We’re seeing an interesting shift in the national housing market: in the four weeks ending August 23, the number of new listings in the US edged up by 0.4% week-over-week, with total homes for sale ticking up 0.5%. That’s the highest inventory we’ve seen since early Q2. Yet, even as inventory improves, high housing costs are keeping many buyers on the sidelines—pending home sales actually dipped by 1.1% to reach a six-month low. The median sale price nationwide rose 1.9% from last year to over $400,000, and average mortgage rates are holding close to 7%, their highest level in over a year.
For buyers, more choices and less competition are translating into real negotiating power. Many active shoppers are securing price cuts or concessions, especially on homes that have been on the market for several weeks. Sellers who are pricing realistically, rather than chasing last year’s record highs, are the ones seeing results. My own background in both real estate and mortgage lending has shown me just how much local conditions and smart pricing can shape a successful sale or purchase—especially in dynamic markets like Las Vegas.
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