September brought some notable shifts in the housing market that every thoughtful buyer and seller should be aware of. Pending home sales dipped slightly year-over-year, ending eight months of steady gains—a clear sign that higher borrowing costs are impacting buyer enthusiasm. We also saw contract signings soften, homes spending an average of 60 days on the market, and mortgage rates rising from approximately 6% in late Q1 to the high-6% range now.
For those navigating the market, this has meant a bit more negotiating room: the median list price edged down to $424,500, about 20% of homes saw price cuts, delistings decreased compared to last year, and active inventory ticked up by roughly 4%. Still, even with more listings on the market, national inventory remains about 11% below typical pre-pandemic levels—reminding us that underlying housing shortages persist, despite today’s more cautious buyer sentiment.
As always, I’m closely tracking trends like seller delistings, evolving pricing strategies, and whether regional differences will continue to narrow as everyone adjusts to firmer borrowing costs. My commitment remains to guide you through these changes with integrity, insight, and attentive service tailored to your goals.
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