We're seeing a significant shift in the way homes are being sold across the US, with seller concessions reaching a new high in the rolling 3-month period ending mid-Q3—about 45% of home sales included some form of concession, the highest share for this time frame since at least 2020. Compared to roughly 43% a year ago, this uptick signals more negotiating power for buyers, as increased inventory and less intense competition reshape the landscape. These concessions have ranged from assistance with repairs to help with closing costs or even mortgage-rate buydowns, providing buyers with more choices to manage their total purchase costs beyond just price reductions. Sellers are now more frequently offering closing-cost credits and rate buydowns, changing how negotiations proceed and giving buyers added flexibility. Nationally, about 16% of homes sold mid-Q3 included both a price reduction and a concession, which can further lower the cost to enter the market. Having worked both as a real estate agent and a mortgage loan officer here in Las Vegas, I see how these trends are playing out locally, offering buyers and sellers new strategies to achieve their goals in an evolving market.

We’re seeing some notable shifts in the national real estate market: existing-home sales dipped below 4 million in Mid-Q3, now pacing at 3.98 million annually—a 14-month low. Buyer activity has softened a bit, with a 2% month-over-month decline, but there’s an upside for those looking to purchase. Inventory has grown to a 4.9-month supply, meaning buyers now have more choices and negotiating power as more listings come to market across the country. The average 30-year fixed mortgage rate held near 7% in Mid-Q3, which has certainly influenced the pace, but it hasn’t stopped homes from moving—properties spent an average of 31 days on market, and 30% of sales went to first-time buyers, while cash deals accounted for 27%. Notably, the median price reached a record $429,100, with higher-priced homes leading the activity. Strong wage growth and steady job gains are helping to support demand, and in my experience, this expanding pool of options is making it a more dynamic environment for both buyers and sellers. My background in both real estate and mortgage lending gives me a unique perspective on how these trends impact your next move in Las Vegas and beyond.

Mortgage costs have climbed to a 14-month high, with the average US homebuyer now facing a $2,600 monthly payment by late Q3. Even as mortgage rates rose, median sale prices held steady—up about 2% year-over-year to roughly $399,000. That combination has put extra pressure on affordability, which we’re seeing reflected in flat pending sales compared to the previous month and a drop from last year. Mortgage-purchase applications have slipped a bit, and while new listings dipped month-over-month (likely due to the holidays), they remain slightly above the same period last year. Pricing strategy plays a crucial role in this environment: about 21% of active listings made price cuts, and sharper, realistic pricing is drawing attention, while overpricing tends to create buyer hesitation. On the bright side, inventory is showing modest improvement, with active supply up about 2% year-over-year to 1.5 million homes and nearly four months of supply—though we’re still not quite at a balanced market. Having worked on both the mortgage and real estate sides in Las Vegas, I know how crucial it is to navigate these shifts with the right mix of market insight and strategy.

Navigating today’s real estate landscape means understanding the numbers behind the market shifts. By late Q3, the average monthly payment for a US homebuyer climbed to $2,600—the highest in 14 months—as mortgage rates increased and sale prices remained steady. The national median home-sale price nudged up about 2% year-over-year to $399,000, putting extra pressure on affordability. This is why we’re seeing pending sales stay flat month-over-month and dip compared to last year. Mortgage purchase applications have also softened a bit, and while new listings dipped during the holidays, they’re still slightly higher than the same time last year. What’s clear: seller strategy is crucial. About 21% of active listings saw price reductions, and sharper pricing is making a difference—drawing more attention, while overpricing tends to slow things down. Inventory has improved, with active supply up roughly 2% year-over-year to 1.5 million homes, and nearly four months of supply on the market, though we’re still not quite at a balanced level. Drawing from my background in both real estate and mortgage lending here in Las Vegas, I’ve seen firsthand how these market variables play out—thoughtful pricing and timing are more important than ever for both buyers and sellers.

As someone who’s navigated both the real estate and mortgage sides of the business here in Las Vegas, I’m keeping a close watch on the persistent inflation and those elevated long-term Treasury yields. It’s become less certain that we’ll see a quick drop back to the low interest rates many buyers and sellers remember. The Federal Reserve is juggling the need to fight inflation with concerns about a cooling economy, which means borrowers could face higher costs—whether you’re looking at a new home, refinancing, or even commercial properties. For buyers, sellers, and investors in our market, it’s more important than ever to weigh all options and consider a balanced strategy, as rate uncertainty and fiscal pressures continue to shape the financial landscape.

It’s clear that the national housing landscape is shifting: in Mid-Q3, price per square foot dropped year-over-year in 36 out of the 50 largest metro areas, signaling a broader cooling in many major markets. Across the U.S., we saw a nearly 2% yearly decrease in price per square foot at this point—marking the tenth consecutive month of softening in this key metric. As the quarter wrapped up, momentum slowed further, with more sellers adjusting their asking prices in response to changing buyer expectations. High mortgage rates remain a major hurdle for affordability, especially in areas that saw rapid price growth during the pandemic. Many sellers are now meeting buyers closer to the middle to make deals work. According to an economist, some of the pandemic’s hottest markets are now giving back a portion of their gains, aided by inventory levels that are above what we saw before the pandemic. Navigating these evolving conditions takes local expertise—especially in dynamic markets like Las Vegas, where understanding both the broader trends and the local nuances can make all the difference.