September brought a shift in the national housing landscape: pending home sales just dipped into negative territory year-over-year, ending eight months of gains as higher borrowing costs began to temper buyer enthusiasm. We also saw contract signings soften and average days on market stretch to 60. Since late Q1, mortgage rates have climbed from around 6% to the high-6% range, reshaping how both buyers and sellers approach their decisions.
For those navigating these changes, there are some notable shifts in leverage. The median list price eased to $424,500, price reductions now touch about 20% of active listings, delistings have fallen, and active inventory is up roughly 4%. Yet, despite these new listings, national inventory remains about 11% below typical pre-pandemic levels—a reminder that our housing shortage is still a real undercurrent, even as buyer momentum slows.
As someone who helps clients chart a course through both rising-rate environments and competitive markets, I’m watching the evolving strategies around pricing and seller delistings closely. The question now is whether regional gaps will continue to close as everyone adapts to these firmer borrowing costs. In every environment, clarity and preparation remain your best tools for making confident, informed decisions.
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