Price Reductions Hit 20.4% of Active Listings | “Your dream home, guided by a local team you can trust.”

We’re seeing a noticeable shift in the housing market: 20.4% of active listings have reduced their prices. This past Mid-Q3, homes going under contract dipped by less than 1% year-over-year, breaking an eight-month streak of steady gains. The average 30-year fixed mortgage rate reached nearly 6.7% early in the quarter, stayed high for several weeks, and finished over 20 basis points above where it started in Early-Q3. Even as demand softened, movement in the market continued—national median list prices eased down to $424,500, active listings climbed about 4%, and new listings saw a slight dip. Sellers seemed less likely to pull their homes off the market, with delistings down around 13%. For buyers, slower activity meant more time and negotiating power, while sellers who priced thoughtfully still found success. As we look ahead, it’s not just about whether mortgage rates drop, but whether they hold steady near 6.7%—if they do, we might see more price cuts or withdrawn listings. At The KC Mortgage Duo, our commitment is to walk alongside you with transparency and care, helping you navigate these shifts and make confident decisions, no matter where rates or prices land.