We’re seeing an interesting shift in the real estate landscape this Mid-Q3. Nationally, homes going under contract slipped by less than 1%—marking the first dip after eight consecutive months of gains. Higher borrowing costs are certainly at play, with the average 30-year fixed mortgage peaking near 6.7% and holding steady, more than 20 basis points above where we started Early-Q3.
Despite the softer demand, the market isn’t standing still. The national median list price has settled at $424,500, active listings are up about 4%, and new listings are just slightly down. Sellers, for the most part, are staying the course—delistings are actually down nearly 13%. This slower pace is giving buyers a bit more breathing room and leverage, while strategic pricing remains key for sellers to reach the finish line.
As someone who’s navigated hundreds of transactions and guided clients through changing markets, I see the big takeaway: steadier mortgage rates may be just as important as lower ones in the months ahead. If rates hover around 6.7%, we could see even more price adjustments or listings being pulled. Whether you’re buying or selling, a thoughtful, informed approach is more valuable than ever. My background in education and counseling reminds me that patience and clear guidance help everyone make the best move for their situation.
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