In Late-Q3, ~21% of active listings had price cuts, while inventory topped 1.16M homes and moved within ~9% of typical pre-pandemic levels.
Buyer activity stayed cautious as homes under contract ↓~4% yearly for a second straight month, showing higher mortgage costs still limited affordability.
The national median list price was ~$419K, down ~1% MoM and yearly, marking an 11 mo stretch of yearly declines; price per sq-ft ↓~2% yearly.
Sellers largely stayed in the market: ~6% of listings were delisted, roughly flat yearly, while more owners reduced prices and opened negotiation room.
The next key test is whether additional price cuts bring more signed contracts, or whether rising supply and softer demand extend this adjustment period.
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