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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.

Mortgage costs have reached a 14-month high nationwide, with the typical monthly payment now at $2,600 by late Q3. For those navigating today’s market—whether first-time buyers, growing families, or investors—the pressure is real as median home-sale prices remain steady, up about 2% year-over-year to roughly $399,000. This has made affordability a bigger hurdle and contributed to pending sales staying mostly flat month-over-month and down compared to last year.

Mortgage-purchase applications dipped a bit recently. While new listings dropped month-over-month (likely a result of the holiday season), they’re still just above last year’s numbers. Seller strategy has become even more critical: about 21% of active listings made price cuts, and sharper pricing often draws more buyer attention, while overpricing can lead to hesitation. Inventory has also improved slightly, with active supply up around 2% year-over-year to 1.5 million homes—pushing supply near four months, although we’re still not in balanced territory.

In Central Ohio, I see these national trends play out locally, and thoughtful strategy is more important than ever. My approach is to use data-driven insight and a client-first mindset to guide you—whether you’re considering a new build, resale, or investment. Navigating these shifts together, we can find the opportunities that fit your goals and protect your interests for the long term.

We’re seeing some significant shifts in the national housing landscape: By late Q3, the average US buyer faced a monthly payment of $2,600—the highest in 14 months. This reflects both climbing mortgage costs and a national median sale price now around $399,000 (up about 2% from last year). For buyers here in Columbus and throughout Central Ohio, these numbers mean a continued squeeze on affordability and a more competitive environment, especially as pending sales remain steady month-over-month but lower than last year.

Mortgage-purchase applications have dipped slightly, and while new listings dropped around the holidays, they’re still modestly ahead of last year’s pace. What stands out to me as a local real estate advisor: about 21% of active listings nationwide have had to cut prices, showing how strategic pricing is more critical than ever. Overpricing can stall interest, but a well-calibrated approach draws attention and action—even in a tighter market.

Inventory is finally showing some improvement, with active supply up about 2% year-over-year to 1.5 million homes, and overall supply approaching four months. Still, we’re not at “balanced market” territory yet. My focus remains on helping clients—whether you’re a first-time buyer, investor, or looking at new construction—navigate these realities with clarity and confidence, ensuring you’re positioned for long-term value.

There’s a lot of conversation right now about whether interest rates might stay elevated into 2027—and what that means for all of us in the real estate market here in Central Ohio. With inflation proving persistent and long-term Treasury yields holding firm, the days of ultra-low rates aren’t returning any time soon. The Federal Reserve is walking a tightrope between curbing inflation and addressing signs of a cooling economy. For buyers, sellers, and investors, this environment could mean higher borrowing costs sticking around longer than many expected. These shifts impact everything from first-time home purchases to investment decisions and new construction budgets. As someone who keeps a close watch on both market trends and client needs, I believe a balanced, strategic approach is key while uncertainty continues to shape financial markets. My role is to help you move forward with clarity and confidence, no matter where rates are headed.

We've seen a notable shift in the U.S. housing market recently, with the price per square foot dipping year-over-year in 36 of the 50 largest metro areas by mid-Q3. Nationwide, prices per square foot declined about 2% compared to last year—marking the tenth consecutive month of softening. As we moved through late Q3, momentum slowed further; some sellers adjusted their expectations, cutting list prices more aggressively to find common ground with buyers. High mortgage rates are still challenging affordability, particularly in markets that experienced rapid growth during the pandemic. As inventory levels in many areas now sit above pre-pandemic norms, even the hottest boom markets are giving back some of their earlier gains. In Central Ohio, I've helped clients navigate similar market dynamics—whether it's finding the right new build, evaluating land options, or strategizing around resale opportunities. My focus remains on bringing clarity and confidence to your real estate journey, ensuring your interests are protected as the market evolves.

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