We're seeing a notable shift: 20.4% of active listings nationally have experienced price reductions. In mid-Q3, homes going under contract dipped by less than 1% year-over-year, ending an impressive eight-month streak of gains. The average 30-year fixed mortgage rate peaked around 6.7% and remained high, finishing the period over 20 basis points above where it started earlier in Q3.
Even as demand softened, the market remained active. The national median list price declined to $424,500, active listings increased by about 4%, and new listings edged down slightly. Fewer sellers decided to withdraw, with delistings dropping roughly 13%. For buyers, slower activity has meant more time and leverage—yet sellers who priced strategically still achieved successful sales.
As someone who’s navigated all kinds of markets here in Orange County, I know firsthand that strategic pricing and timing are critical—especially when mortgage rates hold steady near 6.7%. If rates remain at these levels, we may see even more sellers choosing to reduce prices or take their homes off the market altogether. Staying informed and having a thoughtful game plan truly makes all the difference.
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