Price Reductions Hit 20.4% of Active Listings

I've been keeping a close eye on recent national housing trends, and there are some shifts worth noting. In Mid-Q3, 20.4% of active listings experienced price reductions—a signal that higher borrowing costs are having an impact. Homes under contract dipped by less than 1% year-over-year, ending an eight-month streak of growth. The average 30-year fixed mortgage rate reached nearly 6.7% early in the quarter and remained high, finishing over 20 basis points above where it started. Even with softened demand, the market stayed active: the national median list price dropped to $424,500, active listings climbed about 4%, and new listings edged down slightly. Interestingly, fewer sellers chose to delist (down around 13%), so motivated buyers had a bit more time and leverage in negotiations, while strategic pricing continued to lead to successful deals. As we look ahead, steady mortgage rates—rather than simply lower ones—may shape seller decisions, potentially leading to more price cuts or withdrawn listings if rates hover near 6.7%. My experience in the Baltimore and surrounding county markets means I’m always tracking these shifts to help guide your best moves.