Current housing data is giving buyers more leverage than we've seen in quite some time. Heading into late Q3, about 21% of active listings had price cuts, and inventory surpassed 1.16 million homes—now just 9% below typical pre-pandemic levels. Buyer activity has remained measured, with homes under contract down roughly 4% year-over-year for the second month in a row. Clearly, higher mortgage costs are still impacting affordability and keeping some on the sidelines.
The national median list price stood at about $419,000, down 1% both month-over-month and year-over-year—marking an 11-month stretch of year-over-year declines. Price per square foot has also dipped by about 2% compared to last year. Sellers, however, are largely staying the course: around 6% of listings were delisted, which is steady with last year, but more owners are adjusting prices and leaving the door open for negotiation.
As both a Realtor and Loan Officer, I’m closely watching how these shifts might open up new opportunities for buyers and sellers alike. The big question now: Will further price cuts spark more signed contracts, or will increased supply and softer demand keep this period of adjustment going? Navigating these dynamics is where strategic guidance and deep market knowledge really matter.
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