10/01/2026
Price Reductions Hit 20.4% of Active Listings
It’s been a dynamic season in the housing market: 20.4% of active listings nationwide saw price reductions recently. After eight months of steady gains, homes going under contract slowed by less than 1% in Mid-Q3, reflecting how higher borrowing costs are putting the brakes on demand. The average 30-year fixed mortgage hit nearly 6.7% early in the quarter, held steady, and actually ended more than 20 basis points above where it started. Even so, the market remains active. The national median list price came down to $424,500, active listings ticked up by about 4%, and new listings slipped just a bit. Fewer sellers are stepping away altogether, with delistings dropping 13%. For buyers, this slower pace means more time and leverage—while sellers who priced strategically still managed to get deals across the finish line. Having worked with Michigan buyers and sellers for over two decades, I’ve seen firsthand how steadier mortgage rates can change the game just as much as lower ones. If rates stick around 6.7%, we may see even more price adjustments or sellers deciding to hold off. Navigating these shifts takes experience and a steady hand—something I’m always glad to offer my clients.