It’s been a season of shifting tides in the housing market, with price per square foot dropping year-over-year in 36 out of the 50 largest U.S. metro areas by mid-third quarter. Nationwide, we’ve seen that average price per square foot is down about 2% from last year—the tenth consecutive month this national figure has softened. As Q3 wound down, momentum slowed further, with many sellers opting to adjust their asking prices more aggressively to meet buyers where they are. High mortgage rates continue to test affordability, especially in those markets that saw rapid gains during the pandemic. In many of these boom-era regions, we’re witnessing a partial return of those pandemic price spikes, in part because inventory is now above pre-pandemic levels. Having spent decades navigating changing markets—from Lake Tahoe’s seasonal shifts to national trends—I know how important it is to stay focused and nimble, whether you’re buying, selling, or just keeping an eye on these evolving dynamics.
Leave a Reply