory increased in all four major U.S. regions in June, though the pace varied:

• West: +38.3% 
• South: +29.4%
• Midwest: +21.3%
• Northeast: +17.6%

At the metro level, all of the 50 largest markets recorded year-over-year inventory growth. These markets saw the sharpest increases:

• Las Vegas (+77.6%)
• Washington, DC* (+63.6%)
• Raleigh (+56.4%)

Where housing inventory has recovered since the pandemic

In last month’s report, we mapped the striking regional divergence in inventory recovery. Compared with pre-pandemic norms, inventory in the West (+11.4%) and South (+4.7%) has recovered. But the Midwest (-40.3%) and Northeast (-51.4%) continue to lag significantly. These patterns reflect regional construction trends since the pandemic and longstanding housing supply gaps. Last month’s report also documented the strong correlation between metro-level new-construction and post-pandemic inventory recovery, with new construction in the South leading the way closing its pandemic inventory gap. 

At the metro level, all but four major Southern and Western metros (Birmingham, AL; Los Angeles, CA; San Diego, CA; Riverside, CA) now exceed their pre-pandemic inventory levels, while all major Northeastern and Midwestern metros still lag behind.

The greatest inventory relative to their pre-pandemic levels were seen in these markets: 

• Denver (+88.1%)
• Austin (+69.7%)
• San Antonio (+59.7%)

Where Has Inventory Recovered?

Percent Change in Active Listings, Pre-Pandemic* vs June 2025
https://www.datawrapper.de/_/qRFEv/

Inventory levels remain low throughout the Northeast and in parts of the Midwest. Despite year-over-year gains, the Washington, DC, metro* is still 16.6% below its 2017–19 norms, and the New York metro is 43.5% below pre-pandemic levels. 

These three metros recovered the least:

• Hartford, CT (-75.9%)
• Chicago (-59.1%)
• Virginia Beach, VA (-54.5%)

Seller activity picked up in most metros

Newly listed homes increased across all four regions in June:

• Northeast: +9.3%
• Midwest: +7.7%
• West: +7.3%
• South: +4.6%

Relative to pre-pandemic May months, the South is closest to full recovery, with new listings just 7.5% below historical norms. The Northeast continues to lag—down 26.6%—mirroring its persistent construction shortfall. Nationally, new listings are down 17.4% relative to their pre-pandemic norms.

Among the 50 largest metros, 42 saw a year-over-year increase in new listings. Just four are above pre-pandemic norms for new listings: Nashville, San Antonio, Houston, and Jacksonville—all softening Southern markets to watch.

These metros showed the strongest growth in newly listed homes over the past year:

• Milwaukee (18.5%)
• New York (+18.3%)
• Nashville (+18.1%)
• Indianapolis (14.6%)

Time on the market edges up further in most areas

In June, the typical home spent 53 days on the market, which is five days longer than the same time last year. This marks the 15th straight month of homes taking longer to sell on a year-over-year basis. Time on the market has normalized as a result, with homes spending the same number of days on the market as their June 2017–19 average.

Regional and metro trends: Time on the market keeps on ticking

All four regions saw year-over-year increases in time on market, reflecting broader cooling trends:

• South: +8 days
• West: +7 days
• Northeast: +3 days
• Midwest: +1 day

Relative to pre-pandemic norms, all regions but the West are still seeing quicker sales:

• West: 8 days slower
• South: 0 (same days as pre-pandemic norm)
• Midwest: 8 days faster
• Northeast: 11 days faster

Among the 50 largest U.S. metro areas, 39 saw homes linger longer than last year. This figure is likely a key contributor to the widespread year-over-year increases in active inventory. These metros saw the biggest slowdowns in time on the market:

• Nashville (+20 days)
• Orlando (+15 days)
• Miami (+15 days)
• Tucson (+12 days)

Just over half (26) of the top 50 markets are now seeing listings sit longer than their pre-pandemic averages, almost all of which are in the South and West—another indication of the geographic divergence in housing market conditions.

Seller Spotlight: How are sellers responding to a softer market?

With growing inventory and homes taking longer to sell, the U.S. housing market is undoubtedly shifting in a buyer-friendly direction. While the market certainly feels cooler to sellers, context is also important: The U.S. is coming off a very strong and sustained seller’s market, with historically low inventory and extremely quick sale times from 2020 through Spring 2022. Still, as the market regains some balance, many sellers are in unfamiliar territory —perhaps informed by their own home-buying experience—where pricing power is not a given. 

Median list prices have remained essentially flat since spring 2022, even as demand has noticeably softened, with sellers anchored to peak price expectations. And while 2025 has seen more price reductions (on a seasonal basis) than any year in NAR data, most listings are still holding firm, meaning today’s price dynamics are more about selective discounts than widespread declines.

Today’s sellers face a series of complex decisions: To list or not? At what price? When to cut, and by how much? Or pull the listing altogether and try again later?

The following section takes a pulse check on how sellers are answering such questions. In it, we explore how sellers are responding to softer conditions, whether they’re pricing to move or willing to wait or delist, and how these shifts are playing out across the country.

List prices remain flat nationally, but are falling in South and West

In June, the national median list price held at $440,950, up just 0.2% from this time last year, but essentially flat since last month. Price per square foot—a gauge of home values that accounts for the size of homes entering the market—was up 0.7%, indicating positive price pressure remains under the surface. 

Since June 2019, the typical list price has climbed over 37.8%, while price per square foot is up nearly 52.9%. These long-term increases have significantly affected affordability. Since 2022 though, national median list prices have been rather flat, with prices hovering in the $440,000 range in the past four June readings.

Regional list price patterns: Flat or falling in most areas

Year-over-year changes in median list prices by region:

• Northeast: +1.8%
• South: 0.0%
• West: -0.8%
• Midwest: -0.9%

When adjusting for changing home sizes, price per square foot tells a different story, with prices rising more robustly in the Northeast:

• Northeast: +4.0%
• Midwest: +1.3%
• West: +0.4%
• South: -0.3%

Among large metros, the biggest year-over-year median price increases were in the following:

• Baltimore (+7%)
• Virginia Beach (+5.2%)
• Buffalo (+3.8%)

The biggest year-over-year median price declines were in the following:

• Cincinnati (-6.3%)
• Sacramento (-4.8%)
• Miami (-4.7%)

Price reductions spread, with more than 1 in 5 listings cut

Even though overall asking prices haven’t declined, more sellers are making price cuts. In June, 20.7% of home listings had price reductions—up 2.3 percentage points from last year. This is the highest June share in NAR.com data going back to at least 2016. In fact, price reductions have been at their highest levels in our data going back to 2017 in each month since February 2025. 

Price reductions have become more common in each of the past six months, a trend suggesting that sellers are adjusting their expectations in the face of weaker buyer demand stemming from affordability challenges and increasing competition from other sellers due to rising inventory. Regionally, price reductions in June were significantly more common in the South and West (23% of listings) than they were in the Northeast (13% of listings), reflecting the inventory divergence across these regions.

Metros with the most listings with price cuts, often linked to slower demand, included the following:

• Denver (33.7% of listings)
• Phoenix (33.2%)
• Austin (32.7%)

Price Cuts Are Most Common in the South and West

Percent of Listings with a Price Reduction, June 2025

 https://www.datawrapper.de/_/NbJn5/

Are demotivated sellers calling it quits?

Today’s sellers find themselves in an unfamiliar and uncomfortable position—at least compared with the past several years. With supply increasing due to rising inventory and demand languishing as a result of high prices and interest rates, prospective sellers are likely to experience firsthand the least seller-friendly summer since at least 2016. Unlike in some previous housing cycles when stalling and falling prices turned underwater homeowners into highly motivated sellers, today’s homeowners are sitting on record-high levels of home equity, meaning many sellers are deciding to simply take their home off the market if no buyer will meet their asking price. As a result, this phenomenon may be in part both tempering the number of home sales and maintaining some upward pressure on sale prices. While the market might be becoming more buyer-friendly, sellers still hold a trump card: Delist the home and fish for that high asking price at a later date. 

The chart below shows national monthly de-listings (for counties in which we have sufficient de-listing coverage) since January 2022, when mortgage rates began to increase. While de-listing follows a strong seasonal pattern (highest in winter, lowest in summer—the reverse of listing and sale behavior), it’s clear to see that sellers have become much more likely to pull their home off the market in the past year or so. Since April 2024, every month has seen a positive year-over-year increase in de-listings, with particularly high levels in 2025. Overall, compared with last year, de-listings are up 35% year to date through May and 47% year over year, a more volatile measure. Going back further to 2023, de-listings through May 2025 are up 52.6% year to date. (Note: We allow a one-month lag for de-listing data in order to determine whether a delisted home was actually sold or truly delisted. This is why de-listings for May appear in June’s Monthly Housing Report.) 

To put the de-listing surge in context, active listings through May 2025 were up 28.4% year to date and 31.5% year over year, meaning de-listing growth is now outpacing inventory gains. Accordingly, de-listings as a share of total active listings is also increasing—from around 3.2% last May to 4.1% this year. Although there are more sellers this year, it also appears more are growing discouraged by the market. 

Another key metric is to compare the flow of de-listings to the flow of new listings over time. Over the past three months, the ratio of de-listings to new listings was about 0.13, meaning that for every 100 newly listed homes this spring, 13 previously listed homes were taken off the market—higher than each of the three previous springs (10 in 2024 and 2023, 6 in 2022).

Miami, Phoenix, and Houston were the metros with the highest absolute number of de-listings this May. (Note: Metro-level de-listing data was reported for only the metros in which we have sufficient de-listing data coverage.)

These metros had the highest ratio of de-listings to new listings in May:

• Phoenix: 30 (homes delisted per 100 new homes listed)
• Miami: 27
• Riverside, CA: 18

June 2025 Regional Statistics

June 2025 Housing Overview of the 50 Largest Metros 

With the cost of homeownership so high in San Diego, making the right decision about buying or selling a home can feel like a real challenge. Whether you're downsizing, upsizing, investing or cashing out all together...if you’re open to having the right team put in the work for you, we can get it done.

Hennin Foreman and The DHC Group can help you explore what’s possible and present pain free options that might work for you.

Let us know how we can help...comment “market” and we'll be in touch 

The housing market has largely been frozen since mortgage rates shot up a few years ago, but recent indicators have pointed to the possibility of an extended slump in prices.

The latest Case-Shiller home price report showed a 0.3% monthly fall in the 20-city index in April, steeper than March’s downwardly revised 0.2% dip.

In a note on Tuesday, Capital Economics warned that the back-to-back declines could signal a “deeper correction” ahead.

“After falling in March, the further 0.3% m/m decline in house prices in April raises the risk that prices are entering a sustained downturn, as the market finally buckles under the weight of near-7% mortgage rates”.

On a three-month annualized basis, house prices fell by 0.4%. And while prices are up on a year-over-year basis, it’s still the slowest pace since August 2023.

The Case-Shiller data isn’t the only red flag, as the FHFA price index showed a 0.4% monthly drop.

“Clearly, the existing homes market is losing momentum as demand remains anemic due to sky-high borrowing costs, while more people put their home up for sale, forcing sellers to adjust their price expectations”.

Previous data also line up with a downtrend. The median sale price of an existing home has dropped for five consecutive months on a seasonally adjusted basis. That’s as the number of homes available for sale is back around pre-pandemic levels.

To be sure, lower prices also make homes more attractive, potentially spurring more demand and representing some relief for younger homebuyers who are looking to buy but have been priced out of the market.

But economists flagged ongoing headwinds, attributing the price declines to high mortgage rates, elevated uncertainty, softening consumer demand, and a weakening labor market.

In addition, slowing activity in the housing sector overall is an early sign that underlying demand is weakening this year.

“While prices could still fluctuate month to month, consistent softening in median sale prices suggests the trend is likely to continue in more stable measures of new home prices like the Case Shiller index,” economists predicted. 

Capital Economics said there are still some reasons to believe a prolonged downturn can be avoided. Supply remains relatively tight overall, despite some expansion lately.

Meanwhile, the mortgage market is also healthy, reinforced by more than a decade of stricter lending standards instituted after the Global Financial Crisis. Also, continued resilience in the labor market should prevent forced selling in the housing market.

“All that being said, the weakness of the recent price data means that we have to start taking the prospect of an extended period of house price declines more seriously, which is something we will be considering for our upcoming U.S. housing outlook”.

With the cost of homeownership so high in San Diego, making the right decision about buying or selling a home can feel like a real challenge. Whether you're downsizing, upsizing, investing or cashing out all together...if you’re open to having the right team put in the work for you, we can get it done.

Hennin Foreman and The DHC Group can help you explore what’s possible and present pain free options that might work for you.

Let us know how we can help...comment “market” and we'll be in touch 

Only 28% of Homes Are Selling Above Asking Price...Lowest Springtime Level Since 2020

Pending home sales are down 1% year over year while new listings are still rising, giving buyers negotiating power. 

Just over 28% of San Diego homes are selling above the asking price, down from 32% a year earlier. That’s the lowest level for this time of year since 2020, when the start of the pandemic ground the housing market to a halt. 

That’s one signal of the shift toward a buyer’s market in much of the country. For the sake of comparison, more than half (53%) of homes sold above list price during this period in 2022, when the housing market was heavily favoring sellers. The share of homes selling above asking price has fallen year over year in all but five of the most populous U.S. metro areas; San Jose, CA, Anaheim, CA, and Oakland, CA saw the biggest declines, though more than half of homes are still selling above asking price in San Jose and Oakland.

Here are some other data points illustrating the tilt in buyers’ favor, and the slower-than-usual spring market (data is from the 4 weeks ending June 8):

• Pending U.S. home sales fell 1.1% year over year to their lowest level for this time of year in our records.
• Just over one-third (37.6%) of homes went under contract within two weeks, also the lowest level for this time of year since 2020. 
• There has been a big gap between the median list price and the median sale price for the last several weeks. The median sale price was $397,000, a $28,950 discount (-7%) from the median list price of roughly $425,950. For comparison, the median sale price was typically much higher than the median list price when the market was favoring sellers in 2021 and 2022. 

Prospective homebuyers are sidelined by widespread economic uncertainty and high housing costs. The median monthly housing payment is just $29 shy of its record high, with mortgage rates near 7% and sale prices up 1.6% year over year (though sale prices are lower than list prices).

“It’s still tough for many San Diegans to buy a home, as affordability remains a real challenge, but house hunters should know that sellers are accepting offers below asking price and giving concessions to get deals done,” said Hennin Foreman, The DHC Group team lead. “Buyers have negotiating power, especially if they’re flexible on timing or location, or if they’re willing to take on a fixer upper. Buyers should negotiate, and be prepared to move on to other homes if a seller is unwilling to meet them halfway; they may be able to get a better deal elsewhere.”

On the selling side, new listings are up 5.2% year over year. There are many more home sellers than buyers in the market. But it’s worth noting that mortgage-purchase applications are up 10% week over week, signaling that pending home sales could improve soon.

With the cost of homeownership so high in San Diego, making the right decision about buying or selling a home can feel like a real challenge. Whether you're downsizing, upsizing, investing or cashing out all together...if you’re open to having the right team put in the work for you, we can get it done.

Hennin Foreman and The DHC Group can help you explore what’s possible and present pain free options that might work for you.

Let us know how we can help...comment “market” and we'll be in touch 

National City - The first stateside location for the Michelin-recognized Tacos El Franc is opening at the Westfield Plaza Bonita by May 30. Famous for its adobada and carne asada on corn tortillas, the taqueria originally debuted in 1974 when Javier Valadez sold Tijuana-style tacos out of a street cart; he later opened his open-air, brick-and-mortar taqueria in 1996. The 6,000-square-foot restaurant will carry the same dishes with additions like fries cooked in beef tallow. The cheve bar will be serving up Mexican beer, micheladas, clamatoes, and caguama, which are large bottles of beer. Their second location will open at 528 Fifth Avenue in the Gaslamp Quarter in late June. 3030 Plaza Bonita Road, Space 1108, National City, CA 91950.

Tacos El Franc

Coronado - Anchoring the highly anticipated $550-million revitalization project at the Hotel Del Coronado is the Nobu Coronado, which held its soft opening on May 7. The 150-seat indoor-outdoor restaurant with panoramic views of the Pacific includes an eight-person sushi bar and a 12-seat pagoda bar with Japanese whiskeys, sake, and cocktails. The menu includes the iconic miso black cod, squid pasta with garlic sauce and A5 Wagyu, and sashimi plates. Special dishes for the Coronado location include lobster truffle tempura, beef kushiyaki skewers, and tai sweet shiso. 1500 Orange Avenue, Coronado, CA 92118.

Nobu on Coronado Island

East Village - A vibey brunch spot with bookcases and bespectacled roosters lining the walls opened downtown. Look for plates like the matcha and strawberries waffle pops, shrimp katsu Benedicts, guavas and cream French toast, and The Bucket, a hearty meal of fried chicken and buttermilk waffles in a familiar red-and white-striped bucket. Opened by the Rise and Shine Hospitality team, 6th & G Breakfast Co. is the team’s first foray into an elevated brunch arena, complete with imaginative cocktails like Cotton Candy Sugar Rain, made with gin, elderflower, and raspberry tea, topped with cotton candy cloud. 695 Sixth Ave, San Diego, CA 92101.

University Heights - A retro 1980s-Brooklyn-style pizza shop has opened in a 100-year-old building. Madison chef Tony Gutierrez partnered with Jose “Franky” Pereyra to launch Sonny’s, featuring a menu with dishes like pizzas like No Sleep Till Brooklyn (mozzarella and mushrooms) and Smoke on the Water (rapini, Italian sausage and smoked provolone). Other non-pizza items include Sonny’s burger, baked clams, and chicken Francese. Music vibes extend to the cocktail menu with drinks like Run DMC, made with Drambuie, mezcal, and cynar. 1728 Madison Avenue, San Diego, CA 92116.

Sonny’s University Height

Gaslamp Quarter - A new restaurant and bar debuted in the oldest hotel in San Diego, the Beau Hotel, formerly known as the Leland Hotel, which first opened in 1886. The original bar serves as the centerpiece at Bar at the Beau, featuring a wide range of cocktails paying homage to the hotel’s history. Menu highlights include duck pot pie, grilled oysters, and braised pork shank. 927 Sixth Ave, San Diego, CA 92101.

Bar at the Beau

Chula Vista - A dumpling restaurant that’s been honored with a Michelin Bib Gourmand for consecutive years has opened its first San Diego location in Eastlake. Luscious Dumplings got its start in San Gabriel in 2001 before branching out to other locations. Given that it’s best known for its Northern-style handmade dumplings, first-timers should be sure to order the boiled chive, pork, egg, and shrimp dumplings, pan-fried pork dumplings, steamed soup dumplings, and stewed Angus beef noodle soup. 872 Eastlake Pkwy Suite 413, Chula Vista, CA 91914.

Midway District - Opening in mid-June is Pho Leo and Grill, a Vietnamese restaurant with an open-concept grill center where meats will be made to order, a tradition commonly found in Vietnam. In addition to the grilled meat and 24-hour marinated rack of ribs roasting in a customized rotisserie, pho noodles will be made with rice flour each morning and com tam, a broken rice plate with grilled pork chops and steamed or fried eggs, will also be made to order. Owner Johnny Le will handle operations and Leo Truong brings his culinary expertise from Cu Chi, Vietnam where he owned a restaurant. Replacing Yum Yum Buffet, the renovated 6,300-square-foot restaurant can seat up to 150 people. 2855 Midway Dr, San Diego, CA 92110.

Pho Leo and Grill

Serra Mesa - From the family behind Cross Street Chicken and Beer, Grandma Tofu and BBQ, and Sunday Ice Cream, Edi Coffee is opening in Kearny Villa Square, next door to Pho Duyen Mai. The Korean-style “Anju” café will serve small bar plates, along with coffee, natural wines, beer, and soju cocktails in a mobile cart style. The casual bar will also serve small Korean appetizers, like chicken wings, to accompany the drinks. 5375 Kearny Villa Road, Unit 113, San Diego, CA 92123.

Let me know if I missed any of your favorites in the comments below...

Trying to time the market and make the right decision about buying or selling a home can feel like a real challenge... if you’re open to having a conversation with the right team to clear the path and answer the questions for you, we can do that!

We can help you explore your options to devise a course of action that might work for you.

Let us know how we can help...comment “MARKET” and we'll be in touch

They say you can’t time the housing market, but as we are acutely aware, some times are better for buyers than others. Like now, as the market has softened, primarily because high interest rates put a monthly mortgage rate out of reach for many.

Redfin says 44% of sellers are granting concessions to buyers, and 13% of all sales in March were canceled due to jittery buyers in an uncertain economy with high interest rates.

According to Lawrence Yun, chief economist at the National Association of Realtors, inventory rose in March, homes are languishing longer on market and people are staying put. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society,” he said in a statement. Still, prices stayed high. “In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights. With mortgage delinquencies at near-historical lows, the housing market is on solid footing. A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability.”

It may be a crazy time to buy, but home shoppers can do jiu-jitsu and use the soft market to their advantage. However, it's time to think past the paint job and cosmetic updates and ask for strategic concessions that will lower the costs of owning a home.

There may be room to ask for cosmetics concessions - such as updating the kitchen or painting the home - but those won’t return as much as the ones that save money month after month. You could even use the savings to fund those fixes. San Diego-based Hennin Foreman, team lead for The DHC Group, says in the past few months, he’s been seeing an uptick in interest-rate buydowns to close deals. Instead of asking for a price reduction, a 2% to 4% buydown concession lowers the interest rate, which can amount to significant savings over the long haul. Buydowns can be temporary or for the life of the loan, and they typically cost 1% of the loan.

Here’s an example of how that would work on an $800,000, 30-year mortgage (without taxes and insurance included): At 6.5%, the monthly payment would be $5,056.54. If the seller buys down that interest rate to 4% at the cost of $20,000, the buyer pays $3,819.32 monthly. If the buyer instead asked for a $20,000 reduction in price instead, which would cost the seller the same amount of money, the monthly payment would be $4,930.13 — more than $1,000 difference without much help on the property tax end.

The second strategic concession buyers are asking for - and getting - is based on mitigating insurance costs. “The age of the roof is one of the most important things for buyers these days,” is a common theme. “Probably the number one request for a seller reduction to either fix the roof, replace the roof or get a monetary amount scored a credit at closing because of the roof. So anything that's going to affect the cost of insurance is a typical request from a buyer, and the easiest request after that inspection period is typically a credit at closing so that the buyer can complete it.”

This might look like fire abatement measures in wildfire-prone areas, or updating HVAC, plumbing and electrical systems, or earthquake retrofitting — which also improve home values when you’re ready to sell. For condo buyers, it’s not out of line to ask for HOA fees for a period of time. You could also get creative and ask for utility bill payments, soil and water testing, moving costs and whatever else might sweeten the deal.

Negotiating is a brain game

Hennin says asking for a straight-up price reduction can put a buyer at risk of losing a sale. “It is just as much financial as it is psychological,” he said. It can be insulting to imply a seller has priced the home incorrectly, or that it’s not worth what they think it is. “I always advise clients to go after the actual selling concession to offset your clothing costs versus going after the actual price point.”

Another thing buyers can use to their advantage is seasonal timing. In spring, more homes are on the market, more people are looking to relocate before school starts and buyers will have competition. During the winter holidays, fewer homes are available but sellers may also be more motivated if they’re trying to close a sale by the end of the year.

“They always say the best time to buy is yesterday, and the second-best is today,” Foreman said. “If they are waiting, then they can essentially be priced out of the market, because that property is going to continue to appreciate in value.”

Trying to time the market and make the right decision about buying or selling a home can feel like a real challenge... if you’re open to having a conversation with the right team to clear the path and answer the questions for you, we can do that!

We can help you explore your options to devise a course of action that might work for you.

Let us know how we can help...comment “what to do” and we'll be in touch

Mortgage rates will stay largely unchanged after the Fed held rates steady at its May meeting, opting to remain in a noncommittal “wait-and-see” mode until more information is known about the state of the U.S. economy.

The Fed kept the Federal Funds rate unchanged, as expected, and signaled no action on rates until there is “further clarity” on trade policy. Chair Powell’s press conference message was fairly simple: The Fed is in no hurry to do anything. He emphasized the high level of uncertainty associated with the tariffs themselves and their economic effect, saying “risks have risen, but they haven’t materialized yet.” Bond markets had been expecting a cut at the June Fed meeting—until last Friday’s strong jobs report. Since then, rates have risen slightly as investors pushed expectations for a cut back to the July Fed meeting. Today’s meeting did not include an update to the Fed’s forecast for interest rates, as it is only updated every other meeting. If it did, however, the forecast would probably show fewer 2025 rate cuts than the three that bond market investors are currently expecting.

Looking ahead, with the dual risk of higher inflation and unemployment putting the Fed in a bind, it is difficult to imagine any relief for mortgage rates without a fairly severe recession. The Fed’s mandate is to keep both inflation and unemployment low, but the economic risks that high tariffs pose threaten both sides of that mandate. As Chair Powell said: “If inflation is rising while unemployment is going up, which isn’t a choice we currently face, this would be a complicated and challenging judgment that we’d have to make.” Recent experience suggests that unless the Fed is very confident that the inflation risks are temporary and/or the recession risks become outsized, the Fed will choose to fight inflation by keeping rates high, rather than boost employment by bringing rates down.

Trying to time the market and make the right decision about buying or selling a home can feel like a real challenge... if you’re open to having a conversation with the right team to clear the path and answer the questions for you, we can do that!

We can help you explore your options to devise a course of action that might work for you.

Let us know how we can help...comment “what to do” and we'll be in touch

When it comes to burgers, everyone has an opinion. What’s better, a thick, juicy patty or a “smashed” patty with crispy edges? Is a sesame-topped, brioche, or egg bun superior? Do fancy restaurant burgers outrank inexpensive ones at casual places — or is it the other way around? And don’t overlook the ones from steakhouses or butcher shops, where the burgers are often made from steak trimmings.

This list of essential burgers includes everything from under-the-radar, under-$10 selections to those with ingredients of such high quality that it proves that a burger can indeed be a very fine dish.

Hamburger Hut

This Encinitas institution on Pacific Coast Highway isn’t just a burger joint. While the interior dining area is decked out in disco lights, the outdoor patio has a fire pit and live music on select nights. Go for the classic smash burger, made with Brandt beef, bundled with lettuce, tomatoes, onions, and thousand island dressing in a Hawaiian buns.  

576 North Coast Highway 101, Encinitas, California 92024

(760) 230-1999

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Swagyu Chop Shop

Swagyu is going back to the basics with a renewed emphasis on their signature wagyu smash burger. The ½-pound OG burger is a blend of Australian, American, and Japanese wagyu, while the American wagyu burger is the more economical option. Though its other locations have shuttered the Poway branch is still open for burgers while a new outpost in the Westfield UTC food court is due in late March. Swagyu is currently reshuffling, focusing on expanding on LA and Orange County.

14149 Twin Peaks Road, Poway, California 92064

747-338-1105

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The Swagyu Burger

The Butchery

Don’t sleep on this butcher shop and specialty store’s kitchen menu, which includes a mighty-fine grilled steak tip sandwich as well as a standout burger comprised of a house-ground patty, grilled onions, American cheese, arugula, and tomato. Located in the One Paseo in North County, be sure to grab something from the meat case as well.

3720 Caminito Court, San Diego, California 92130

(858) 345-1524

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The Grill at The Lodge at Torrey Pines

Easily one of San Diego’s most classic burgers, the Grill at Torrey Pines’ Drugstore Burger is a slice of Americana. A nostalgic ode to Midwest lunch counters of years gone by, the simple-yet-perfect drugstore burger consists of Niman Ranch chuck and house-made mayo on a sesame bun. An industry favorite, it’s also available at the hotel bar and by request at its fine dining restaurant, A.R. Valentien.

11480 N Torrey Pines Rd, La Jolla, CA 92037

(858) 453-4420

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Nine-Ten Restaurant and Bar

Known best for exquisite fine dining dishes, those in the know are hip to the fact that La Jolla’s Nine-Ten Restaurant and Bar also serves a very fine burger. The half-pound patty, made of grass-fed beef, is served on a brioche bun with sides of pickled veggies and perfectly fried fries, which can also be truffle-ized for a few bucks more.

910 Prospect St (at Jenner St), La Jolla, CA 92037

(858) 964-5400

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Nine-Nine-Ten Restaurant

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Rosemarie’s Burgers

Specializing in sliders, the Mission Beach burger joint uses wagyu beef between their buns. The Classic comes with onion confit and Kewpie mayo dressing up their double patties. Another version (with daily limited availability) features bacon whiskey sauce and baby arugula. Choose two or three sliders, along with hand-cut pommes frites, for a meal.

3852 Mission Blvd., San Diego, 92109

858-999-0233

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Eat Crispy Burger

One of the newest burger joints on the scene, the popular North County restaurant plans on having five locations by the end of the year, expanding south to Kearny Mesa as well as Chula Vista’s Eastlake neighborhood. The popular “OG” crispy smash burger boasts Angus beef patties, grilled crispy at a high temperature, and served with American cheese, grilled onions, and Thousand Island dressing. 

905 Orpheus Ave. Encinitas, CA 92024

(760) 230-3535

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Original “OG” Crispy Double Burger

Rocky's Crown Pub

Very little about no-frills, cash-only legendary burger joint has changed since the 1970s, except that it’s become a bit more crowded due to its high-flying reputation. Proving that beauty often lies in simplicity, diners can order a perfectly greasy third- or half-pound burger with lettuce, tomato, onion, and cheese with pickles on the side and pickled banana peppers in a tableside pot.

The Friendly

The Dirty Flat Top cheeseburger features two patties smashed so hard on the grill that the seared edges turn remarkably crispy. Then a slice of good ol’ American cheese is applied, melted so that it practically merges with the patty. Both of two locations have the Dirty Flat Top, along with burger varieties created by each chef.

4592 30th St, San Diego, CA 92116

(619) 892-7840

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The Wise Ox Butcher & Eatery

Order from this butcher and know you’re getting quality burgers where beef is the star. The daily menu selection features two burgers: a double cheeseburger featuring two ground chuck patties thousand island dressing, lettuce and pickle. Then there’s the dry-aged burger where the meat truly shines and is accompanied by house cured bacon, havarti, mayo, mustard and pickles.

2855 El Cajon Boulevard, CA 92104

(619) 564-8976

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Crazee Burger

Crazee Burger is best known for its exotic wild game burgers with toppings to match, such as elk with port wine and currant jelly reduction and wild boar with red wine-poached pears, mushrooms, bacon, whipped cream and plum jelly. But the more approachable burgers made with fresh black Angus meat or A5 wagyu shouldn’t be overlooked, especially by first-time visitors.

3993 30th St, San Diego, CA 92104

(619) 282-6044

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Chubby Charlie at Crazee Burger

Canada Steak Burger

A father-son team has been running this classic local restaurant for decades. The charbroiled steak burger comes in 4-ounce, 6-ounce, or 8-ounce seasoned patties. An optional add-on to the burger is gyro meat from their Greek family recipe. 

3604 University Ave (at 36th St), San Diego, CA 92104

(619) 283-4345

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Hodad's

Byron and Virginia Hardin established Hodad’s in Ocean Beach as a burger stand in 1973. These days, there are two full-fledged restaurant locations operated by their grandchildren. Hodad’s is probably the most famous name in San Diego burgers, thanks in part to national recognition. The burgers are huge; a double bacon cheeseburger ordered “all the way” is half a foot tall and more than a meal for two. Get the best of two worlds and order “frings” — a mix of both the onion rings and wonderful fries with battered exteriors and interiors almost as tender as mashed potatoes.

5010 Newport Ave (at Bacon St), San Diego, CA 92107

(619) 224-4623

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Double Bacon Cheeseburger at Hodad’s

Bun & Patti

The Little Italy bistro does their burgers with lettuce, sauteed onions, cheddar, and secret sauce on toasted brioche buns. The Model is their gluten-free option with avocado and vegan secret sauce on a gluten-free bun. Accessorize your burger with the boujee tots paired with caviar, egg, and lime crème fraiche. 

2171 Kettner Blvd, San Diego, CA 92101

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Waterfront Bar & Grill

One of San Diego’s oldest watering holes serves a burger that’ll complement any beer on the menu. Their signature waterfront burger is a one-third-pound burger with two slices of American cheese on a fresh baked bun but it’s the pile of grilled onions that adds the punch of flavor.

2044 Kettner Blvd, San Diego, CA 92101

(619) 232-9656

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The Balboa

You’ll find friendly service in the Balboa’s bars in Banker’s Hill and Chula Vista. Their well-loved Original Balboa burger features their own aioli, along with lettuce, tomato, and onions on a brioche bun. Pair with a brew or a cocktail, like the Balboa with Hennessey whiskey and sarsaparilla bitters.

1863 Fifth Avenue, CA 92101

(619) 955-8525

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Two Ducks

This game meat-focused bar and restaurant serves a “Wild Style” burger with boar bacon jam and crispy shallots or you can also order the more traditional “Our Burger” with wagyu blend, cheddar, and pickles. Food is served until 1 a.m. here, along with a daily happy hour available from 4 to 6 p.m.

629 Kettner Blvd, San Diego, CA 92101

(619) 564-6924

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Hayes Burger

There’s beauty in simplicity when it comes to the burgers sold at this popular Barrio Logan spot. The streamlined menu offers a burger, a cheeseburger, and a double cheeseburger; all served in a brioche bun. Ask for the patty to be cooked with mustard and try the homemade habanero ketchup or the Jimi (Hendrix) spicy fries sprinkled with habaneros.

2060 Logan Ave, San Diego, CA 92113

(619) 539-7175

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Hayes Burger

Is there a San Diego burger you can’t live without? Let us know in the comments.

Five years after a historic boom in home purchases driven by the COVID-19 pandemic, a new wave of home sales is emerging – this time from millennials who say they regret the decision to buy.

Triggered by changing life circumstances, economic pressures and a mismatch between expectations and reality, many of these homeowners are reversing course, according to a new report.

Why It Matters

At the height of the pandemic, historically low mortgage rates and the flexibility of

remote work encouraged millions to enter the housing market quickly.

Millennials, many of whom were first-time buyers, made rapid decisions in competitive markets, often forgoing inspections or long-term planning in favor of securing a home while interest rates hovered around 2 to 3 percent.

Now, that landscape has shifted dramatically. With mortgage rates approaching 7 percent, inflation pushing up the cost of living, and employers rolling back remote work policies, the realities of home ownership have collided with the optimism of early pandemic buying.

What To Know

Roughly 86 percent of millennials who are selling their homes said they made mistakes in terms of buying their home during the pandemic, according to the 2025 First-Time Home Seller Report.

Nearly all of first-time home sellers who were surveyed—91 percent—said those mistakes played a major role in their decision to sell.

In 2020 and 2021, the housing market experienced a surge in demand, driven by a mix of low interest rates, remote work flexibility and people leaving cities.

The median U.S. home price jumped from $289,000 in 2020 to $418,000 by early 2025—an increase of about 45 percent, according to Axios.

A February 2025 survey by Real Estate Witch reported that 56 percent of people who bought homes after 2020 have experienced buyer's remorse. Nearly one-third say their home purchase negatively impacted their finances, due in part to escalating costs for taxes, insurance and repairs.

Homeowners now pay an estimated $24,000 annually on top of their mortgages for the added costs.

Compounding the issue, many millennials who relocated during the pandemic did so assuming remote work would be permanent. With companies increasingly requiring a return to the office, long commutes and the need to relocate again have become significant stressors.

It was found that 23 percent of millennial sellers cited the end of remote work as a key reason for moving.

Although younger and lower-income buyers surged into the market during the pandemic, tight affordability in 2022 and beyond has already started reversing those gains, the Federal Reserve Bank of San Francisco said in its October 2024 research brief.

What People Are Saying

Joel Berner, senior economist at Realtor.com, told Newsweek: "The Covid-19 pandemic offered some prime opportunities for homebuyers, with low listing prices (at least early on) and record-low mortgage rates. Homeownership became a possibility for many, especially younger buyers, when these financial opportunities were combined with newfound lifestyle flexibility in the form of remote work."

Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com, told Newsweek: "In the spring of 2020, as the world retreated indoors, millennials found themselves scrolling through Zillow listings while working from cramped studio apartments. Then they made the most expensive panic buy of their lives. The trend has been dubbed "pandemic homebuyer's remorse" by real estate analysts."

"But as remote work policies shifted and the reality of suburban life set in, many millennials began questioning their decisions. Long commutes, isolation from friends, and unexpected maintenance costs have turned dream homes into financial and emotional burdens."

Nationwide title and escrow expert Alan Chang told Newsweek: "As remote work policies have changed at many larger companies, there has been a renewed push to move back to major metros where housing costs generally remain high.

"The responsibilities of homeownership are not small and some found it to be more than anticipated. A chance to cash out their equity to relocate has been an easy one for some."

Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "The pandemic had a 'buy now, think later' aspect to the housing market. Many millennials saw the era as a time to relocate and could do so at more affordable interest rates. It's very possible some were even paying less for a monthly mortgage payment than they were in rent."

What Happens Next

Rather than reinvesting in new homes, many millennials are opting for a pause.

It's reported that 64 percent of first-time home sellers don't plan to buy again immediately. Some are returning to rentals, others to shared living arrangements or simply waiting for better market conditions.

"If it is actually the case that these buyers have such regrets that they will rent their next home instead, which is not a clear conclusion, it could signal some softening in for sale home demand," Berner said.

The idea of a "forever home" may be fading, with more millennials treating homeownership as a flexible financial decision rather than a lifetime commitment. As the housing market adjusts to post-pandemic realities, the experience of these sellers could reshape how the next generation approaches buying a home.

"Now, though, those same purchases may have them feeling locked in, as with higher prices and interest rates, it's been more difficult to sell, expenses involving home ownership have increased, and not being able to easily move may keep them out of the running for new opportunities that require an in-person component. The home ownership equation just isn't working for them," Beene said.

Do you regret buying a home during the pandemic? I want to hear from you. Please email Hennin Foreman at hennin@dhc-realestate.com.