We’re starting off with the big statistic up front: 1,620 properties are pending at the end of September. That’s the highest number of properties under contract for any month so far this year and 3.45% increase over March 2025. The spring market this year was sluggish with solid activity but slower than prior spring markets.

Why?
The increase activity can be attributed to the news of lower interest rates. Mortgage rates are different than the Federal Funds rate, however, they are connected through bond rates and the costs for banks to borrow money. In September, the Fed lowered interest rates by 0.25% and indicated plans to drop rates more before the end of the year. As mortgage rates dropped, housing market activity increased.
Another factor that occurred: sellers that listed in the Spring with high hopes and high prices adjusted their expectations to reality. More than likely, they listed earlier in the year and after failing to sell in 6 months, they re-listed with a price that better matched the market. When a new price meets a buyer with a lower interest rate, magic happens.

Other interesting stats:
Months supply for new construction has steadily decreased since May when it was 3.8 and in September it was only 3 months of supply. If market activity continues to react to the interest rates, we could see builders give less incentives and stay more firm on their price.
Condo/Townhomes average days on market hit 140 days. That means the typical condo is on the market almost 4 months before going under contract!

If you have questions about your specific scenario, please let us know! We’d love to learn more about your circumstances and goals so we can see how we can best help you.