We’re seeing a notable shift in the housing landscape: In Mid-Q3, the price per square foot declined year-over-year in 36 of the 50 largest U.S. metro areas, signaling a broader cooling in major markets. Nationally, this measure was down about 2% compared to last year—the tenth consecutive month of softening prices. As the quarter wrapped up, some sellers adjusted their asking prices more aggressively, aiming to align more closely with buyers’ expectations. High mortgage rates continue to put pressure on affordability, particularly in markets that saw rapid growth during the pandemic. This dynamic is prompting sellers to find common ground with buyers. According to economists, many of the markets that boomed in recent years are now giving back some of those pandemic-era gains, with inventory levels even topping pre-pandemic norms in some areas. As someone who guides buyers and sellers through each step of their real estate journey here in La Crescenta, I’m keeping a close eye on how these national trends play out in our community.
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