Seeing more price reductions lately? You’re not alone—20.4% of active listings nationally have cut their prices. In mid-Q3, homes going under contract slipped by less than 1% year-over-year, breaking an eight-month streak of gains. Higher borrowing costs are making buyers pause; the average 30-year fixed mortgage rate climbed to nearly 6.7% early in the quarter and stayed elevated, ending more than 20 basis points higher than at the start of Q3. Even so, the market isn’t standing still. The national median list price dropped to $424,500, with active listings rising about 4% and new listings dipping just a bit. Interestingly, fewer sellers are pulling their homes off the market—delistings are down by roughly 13%. That slower pace is actually giving buyers a bit more breathing room and leverage, while sellers who price strategically are still getting deals done. Looking ahead, steady mortgage rates may have just as much impact as lower ones. If rates hover around 6.7%, we could see even more price cuts or listings being withdrawn. After 26 years helping clients navigate Lake Tahoe’s unique market—where experience and local knowledge matter—I’m always watching these trends closely to help buyers and sellers make the most informed decisions.
Leave a Reply