September brought a shift in the U.S. housing landscape: pending home sales turned slightly negative year-over-year, ending an eight-month run of gains as higher borrowing costs cooled buyer momentum. Contract signings softened, homes spent about 60 days on the market, and mortgage rates edged up from roughly 6% in late Q1 to the high-6% range now. Buyers found a bit more leverage—median list price eased to $424,500, with price cuts on nearly 20% of listings, and delistings fell compared to last year. Active inventory also ticked up about 4%. Still, national inventory remains about 11% below pre-pandemic norms, signaling that the underlying housing shortage hasn’t gone away, even as some buyers hesitate. Industry experts are closely watching seller delistings, pricing strategies, and the narrowing of regional gaps as both buyers and sellers adapt to these firmer borrowing costs. After three decades navigating fluctuating markets and guiding clients through both tight and balanced conditions, I know how these signals shape real opportunities for buyers, sellers, and investors alike—especially in markets like Tucson, where practical strategy and strong negotiation can make all the difference.
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