In the past 48 hours, the US housing industry has shown clear signals of cooling after several years of rapid growth. Homes are now staying on the market longer, with a nationwide median of 50 days for September, marking the slowest September pace in nearly a decade. Some metro areas, such as New York, Dallas, and Tampa, have seen homes take upward of 58 to 79 days to sell. Despite higher inventories, there is still buyer caution, mainly driven by persistent high mortgage rates, elevated home prices, and broader economic uncertainty.
Though prices rose 0.2 percent month-over-month in September, annual growth slowed to 3 percent, the weakest rate in more than 10 years. Several major cities experienced outright price declines in the past week, with Tampa seeing a 6.3 percent drop and Dallas falling 3.8 percent year-over-year. Sellers have responded by cutting listing prices more frequently, with about 20 to 34 percent of homes across major metros seeing price reductions.
Interestingly, builder sentiment has improved slightly, up five points from September, indicating renewed optimism among homebuilders about future demand for new homes. However, new listings have outpaced actual sales, as buyers remain hesitant, anticipating either a further price correction or waiting for lower mortgage rates. Nearly 29 percent of home purchases are paid in cash, a figure largely unchanged from last year, though the average down payment now sits at a record seventy thousand dollars, signaling that buyers tend to be more affluent.
There have been no major new product launches or disruptive regulatory changes in the past week, but supply chain conditions have remained stable compared to last year. Some leaders in the housing sector are holding firm on pricing, with only 11 to 20 percent of sellers reducing prices in wealthier metros such as New York and Los Angeles. Meanwhile, cities like Chicago are faring better, with quicker sales and slight price increases, reflecting more robust affordability.
Compared to last year, the current market reflects a normalization, moving away from the overheated conditions that defined the period immediately after the pandemic. Buyers now have greater negotiation power and are securing larger discounts off listing prices, illustrating a shift in consumer behavior toward patience and selectivity. The outlook points to a steady but subdued market as we approach 2026.
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