Late in Q3, we saw nearly 21% of active listings undergo price cuts, with inventory reaching over 1.16 million homes—about 9% below what we’d expect pre-pandemic. Buyer activity stayed on the cautious side; homes under contract dropped around 4% year-over-year for the second month in a row, reflecting the pinch of higher mortgage costs on affordability. The national median list price hovered near $419K, down about 1% both month-over-month and year-over-year, making it the eleventh straight month of annual price declines. Price per square foot also dipped about 2% year-over-year. Sellers, for the most part, remained engaged: about 6% of listings were delisted, a figure that’s held steady, but we’re seeing more owners willing to negotiate and adjust pricing. The real question now—will these additional price cuts draw more buyers to the table, or will the combination of growing supply and softer demand keep this adjustment phase going? My approach is always to help buyers and sellers navigate these shifts with creative solutions and marketing that goes the extra mile.
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