Author: Jennie Shook

Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day.
In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints.
Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known as All Hallows Eve, and later Halloween.
Over time, Halloween evolved into a day of activities like trick-or-treating, carving jack-o-lanterns, festive gatherings, donning costumes and eating treats.
Today’s the day to eat candies and sweets to your heart’s content! Happy Halloween!

Across the US, price reductions became more common as inventory built and homes took longer to sell, giving buyers more room to compare options.
A data update showed ~42% of listings with cuts, above the normal ~30% to ~35% range, while national inventory also expanded recently.
Homes also spent longer on market, with median days rising from 63 to 70, while the national median price slipped from $449K to ~$440K.
More selection shifted negotiations, but buyers still risked overreaching; stronger leverage did not mean any offer would work in every transaction nationally.
The broader US pattern pointed the same way: more listings saw cuts, supply expanded, and homes took longer to sell than earlier in summer.

Mortgage rates could hover around 7% through year-end, keeping affordability pressured unless inflation cools enough to change the Fed’s trajectory.
Sticky inflation and another potential Fed hike could push mortgage costs higher, while wider MBS spreads add further pressure to borrowing rates.
A meaningful rate drop would need sustained inflation progress, calmer long-term yields, supportive Fed signals, and healthier mortgage-backed securities spreads.
For buyers, investors, and refinancers, today’s rates should remain the planning baseline, while future rate relief should be treated as potential upside.

The national outlook centered on three affordability drivers: lower mortgage rates, continued income growth, and slower home-price growth working together over time.
Meaningful, sustained payment relief was tied not to one factor alone, but to a combination of financing costs, earnings gains, and moderating price growth.
The affordability index used a payment-to-income lens, so lower loan amounts, lower rates, or higher earnings each supported better borrower conditions nationally.
By the same measure, worsening affordability happened when payment burdens rose against income, whether from larger loan requests, higher rates, or weaker earnings.
For buyers watching national conditions, the clearest signals ahead were mortgage rates, income trends, and whether home-price growth kept cooling in the US.

In the rolling 3-mo period ending Mid-Q3, sellers gave concessions in ~45% of US home sales, the highest Mid-Q3 share recorded since at least 2020.
That share was up from ~43% a yr earlier, showing buyers gained more leverage as elevated inventory and lighter competition shifted the national market.
Concessions included help with repairs, closing costs, or mortgage-rate buydowns, giving buyers multiple ways to lower total purchase costs beyond straight price cuts.
Sellers increasingly competed through closing-cost credits and rate buydowns, not just price cuts, reshaping negotiations and creating more flexible deal structures for buyers.
Nationally, ~16% of homes sold in Mid-Q3 paired a price reduction with a concession, offering another path to reduce buyer entry costs.

During this rate-hike phase, the central bank pushed its benchmark to ~4%, and 30-yr mortgage costs reached near 7%, quickly reshaping affordability for US buyers.
Near 7% mortgages cut purchasing power, left fewer qualified buyers, and pushed many sellers toward lower offers, longer listing times, and reset pricing expectations.
Critics argued higher rates cooled demand but could not solve supply shocks like energy disruptions, making housing bear pain even if inflation's roots were broader.
Buyers could negotiate more carefully, while sellers needed competitive pricing, strong presentation, and flexibility on repairs, timing, or closing costs to attract offers.
The broader debate centered on fighting inflation without tipping the economy too far, while expectations for additional hikes pointed to continued short-term housing adjustment.

Mortgage rates stayed above 7% as markets braced for more Fed moves, while Treasury yields pushed borrowing costs higher and kept affordability top of mind.
For buyers planning ahead, a study suggested building rate cushions: half-point within 3 mo, three-quarters by 6 mo, and a full point by 1 yr.
Later-year buyers often gained leverage: typical homes were ~5% cheaper in Early-Q4 than Late-Q2, with fewer competing buyers and more time to negotiate.
With a ~5-mo supply in the prior month, buyers had stronger bargaining power on price, closing costs, discount points, or temporary rate buydowns.
For buyers still waiting, markets recently priced in more Fed tightening, but the longer-term goal remained cooler inflation that could eventually ease mortgage costs.