September brought a noticeable shift in the U.S. housing landscape. For the first time in eight months, pending home sales turned slightly negative year-over-year as rising borrowing costs began to slow buyer activity. Contract signings softened, and the average time for a home to sell stretched to 60 days. Mortgage rates climbed from around 6% in late Q1 to the high-6% range, adding another layer of complexity for buyers and sellers alike.
Yet, buyers are finding new opportunities—median list prices slipped to $424,500, nearly 20% of listings saw price cuts, and active inventory rose about 4%. Still, despite more listings, overall national inventory remains roughly 11% below typical pre-pandemic levels, underscoring our ongoing housing shortage even as buyers hesitate.
As someone who studies hyper-local trends and customizes strategies for every client, I’m closely watching seller delistings, pricing tactics, and how regional differences play out as everyone adjusts to these firmer borrowing costs. Understanding these shifts is key—whether you’re looking to maximize your sale or find the right home for your needs.
