As we move through mid-Q3, existing-home sales across the US have dipped below 4 million, reaching a 14-month low with a 3.98 million annual pace—a 2% decrease from the previous month. While this signals a bit less buyer activity nationwide, I’ve noticed how the landscape is shifting in ways that can benefit both buyers and sellers locally. With the average 30-year fixed mortgage hovering around 7% and inventory growing to a 4.9-month supply, buyers are finding more choices and a bit more negotiating room. The median price hit $429,100—a new record for this time of year—driven especially by the strength of higher-priced home sales. Steady job growth and rising wages are still supporting buyer demand, while increased options mean many clients have a better shot at finding the right fit. In mid-Q3, first-time buyers represented 30% of purchases and cash deals made up 27%, with homes spending an average of 31 days on the market. After 35 years helping folks in Oxford, Lapeer, and Lake Orion navigate market changes just like these, I know how important it is to stay informed and prepared—whether you’re stepping into the market for the first time or making your next move.
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