Here’s a comparison of the last four Junes to those at the previous peak. Last time, the number of sales started declining, indicating trouble ahead.
In 2015 it appears that pricing has tapered, but sales are still looking strong – late reporters could make last month’s sales total the best of the foursome:
Sales are just the indicator – higher mortgage rates will be one of the main causes of market slowing when it happens. You hear it on the street already – buyers are preparing for a slower market, and they want to price it in now.