As we move through late summer, it’s notable to see new home listings in the U.S. rise by about 3% month-over-month in mid-Q3—the highest level in more than four years. This shift, thanks in part to easing mortgage-rate lock-in, has led to an overall increase in total homes for sale (up ~4% MoM), giving buyers more choices and sellers more motivation to adapt to evolving market conditions across the country. Pending home sales held steady, while closed sales dipped slightly, suggesting buyers are weighing their options carefully as inventory improves. With the median U.S. sale price reaching around $399K (a 2% year-over-year increase) and mortgage rates averaging near 7%, affordability remains a challenge for many. Still, a larger selection empowers buyers to negotiate—about 60% of homes sold below their original asking price in mid-Q3. In my experience guiding Bay Area clients, patience and a strategic approach are key when navigating these changing conditions, whether you’re weighing offers or searching for the right fit.

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We take a stand for and support the indigenous people on this day.
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It’s been an interesting mid-Q3 for the US housing market, with existing-home sales dipping to a 14-month low—down to a 3.98 million annual pace, reflecting a 2% drop month-over-month. Even with a 30-year fixed mortgage rate hovering near 7%, we’re seeing more listings on the market, pushing supply to 4.9 months. That’s giving buyers a wider range of choices and, according to economists, opening up better opportunities for negotiation. The median price for an existing home reached $429,100, a new mid-Q3 record, with higher-priced homes still leading the activity. First-time buyers accounted for 30% of purchases and 27% of sales were cash deals, while homes typically spent 31 days on the market. Here in the Bay Area, I see firsthand how patient guidance and a thoughtful approach—especially for first-time buyers—can make all the difference in navigating these shifts. My goal is always to support you through each step, whether you’re buying, selling, or weighing your options in a changing market.

We've hit a turning point in the housing market: by mid-Q2 2024, 18 states across the U.S. actually saw more homes for sale than in 2019. This is a noticeable shift after years of tight, post-pandemic inventory. Nationwide, though, supply is still not back to those pre-2020 levels, so many buyers are still feeling the squeeze—especially here in the Bay Area, where demand and competition remain high. The uptick in listings comes down to higher mortgage rates, which have cooled buyer activity, and a boost in new home construction, giving shoppers in some regions more options. For anyone considering selling, this kind of normalization means there's more competition out there—so pricing your property right and making sure it shines are more important than ever. As always, I believe patience and a thoughtful approach matter, whether you're buying or selling. I’ll continue keeping a close eye on these trends so you’re prepared for each new twist in the market.

We’re seeing a notable shift in the national real estate scene: by mid-Q3, there were 57.9% more sellers than buyers across the U.S.—the widest margin since 2013. With 1.53 million sellers and 972,300 buyers, this surge in listings (up 3.9% month-over-month, the largest jump in portal records) gave buyers increased options, while buyer demand inched up by just 0.1%. For those actively searching, leverage improved—three out of five homes sold below their original asking price, and inventory reached its highest level since 2020. Still, affordability remains a challenge: 30-year mortgage rates stayed in the high-6% range, and the national median sale price rose 2.2% from last year. While some homeowners are finally able to list due to easing mortgage lock-in, demand remains somewhat limited, with existing-home sales down 2% to a 3.98 million annual rate. In the Bay Area, I continue to guide clients through these changing conditions with patience and perseverance, always focused on helping you make informed decisions in our dynamic market.