September’s housing market offered some important signals for buyers and sellers alike. Pending home sales dipped slightly compared to last year, ending an impressive eight-month run of gains—largely a response to higher borrowing costs that have tempered buyer enthusiasm. We’ve also seen contracts signed decline year-over-year, homes taking about 60 days to sell, and mortgage rates rising from around 6% in late Q1 to the high-6% range now.
For those searching for opportunities, buyers have started to see a bit more negotiating room: the median list price slipped to $424,500, about 20% of listings saw price cuts, and active inventory rose by roughly 4%. Fewer sellers removed their homes from the market compared to last year. Still, even with these shifts, national inventory remains about 11% below what’s typical before the pandemic—reminding us that the underlying housing shortage continues despite some current hesitation on the buyer side.
As always, I’m closely watching trends like seller delistings, pricing strategies, and how regional differences may narrow as everyone adapts to firmer borrowing costs. In a market that’s always evolving, my goal is to help you feel informed and confident at every step.
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