September has brought some notable shifts in the U.S. housing market. Pending home sales have dipped slightly compared to last year, ending an impressive eight-month streak of gains. Higher borrowing costs are definitely making buyers pause, and we’re seeing that reflected in contract signings and longer selling timelines—homes now take about 60 days to sell. Mortgage rates have climbed from around 6% in late Q1 to the high-6% range, adding another layer of complexity for buyers and sellers alike.
For those seeking opportunities, there’s good news: buyers have a bit more leverage right now. The median list price has edged down to $424,500, about 20% of active listings have seen price cuts, and delistings are down compared to last year. Active inventory is up by about 4%. Still, even with more homes on the market, national inventory remains about 11% below typical levels from before the pandemic. This speaks to the ongoing housing shortage many of us feel, even as buyers are more hesitant.
As a Realtor who’s passionate about guiding clients through these transitions, I’m closely watching how sellers adjust their pricing strategies and how regional differences may evolve as everyone adapts to the realities of higher mortgage rates. Navigating these changes takes both knowledge and compassion—both of which are at the heart of my approach to real estate.
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