Summary
The U.S. housing market is easing for homebuyers in September 2025. Pending home sales rose by 0.7% year-over-year in July (NAR) and 1.6% in August (Redfin), while average 30-year mortgage rates slipped to 6.56%, the lowest since October 2024. Growth in home prices is softening, and listings are increasing, giving buyers more choices and potential bargaining power. Mortgage purchase applications climbed 2% week-over-week and 25% year-over-year, signaling renewed interest. However, real estate agents remain cautious—just 16% of NAR members expect buyer traffic to grow in the coming months.
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