This past quarter, we saw a notable shift: about one in five home listings experienced price cuts, while fewer than 6% were delisted. Many sellers chose to remain active and adjust their expectations, rather than withdraw from the market entirely. Mortgage rates also made headlines, with the conforming 30-year fixed rate climbing from the high-6% range early in the month to above 7% by mid-month and continuing upward. By late Q3, active inventory had surpassed 1.16 million homes, and the median listing price eased by roughly 1% month-over-month to $419,300. This movement has offered buyers a bit more negotiating room, even as new listings dipped about 2% month-over-month to around 395,000. Economists have pointed out that higher borrowing costs continue to hold some buyers back from fully taking advantage of these changes. As we head into early Q4, industry watchers are keeping a close eye on whether these tougher conditions will lead to deeper discounts, more frequent price cuts, and longer selling times nationwide. In my experience working with buyers and sellers throughout the Bay Area, adapting to these evolving conditions is key to making confident real estate decisions.
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