As we move through mid-Q3, we’re seeing home prices ease across many of the nation’s largest metro areas. In fact, the price per square foot has dipped year-over-year in 36 out of the 50 biggest U.S. cities—a clear sign of cooling in major housing markets. Nationally, this measure is down about 2% compared to last year, marking the tenth consecutive month of softening. Sellers are responding by adjusting asking prices more significantly, working to bridge the gap with buyers and foster more realistic expectations on both sides. High mortgage rates continue to weigh on affordability—especially in markets that experienced sharp gains during the pandemic—leading to a shift where sellers and buyers are meeting closer to the middle. It’s interesting to see many of those boom-era markets give back some of their pandemic-era appreciation, supported by inventory levels that now sit above pre-pandemic norms. At The Brooks Group, we believe in turning these market shifts into opportunities for our clients, always with a focus on your goals, your legacy, and relationships built on trust.
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