As someone who’s guided homebuyers and sellers through every kind of market since 1985, I pay close attention to shifts like we’re seeing now. US existing home sales have slipped below 4 million as of mid-Q3, dropping to a 3.98 million annual pace—a 14-month low and a 2% decrease month over month. This points to a softer national buyer pool, but also creates new opportunities for those ready to make their move.
With 30-year fixed mortgage rates averaging near 7% in mid-Q3, many buyers are pausing to reassess, but inventory is building: national supply hit 4.9 months, giving today’s buyers more choices than we’ve seen in a while. In fact, listings are up enough that more buyers are able to negotiate—something I always encourage my clients to take advantage of. The median existing-home price rose to $429,100, a new record for this time of year, with higher-priced homes remaining the most active market segment.
Rising wages and steady job growth are helping to balance out the higher rates. First-time buyers made up 30% of purchases, and 27% of recent sales were cash deals. Homes spent an average of 31 days on the market, underscoring the importance of thoughtful pricing and preparation.
Whether you’re a first-time buyer, planning a downsize, or navigating a major life transition, it’s essential to understand how these trends might shape your next steps. My role is to help you feel informed, protected, and confident—through every change in the market.
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