Across the country, we’re seeing a shift: 20.4% of active home listings have experienced price reductions lately. After eight months of steady contract growth, homes going under contract dipped by less than 1% in Mid-Q3, as higher borrowing costs began to impact buyer demand. The average 30-year fixed mortgage rate peaked near 6.7% early in Mid-Q3, remained elevated for several weeks, and ended the period over 20 basis points above where it started in Early-Q3. Despite this softer demand, the market kept moving—national median list price declined to $424,500, active listings climbed around 4%, and new listings edged down slightly. Fewer sellers decided to withdraw, with delistings down about 13%. Slower activity has given buyers a bit more time and leverage, but smart pricing is still helping sellers close deals. As we look ahead, the steadiness of mortgage rates may prove just as important as how high or low they go. If rates hover around 6.7%, we could see more sellers making price adjustments or stepping back from the market. Having guided buyers and sellers through changing markets across Rosenberg, Sugar Land, and beyond for over 17 years, I know how critical it is to adapt strategies when the landscape shifts.
Price Reductions Hit 20.4% of Active Listings
