As we moved through late Q3, buyers across the US found themselves facing the highest monthly payments seen in 14 months—reaching $2,600. With mortgage costs on the rise and median sale prices holding steady, affordability has become an even greater challenge. The national median home-sale price increased about 2% year over year, now sitting at approximately $399,000. This not only put added pressure on buyers, but also contributed to pending sales remaining flat month over month and lower compared to last year.
I’ve seen firsthand how these shifts can shape our strategies. Slight drops in mortgage-purchase applications and new listings—often influenced by holiday timing—still left inventory modestly above the same period last year. Interestingly, around 21% of active listings reduced their asking prices, and sharper, well-researched pricing continues to draw more buyer attention, while overpricing can lead to hesitation.
Inventory has improved as well, with active supply up about 2% year over year, now at 1.5 million homes nationwide and close to four months’ supply—though we're still not quite at a balanced market. In times like these, deep market knowledge and a strategic approach to pricing make a real difference. My experience, both in Michigan and globally, has taught me that adaptability and informed guidance are invaluable for anyone navigating today’s real estate landscape.
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