Overview

• The 30-year fixed mortgage rate has eased to roughly 6.26%, its lowest in about a year, following the Federal Reserve’s rate cut and a steady slide since mid-July, according to Freddie Mac.
• Builder concessions hit post‑pandemic highs, with 39% reporting price cuts in September and 66% using incentives, and Lennar offering discounts worth about 14% of the average sale price.
• Inventory of new homes fell to 490,000, taking months’ supply down to 7.4 from 9.0 in July, while the median new-home price rose to $413,500, up 1.9% from a year earlier.
• Gains were broad-based across regions, led by a 72.2% monthly surge in the Northeast and a 24.7% jump in the South to a 530,000-unit annual rate, though the series is volatile and subject to revisions.
• The resale market remains constrained, with active listings down 1.4% in August and existing-home sales expected to finish near 4.05 million this year, Redfin estimates.