A buyer-friendly housing market may be on the horizon as the number of houses actively for sale grew again in June while the median home spent two more days on the market compared with last year at 45 days.

According to Realtor.com's June Housing Report, there were 36.7% more homes actively for sale on a typical day in June compared with the same time in 2023, marking the eighth consecutive month of annual inventory growth after a 17-month streak of decline.

The market appears to have stabilized as mortgage rates have stabilized due to better-than-expected CPI readings, the report said. Listing activity has been more sensitive to changes in mortgage rates because many sellers are themselves homebuyers and have a current mortgage with a rate well below today's market rate. Eighty-seven percent of outstanding mortgage loans are at a sub-6% rate, said the report. The decrease in mortgage rates in June likely contributed to an increased pace of growth in listing activity, and selling activity should continue to normalize as rates inch down, predicted Realtor.com.