Over the past 48 hours, the US housing industry continues to show increased listing inventory and slower sales, signaling a cooler market as autumn begins. National active listings have jumped by 17 percent year over year, with 1.1 million homes now on the market, marking the 99th week of annual inventory gains. However, new listings fell 0.5 percent last week, extending the recent trend of sellers retreating and leaving more homes unsold for longer periods. The typical property now spends around 63 days on market, six days longer than this time last year, and listings are lingering as long as they did before the pandemic. Regional differences persist, with homes in the West and South moving particularly slowly compared to the Midwest and Northeast.
Despite an increase in inventory, prices remain flat. The median listing price has not changed for eight consecutive weeks, following a brief 0.8 percent rise two months ago. Nearly 20 percent of US homes for sale saw price reductions in September, a sign of weakening demand. The Federal Housing Finance Agency reports that its seasonally adjusted house price index fell 0.2 percent month over month in June but remains 2.6 percent higher than last year.
Mortgage interest rates have declined gradually, now below their 52-week average of 6.71 percent. The Mortgage Bankers Association predicts that rates will settle at 6.5 percent by year end, which is only a marginal change from current levels. Although lower rates should encourage buyers, the market response remains muted, with many buyers still cautious.
Supply chain developments and new product launches have garnered less attention, but leaders like Warren Buffett’s Berkshire Hathaway continue to message patience to homebuyers, and industry experts expect home price growth to slow further to just 2.8 percent in 2025. Regulatory changes have not disrupted the market in recent days, but federal agencies are closely monitoring price stability.
Compared to earlier reports this year, the supply side has eased but is not translating into more sales or significant price movement. Industry leaders are adapting by emphasizing price flexibility and longer marketing strategies. In summary, the US housing market is shifting further toward a buyer’s market, with higher inventory, stagnating prices, and lengthier time on market reflecting persistent caution among both sellers and buyers.
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