As we step into September, the housing market is sending a few clear signals. After eight months of yearly gains, pending home sales have edged slightly negative—higher borrowing costs are prompting many buyers to take a step back. We’re also seeing contract signings soften, homes now taking about 60 days to sell, and mortgage rates rising from around 6% in late Q1 to the high-6% range.
On the buyer’s side, there’s a bit more room to negotiate: the median list price has slipped to $424,500, price cuts are happening on roughly 20% of listings, delistings have decreased compared to last year, and active inventory is up by about 4%. Yet, despite these fresh listings, national inventory remains about 11% below what we’d expect before the pandemic, highlighting that the underlying shortage continues even as buyers hesitate.
Right now, experts are closely watching how sellers approach pricing, the pace of delistings, and whether regional trends keep narrowing as everyone adjusts to firmer borrowing costs.
Having guided clients across North Jersey for over a decade, I know how shifts like these can feel overwhelming—especially when you’re navigating a market that’s always evolving. Whether you’re considering your next move or just want a local perspective, I’m here to help you understand what these trends mean for your goals.
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