We’re seeing a noticeable shift in the real estate landscape—new US home listings were up 0.4% and total homes for sale rose by 0.5% in the four weeks ending August 23, reaching the highest levels since early Q2. However, with pending home sales down 1.1% to a six-month low, it’s clear that higher housing costs and mortgage rates—now near 7%, a 13-month high—are encouraging many buyers to pause. The median US home-sale price is up 1.9% year-over-year at over $400,000. What does this mean for buyers and sellers? With inventory rising and demand softening, active buyers are finding more opportunities to negotiate—price cuts and concessions are increasingly common, especially on homes that have been listed for several weeks. Sellers are seeing success by adopting realistic pricing strategies rather than chasing the highs of previous years. After more than three decades guiding buyers and sellers throughout Oxford, Lapeer, Lake Orion, and surrounding communities, I’ve found that staying informed and flexible is key. If you’re considering your next move, understanding how these market changes could work to your advantage is essential.
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