September brought some noteworthy shifts in the housing market that I think every home buyer and seller should know. Pending home sales dipped year-over-year, breaking an 8-month streak of gains as higher borrowing costs have made some buyers pause. Homes are now taking about 60 days to sell, and mortgage rates have climbed from around 6% in late Q1 to the high-6% range. That said, buyers are getting more room to negotiate: the median list price has edged down to $424,500, and about 20% of listings have seen price cuts. Delistings are down compared to last year, and active inventory has risen by roughly 4%. Still, national inventory is about 11% below typical pre-pandemic levels, reminding us that there’s an underlying shortage despite what feels like more choices. As always, I’m keeping an eye on seller strategies, pricing changes, and how different regions are adapting to these firmer borrowing costs—because finding you the right fit, even in a shifting market, is what I love to do.
Leave a Reply