Signs of a “stagnant late-spring housing market“ emerged in June as U.S. home prices declined for the first time this year and purchase mortgage locks fell by 8% year over year.

That’s a key takeaway from the June 2024 Market Advantage report released Wednesday by Optimal Blue. The report, which covers the 20 largest U.S. metro areas, shows that the average home purchase price of $478,800 in June was down about $1,500 compared to May. The volume of locked loans (including purchases and refinances) rose 2% from the prior month when accounting for fewer days of production in details ⇒

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