In the latest update on real estate trends, we're seeing that 20.4% of active listings have had price reductions—a shift that’s important to note for anyone considering buying or selling. Nationally, homes going under contract dipped by less than 1% in Mid-Q3, pausing an eight-month streak of gains as higher borrowing costs put the brakes on some buyers. The average 30-year fixed mortgage reached nearly 6.7% early in Mid-Q3 and remained at that elevated level, closing the period over 20 basis points higher than at the start of the quarter.
Despite this softer demand, the market remains active. The national median list price eased to $424,500, active listings increased by about 4%, and new listings saw a slight decrease. Interestingly, fewer sellers chose to pull their homes off the market, with delistings dropping around 13%. This slower pace is giving buyers more time to make decisions and negotiate, while sellers who price strategically are still finding success.
As we look to the coming months, steady mortgage rates could become just as influential as lower ones. If rates hover near 6.7%, we may see more price cuts or sellers opting to wait. With decades of experience helping clients navigate changing markets, I always prioritize providing clear guidance and representation grounded in integrity and deep market knowledge.
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