September brought a shift in the U.S. housing scene—pending home sales slipped just below last year’s pace, ending an 8-month stretch of steady gains. Higher borrowing costs are starting to affect buyers, with contract signings down and homes now averaging 60 days on the market. Mortgage rates have moved from around 6% in late Q1 up into the high-6% range.
For those of us working closely with rental and single-family properties, these trends matter. Buyers are finding a bit more room to negotiate, as the median list price eased to $424,500 and price cuts now touch about 1 in 5 listings. Active inventory is up about 4%, while delistings have dropped from last year, but national inventory still sits roughly 11% below what we saw before the pandemic. That means competition for quality homes—and quality tenants—remains strong despite the recent cooling.
We’re watching how sellers adjust their strategies and whether regional differences in the market start to narrow. For landlords and property owners across L.A., Ventura, and Riverside Counties, keeping a close eye on these shifts is key to making the smartest leasing and sales decisions. The market may have cooled, but opportunity is always there for those who stay informed and proactive.
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