We’re seeing a notable shift in the market: 20.4% of active listings have experienced price reductions. Nationally, homes going under contract slipped by less than 1% in Mid-Q3, breaking the eight-month streak of steady gains as higher borrowing costs continued to temper demand. The average 30-year fixed mortgage rate peaked close to 6.7% early in Mid-Q3 and remained elevated, closing the period over 20 basis points higher than at the start of the quarter.
Despite softer demand, the market remained active. The national median list price dropped to $424,500, active inventory climbed about 4%, and the number of new listings dipped slightly. Interestingly, fewer sellers pulled their homes from the market—delistings fell by roughly 13%. With a slower pace, buyers have gained more time and leverage, and well-strategized pricing has continued to help sellers secure deals.
Looking ahead, it may be stability in mortgage rates, rather than just lower rates, that shapes seller decisions. If rates hover near 6.7%, we could see more price adjustments or withdrawn listings.
Having worked with Central Coast homeowners across all price points, I’ve seen firsthand how a thoughtful approach to pricing and presentation can make a significant difference, even as market winds shift. Exceptional service and the right preparation remain key, no matter the headlines.
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