We're seeing a notable shift in the housing market as Mid-Q3 data shows that price per square foot dropped year-over-year in 36 out of the 50 largest U.S. metro areas. Nationwide, this measure declined by about 2% compared to last year—marking the tenth consecutive month of annual softening. As the quarter closed, momentum slowed even further, with many sellers adjusting their asking prices more aggressively to better align with buyers’ expectations. High mortgage rates have played a significant role, especially in areas that saw rapid growth during the pandemic, leading sellers to meet buyers somewhere in the middle. According to economists, a number of cities that experienced boom-level appreciation are now giving back some of those pandemic-era gains, aided by inventory levels that remain above pre-pandemic norms.
As someone who guides clients through both the real estate and mortgage sides of the equation, I keep a close eye on these market dynamics to help you make informed decisions—whether you’re buying, selling, or investing. My goal is always to ensure your experience is smooth, transparent, and tailored to your needs, even as the landscape changes.
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