Widespread Price Cuts: Nearly 20% of listings saw price reductions in September, particularly in the lower-to-mid price tiers.
Homes are taking longer to sell. In September, the typical home spent 62 days on the market.
Buyer Re-entry: The slight drop in rates is encouraging buyers who were “on the fence” to re-enter the market, leading to an increase in pending sales despite the slower closed sales volume.
Attached Home Pressure: Condos and townhomes are feeling the most pressure due to affordability challenges and rising HOA/insurance costs, leading to more aggressive price adjustments in that segment.
Seller Strategy is Key: Sellers who price competitively and market their homes well are still seeing movement, but overpricing often leads to extended time on the market.