As we moved through mid-Q3, home prices per square foot declined year-over-year in 36 of the 50 largest U.S. metro areas—a clear sign of wider cooling in major housing markets. Nationally, we saw about a 2% decrease in price per square foot compared to last year, marking the tenth consecutive month of softening in this measure. The momentum slowed as the quarter wrapped up, with some sellers adjusting asking prices more aggressively to bridge the gap with today’s buyers. Higher mortgage rates continued to weigh on affordability, particularly in markets that saw rapid gains during the pandemic. Sellers in these areas have been adapting, meeting buyers closer to the middle as inventory remains above pre-pandemic levels. With over three decades navigating these shifts, I know how important it is for sellers and buyers alike to stay informed and adapt strategies for today’s climate. My approach remains focused on clear communication and ensuring a smooth process, no matter where the market heads.
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