Introduction to the Housing Market
The housing market is constantly changing, and it’s essential to stay informed about the latest trends and updates. Recently, a July study revealed that more people are starting to fall behind on their mortgage payments as costs associated with buying a home, such as taxes and insurance, rise faster than many people can keep up with. Melissa Cohn, Regional Vice President of William Raveis Mortgage, discussed this issue on LiveNOW from FOX.
Current State of the Housing Market
Nearly 20% of home listings reduced their prices last month, which experts say is another sign that the housing market continues to slow. According to the September housing trends report from Realtor.com, buyers still have the upper hand in the current market, especially as we approach the "best time to buy." However, this power depends on where you live and how much you’re willing to pay for a home.
September 2025 Housing Trends
"What we’ve uncovered is that price reductions are more common at the lower end of the market, while higher-priced sellers are more likely to hold firm," Jake Krimmel, senior economist at Realtor.com, told FOX Business. "That helps explain why median prices nationally and in many metropolitan areas look steady even as buyers at more affordable price points are seeing more room to negotiate."
By the numbers, buyers had more homes to choose from in September: Active listings are up 17% over last year. Nationwide, homes for sale topped 1 million for the fifth consecutive month.
A "New Low Price" sign in front of a home in Crockett, California, US, on Wednesday, Sept. 24, 2025. Photographer: David Paul Morris/Bloomberg via Getty Images
Homes spent longer on the market for the 18th straight month, with the typical home taking 62 days to sell. They’re spending even longer on the market in Florida and the West, particularly Las Vegas.
RELATED: Mortgage rates are decreasing the most in these states, data shows
The national median list price remained steady at $425,000, but dropped 3.6% in the West. The number of actively listed homes is up 17% compared to the same time last year, marking the 23rd consecutive month of year-on-year inventory gains. That growth, however, has slowed over the past four months.
Of the 20% of sellers who slashed their prices last month, most were in the $350,000-$500,000 range.
September 2025 Mortgage Rates
The average rate on a 30-year U.S. mortgage ticked up for the second straight week, but they’re still at their lowest in months.
RELATED: Potential homebuyers are giving up, survey finds
The average long-term mortgage rate rose this week to 6.34% from 6.3% last week, mortgage buyer Freddie Mac said Thursday (Oct. 2). A year ago, the rate averaged 6.12%.
Best Week to Buy a House
According to Realtor.com, the best week to buy a house – Oct. 12 – Oct. 18 – is approaching.
RELATED: The best week to buy a home in 2025 is coming up soon
Buyers may see up to 32.6% more active listings than at the start of the year and are poised to save over $15,000 on average.
Conclusion
The housing market is constantly changing, and it’s essential to stay informed about the latest trends and updates. With the current market conditions, buyers have the upper hand, especially as we approach the "best time to buy." However, it’s crucial to consider the location and price range when making a decision. As the market continues to slow, buyers may see more opportunities to negotiate and save money.
FAQs
Q: What is happening to the housing market?
A: The housing market is slowing down, with nearly 20% of home listings reducing their prices last month.
Q: Who has the upper hand in the current market?
A: Buyers have the upper hand in the current market, especially as we approach the "best time to buy."
Q: What is the best week to buy a house?
A: According to Realtor.com, the best week to buy a house is Oct. 12 – Oct. 18.
Q: How much can buyers save on average?
A: Buyers may see up to 32.6% more active listings than at the start of the year and are poised to save over $15,000 on average.
Q: What is the current average long-term mortgage rate?
A: The average long-term mortgage rate is 6.34%, up from 6.3% last week.
