In the current landscape, we’re seeing a notable shift: 20.4% of active listings experienced price reductions recently. Homes under contract nationally dipped by less than 1% in Mid-Q3, marking the first slip after eight months of gains—an outcome shaped by persistently higher borrowing costs. The average 30-year fixed mortgage rate peaked near 6.7% early in the quarter, remained elevated, and closed out Mid-Q3 more than 20 basis points above where it started. Even with demand softening, the market stayed dynamic: the national median list price eased to $424,500; active listings grew by about 4%, while new listings edged down a bit. Interestingly, fewer sellers left the market, with delistings down roughly 13%. This slower pace has provided buyers with greater leverage and time, yet thoughtful pricing strategies have continued to help sellers succeed. As we look ahead, it’s clear that stability in mortgage rates could prove just as influential as rate reductions. If rates hover around 6.7%, we may see more price adjustments or even some sellers withdrawing their listings. Navigating these shifts with expertise and market insight ensures that every client’s goals remain within reach—no matter where the market heads next.
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