The national real estate landscape saw existing home sales dip to a 14-month low in mid-Q3, slipping just under the 4 million mark to a 3.98M annual pace. This 2% month-over-month decrease signals a softening in buyer activity across the country. Yet, even as a 30-year fixed mortgage hovered near 7% and supply grew to 4.9 months, buyers found themselves with more options as listings expanded nationwide.
Interestingly, the median existing-home price hit $429,100—a new mid-Q3 record—driven by continued strength in higher-priced homes. Rising wages and steady job growth are keeping demand resilient, and a wider pool of available homes is giving buyers more room to negotiate. First-time buyers accounted for 30% of all purchases, while 27% of deals closed with cash, and homes typically spent 31 days on the market.
As someone who guides Columbus and Central Ohio clients through every market twist—whether they’re first-time buyers, investors, or looking for new construction—these national trends offer a backdrop for our local strategies. My approach is about clarity, negotiation, and maximizing opportunities, especially as the market shifts. If you’re considering your next move, let’s navigate these changes together with confidence and transparency.
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