“Typically, both buyers and sellers step back this time of year, but lower mortgage rates and stock market highs provided a second wind heading into fall. This time of year can be a sweet spot for buyers. There’s often less competition than in the spring and more time to make sure the home’s a perfect fit. Sellers who stay in the market into the holidays may be more open to negotiating.”
As affordability challenges persist, economist Jay Parsons cautioned that local resistance in Texas is slowing housing progress. He noted that true solutions depend on cities supporting development and cutting excessive regulations.https://t.co/5xQcS1Ehtm
— Mortgage Professional America Magazine (@MPAMagazineUS) October 16, 2025
New listings, which had declined 3% year over year in August, reversed course to post a 3% annual increase in September. Historically, new listings drop sharply in the fall, averaging a 9% decline in September over the past seven years. It makes this year’s modest 2% dip stand out.
“More homeowners decided to list their properties in September after a particularly slow August,” Ng said.
Buyers also remained active, with pending sales falling just 5.4% from August to September—less than half the typical monthly decline for this period. Total inventory slipped 1% month over month but remains up 14% compared to last year, giving buyers more options in a market that has often been defined by scarcity.
Buyers’ markets more than doubled, rising from six to 15 of the nation’s 50 largest metros. Cities like Miami, New Orleans, Austin, Jacksonville, and Indianapolis led the pack, buoyed by a surge in new construction.