U.S. Home Prices Ease Across Major Metros | Let me put my 30+ years of experience in Lake of the Ozarks real estate to work for you!

We’re seeing a noticeable shift in major housing markets: in Mid-Q3, the price per square foot dropped year-over-year in 36 out of the 50 largest U.S. metro areas. That’s the broadest cooling trend we’ve seen in quite some time. Nationally, prices per square foot were down about 2% from the previous year, continuing a 10-month streak of annual softening. As the quarter wrapped up, momentum slowed further—more sellers lowered their asking prices to meet buyers, narrowing the gap in expectations. Higher mortgage rates are certainly putting pressure on affordability, especially in areas that saw price surges during the pandemic, and many of those markets are now giving back some of their pandemic gains. Inventory levels above pre-pandemic norms are helping this reset. My decades of negotiation in shifting markets have taught me how crucial it is to adjust expectations on both sides, so each transition remains as smooth and stress-free as possible.