September brought some notable shifts in the U.S. housing market. Pending home sales broke their 8-month run of yearly gains, reflecting how higher borrowing costs have tempered buyer activity. Contracts signed were softer compared to last year, with homes now taking 60 days to sell. Mortgage rates have inched up from around 6% in late Q1 to the high-6% range, a trend many of my clients have been watching closely.
On the buyer side, there’s a bit more room to negotiate: the median list price eased to $424,500, price cuts touched nearly 20% of listings, and active inventory climbed about 4%. Delistings dropped year-over-year, but even so, national inventory remains roughly 11% below pre-pandemic averages—a sign that the underlying housing shortage is still with us, even as some buyers hesitate.
I keep a close eye on these market signals, especially strategic pricing and seller behavior, to help my clients in Orange County navigate with confidence. The way regional differences are narrowing as everyone adapts to firmer borrowing costs is especially relevant for anyone considering a move or investment right now. As always, local expertise and the right strategy make all the difference in today’s evolving market.
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