Recently, we’ve seen price reductions on about 20.4% of active home listings across the country. For families navigating the market—whether buying or selling—it’s important to know what’s happening behind the numbers. In mid-Q3, homes going under contract dropped by less than 1% compared to last year, ending an eight-month streak of gains. Higher borrowing costs are playing a big role: the average 30-year fixed mortgage reached around 6.7% early in the quarter, stayed high for weeks, and finished more than 20 basis points above where it started. Yet, even with demand cooling, the market kept moving. The national median list price dipped to $424,500, active listings increased by about 4%, and new listings edged down a bit. Sellers were less likely to pull their homes off the market, with delistings down roughly 13%. With things slowing down, buyers have more time and room to negotiate, but strategic pricing is helping sellers close deals. Looking ahead, it’s not just about lower mortgage rates—stability matters, too. If rates hover around 6.7%, we might see more price cuts or sellers choosing to wait. My focus is always on protecting your interests, whether you’re hoping to find your perfect home or make the most of your sale in this shifting market.
Leave a Reply