September’s housing landscape is shifting, as we saw pending home sales dip slightly year-over-year, ending an eight-month stretch of gains. Higher borrowing costs have clearly slowed buyer momentum, and contract signings have softened as well. Homes now take about 60 days to sell, with mortgage rates climbing from around 6% in late Q1 to the high-6% range recently. Buyers are finding a bit more leverage: the median list price has edged down to $424,500, nearly 20% of listings have seen price cuts, delistings are down compared to last year, and active inventory has ticked up by about 4%. Yet, even with more listings, national inventory remains roughly 11% below typical pre-pandemic levels—highlighting that the underlying housing shortage persists, despite some current buyer hesitation. The market is watching seller delistings, pricing shifts, and whether regional trends start to align in response to these firmer borrowing costs. In moments like these, a deep understanding of market dynamics and access to sophisticated technology and marketing become essential—qualities I’m proud to bring to every client relationship.
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