In Mid-Q3, new US listings ↑~3% MoM to their highest level in >4 yr, while total homes for sale ↑~4% to the highest since 2020.
Buyer demand stayed flat in Mid-Q3: pending sales were unchanged MoM, closed sales ↓~1%, prices hit a period record, and mortgages neared 7%.
More homeowners listed as rate lock-in eased, life changes prompted moves, and sellers adjusted to a slower market, creating more room for buyers to compare.
By Mid-Q3, ~60% of US homes sold below original asking price, showing buyers had leverage to negotiate on price, repairs, closing costs, or walk away.
The market was friendlier for buyers who could afford to purchase than a few years earlier, despite high costs and stagnant national demand.
