According to Freddie Mac, the average 30-year fixed-rate mortgage rate fell to 6.69 percent for the week ending June 15, down from 6.71 percent the week before.

However, while all eyes have been on rates lately, there has been more of a seismic shift in real estate that hasn't happened in Realtor.com®'s data collection history since 2017: the median listing price was 0.9% lower in the week ending June 10 than it was in the same week last year.

Homebuyers everywhere should solemnly (or ecstatically) pause for a moment to appreciate this. For the past six years, listing prices have been rising endlessly. To see them drop, even just a little, is a very important thing.

"Falling listing prices offer potential opportunities for homebuyers, especially given the greater number of homes available compared to the same period last year," noted Realtor.com economist Jiayi Xu in her recent analysis of housing data.

Mortgage rates are down, home prices are down and there are more homes on the market. Is this the trifecta that weary homebuyers have been waiting for? In our latest installment of "How's the Housing Market This Week?" we take a look at what the latest housing statistics mean for buyers and sellers.

The pause in rate hikes this week could be a turning point, although the Federal Reserve has indicated that rate hikes may not be over. If inflation doesn't subside, another rate hike or two could happen later this year.

Higher rates could shake up an already fragile housing market, so much so that Lawrence Yun, chief economist for the National Association of REALTORS®, urged the Fed to actually go a step further and cut rates.

"Given the balance sheet difficulties facing community banks and the weakness in the commercial real estate sector, the Fed should consider cutting rates before the end of the year," he said in a statement released Wednesday.

However, if rates do fall and inflation continues to slow, Danielle Hale, chief economist at Realtor.com, expects mortgage rates to fall further, reaching a low of 6 percent by year-end.

In addition to falling mortgage rates, home prices appear to have taken a long-overdue turnaround.

Home prices peaked at $ 449,000 last June and $ 441,000 in May. It remains to be seen how home prices this June will compare to last year's all-time high, although the recent price decline offers what Hsu calls a "glimmer of hope" for future home price declines.

And it's not federal agencies that are leading the downward trend here; it's homebuyers fed up with high interest rates and high home prices who are refusing offers.

"Homebuyer indecision has played a significant role in driving this decline," Hsu said.

Inventory is up 10 percent from 2022.

While homebuyers are putting their foot down on high home prices, sellers are not easily caving to their demands. The number of new homes on the market has been declining over the past 49 weeks. In the week ending June 10, 22% fewer homes entered the market than a year ago.

However, despite the lack of new listings, there are still plenty of homes for sale - that is, for buyers willing to sift through poorer listings that may have been on the market for some time.

In fact, active inventory growth (i.e., the mix of new and older listings) was up 10 percent in the week ending June 10 compared to last year.

"The number of homes for sale continues to grow, but the pace is slowing compared to a year ago," Xu said.

For 47 weeks, homes are taking longer to sell. In the week ending June 10, listings lingered 13 days longer than last year.

"Despite this, housing data for May shows homes stayed on the market for only 43 days, faster than the average May from 2017 to 2019," Xu said.

However, while some buyers are taking action, many are waiting to see how the economy changes. The cost of owning a home is still too high for some buyers. And no one wants to take a detour financially because it could break at any time.

"Near-record-high mortgage rates and still-high listing prices continue to pose barriers to homeownership," Xu said.