🏡 Housing Market Update: Affordability Improves as Mortgage Rates Ease
In today’s shifting real estate landscape, staying informed helps you make confident, strategic decisions. This week’s Compass Intelligence data highlights improving affordability and steady inventory—two trends shaping the market as we move toward year-end.
Here’s what stood out:
📉 Mortgage Rates Are Easing – Rates have dropped to their lowest level in over a year, hovering around 6.2%. This boost in affordability gives buyers more purchasing power, with typical monthly payments now about 1.5% lower than last year.
🏘️ Inventory Is Holding Steady – The number of homes for sale remains near 868,000, roughly 17% above last year. While national supply is stable, much of it is concentrated in the South and Sun Belt, with tighter conditions in the Midwest and Northeast.
📈 Pending Sales Are Rising – Activity is picking up, with pending sales 3–5% higher than a year ago. Buyer confidence is returning as affordability improves and rates stabilize.
💰 Prices Are Staying Balanced – The median price for new contracts is $399,000, up 2.3% year-over-year. With pricing discipline and easing rates, the market is finding a healthy equilibrium.
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