US Existing Home Sales Hit a 14-Month Low | Let me put my 30+ years of experience in Lake of the Ozarks real estate to work for you!

Existing-home sales across the US have dropped to a 14-month low, dipping just below 4 million at a 3.98M annual pace in mid-Q3—down 2% from the previous month. For buyers, this means a shifting landscape: with a 30-year fixed mortgage averaging close to 7% and inventory growing to 4.9 months of supply, there are now more choices on the market than we've seen in a while. Interestingly, the median price reached $429,100—a new mid-Q3 record—driven largely by the continued strength of higher-priced homes. Rising wages and steady job growth are still fueling demand, but with more listings, buyers are finding better room for negotiation. First-time buyers accounted for 30% of purchases, and cash deals made up 27%, with homes spending an average of 31 days on the market. As someone who’s navigated many changing markets over four decades at the Lake of the Ozarks, I always keep an eye on these national trends to help clients move forward with confidence.