Wall Street just had its best quarter in 6 years. The S&P 500 rose 14.87%. The Nasdaq gained 21.41%. The Dow crossed 52,000 for the first time in history, and small caps logged their best first half in 35 years.
That is the story everyone will tell this month. Here is the one they will skip.
The Asset Nobody Sends a Statement For
Over the past 6 years, the typical U.S. homeowner gained $128,100 in housing wealth. In California, where prices run roughly double the national numbers, that figure is closer to $256,000 for many families.
Your 401k reports every quarter. Your bank app updates every morning. Your largest asset stays silent. Most homeowners can quote what the market did this week and cannot say what their own home is worth this month. That is not a small oversight. That is unmeasured wealth.
What the Quarter Actually Delivered
The rally had real fuel behind it. Tensions eased in the Middle East and oil prices fell to their lowest levels since February. Corporate earnings came in strong. And the Federal Reserve has a new chair. Kevin Warsh held rates steady at 3.5 to 3.75% at his first meeting in June and made his priority plain: get inflation back to 2%.
The inflation data cooperated. Consumer prices rose 0.5% in May, and more than 60% of that increase came from energy alone. Core inflation rose just 0.2%, cooler than expected. Meanwhile, employers added 172,000 jobs in May, more than double the forecast, and unemployment held at 4.3% for a third straight month. Growth, cooling inflation, steady jobs. That is the backdrop.
Housing Found Its Footing
Existing home sales jumped 3.2% in May, the biggest monthly increase of the year. The reason was simple: rates dipped in April and inventory rose, so buyers moved. The median existing home price hit $429,300, up 1.3% from a year ago. That is now 33 consecutive months of year-over-year price gains.
New construction tells a different story. Unsold new homes sit at 10.3 months of supply, which means builders in many markets are motivated to negotiate. And forecasters project median prices to rise about 4% in 2026 with existing home sales climbing 14%. The market is not waiting for anyone.
Equity Is Not a Reason to Rush the Payoff
Here is where most homeowners get the next move wrong. They see the equity number and decide to pay off the mortgage as fast as possible. Ron Siegel never recommends that. Extra principal payments lock your money inside the walls of your house and drain your liquidity. Equity you cannot reach is wealth on paper only. The goal is to know the number, keep your options open, and deploy it on purpose. Strategy Beats Rate. Always.
Know Your Numbers First
Every smart money decision starts the same way: with an accurate picture of what you have. Ron Siegel offers a free tool that shows your budget, your credit, and your assets in one place. Go to RSRLinks.com/KeySteps to get access. And for the asset you live in, Ron also offers a monthly home value report at RSRLinks.com/MyHome, so your biggest asset finally sends you a statement too.