The sharp downturn that gripped the market through mid-2025 finally hit its brakes. By summer—around late June into July—things started looking different. The freefall momentum just... stopped. What came next was a stabilization phase, a shift into what you'd call a softer market environment, but one that's holding its ground.

The overall picture? National-level metrics are barely in positive territory year-over-year. We're talking marginal gains—nothing dramatic. But dig into the regional breakdown and you start seeing cracks. Nearly half of the major metropolitan statistical areas are running negative when you stack them against the same period last year. It's a mixed bag, really. Some pockets holding firm while others are grinding sideways or slipping.

This kind of bifurcated market dynamic matters because it signals we're past the panic phase, but we're not exactly roaring back either. Just a lot of regional variance and economic unevenness working through the system.