As we moved through late Q3, it was notable that one in five home listings experienced price cuts, while less than 6% were actually delisted. This reflects a market where many sellers remained engaged and chose to adapt their expectations instead of stepping back entirely. During this same period, conforming 30-year fixed mortgage rates shifted from the high-6% range to above 7%, and continued to climb—a change that certainly influenced both buyers and sellers. Active inventory crossed 1.16 million homes, with the median listing price easing about 1% month-over-month to $419,300. That adjustment provided buyers with a bit more negotiating space, though higher borrowing costs kept many from fully using the added leverage. New listings also slipped by roughly 2% month-over-month, reaching around 395,000. Economists are now watching early Q4 closely, looking to see if these tougher conditions will deepen discounts, lead to more price cuts, or lengthen selling times. In the Kansas City luxury market, understanding these trends is key to making informed decisions—whether buying or selling.
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