We're seeing an interesting shift in the housing market lately: over the four weeks ending August 23, new listings across the US ticked up by 0.4% week-over-week, and total homes for sale increased by 0.5%. That means inventory is at its highest since early in the second quarter—something I keep a close eye on for my clients in Middle Tennessee. At the same time, pending home sales dipped 1.1% week-over-week to a six-month low, largely because elevated housing costs are making many buyers pause, even with more options available. The median home-sale price is now up 1.9% year-over-year, crossing over $400,000, while mortgage rates are hovering around 7%, their highest in over a year.
In this kind of market, buyers are finding more room to negotiate—whether that's price adjustments or concessions—especially on homes that have been listed for several weeks. Sellers who price realistically, rather than aiming for last year’s highs, are seeing the best results. Having spent years guiding clients through every market cycle, I know how important it is to tailor your approach in times like these, and I’m always here to share what I’ve learned from both my experience and ongoing involvement in the local real estate community.
Leave a Reply