We’re seeing some notable shifts in the housing market this mid-Q3, with 20.4% of active listings experiencing price reductions on a national level. Homes going under contract dipped by less than 1% compared to last year, pausing an eight-month streak of gains—an effect of rising borrowing costs. The average 30-year fixed mortgage rate hovered around 6.7% for much of the period, ending more than 20 basis points higher than at the start of Q3. Even as demand softened, the market kept moving: median list prices nationally dropped to $424,500, active listings increased by about 4%, while new listings saw a slight dip. Sellers seemed more determined to stay the course, with delistings down by roughly 13%. For buyers, slower market activity allowed for more time and negotiation leverage, yet sellers using strategic pricing were still able to secure successful deals. As someone who’s navigated hundreds of transactions across Oxford, Lapeer, and Lake Orion, I always advise my clients that market conditions like these require a thoughtful approach—whether you’re buying or selling. Going forward, steadier mortgage rates around 6.7% could prompt even more price adjustments or some sellers to take a pause. Staying informed and flexible remains key.
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