It’s an interesting time in the national housing market: over the four weeks ending August 23, we saw new US listings edge up 0.4% and total homes for sale rise 0.5%, putting inventory at its highest since early Q2. Meanwhile, pending home sales dipped 1.1% to a six-month low, with many buyers holding back as housing costs remain elevated—even as inventory improves nationwide. The median US sale price climbed 1.9% year-over-year to over $400K, and average mortgage rates hovered near 7%, close to a 13-month high. For those actively looking, these rising inventory levels and softer demand are shaping more buyer-friendly conditions, with greater opportunities to negotiate on price or concessions, especially for homes that have been on the market several weeks. Sellers are finding that realistic pricing—rather than chasing last year’s highs—works best in today’s landscape. Having helped Richmond buyers and sellers navigate every kind of market for over 40 years, I know how important it is to approach these shifts with both confidence and strategy.
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