Nearly 1 in 5 active home listings—specifically, 20.4%—have seen price reductions recently, marking a shift worth noting. As someone who’s spent decades guiding clients through all types of markets, I can tell you that this kind of adjustment reflects the broader challenges we’re seeing nationally: homes going under contract dipped by less than 1% in mid-Q3, ending an eight-month stretch of gains. Higher borrowing costs, with the average 30-year fixed mortgage peaking near 6.7%, have certainly influenced buyer demand and the overall pace of transactions.
Despite these headwinds, the market remains dynamic. The national median list price dropped to $424,500, active listings edged up about 4%, and new listings tapered slightly. Interestingly, fewer sellers chose to step back, with delistings down around 13%. This slower tempo has given buyers a bit more time and leverage, while sellers who use strategic pricing are still closing successful deals—a balancing act I often discuss with both clients and fellow professionals. Looking ahead, it’s not just about whether rates fall, but whether they hold steady near 6.7%. If they do, we may see even more price adjustments or a pause in listings. Navigating these trends effectively takes a careful approach, and staying informed is key to making sound decisions in today’s market.
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