In Late-Q3, ~21% of active listings had price cuts, while inventory topped 1.16M homes and moved within ~9% of typical pre-pandemic levels.
Buyer activity stayed cautious as homes under contract ↓~4% yearly for a second straight month, showing higher mortgage costs still limited affordability.
The national median list price was ~$419K, down ~1% MoM and yearly, marking an 11 mo stretch of yearly declines; price per sq-ft ↓~2% yearly.
Sellers largely stayed in the market: ~6% of listings were delisted, roughly flat yearly, while more owners reduced prices and opened negotiation room.
The next key test is whether additional price cuts bring more signed contracts, or whether rising supply and softer demand extend this adjustment period.

New construction has become a stronger value option nationwide, as builders cut prices and add buyer incentives that many resale sellers typically cannot match.
Homeowners staying put under current mortgage conditions have limited supply of existing homes, helping new construction stand out for shoppers comparing cost and flexibility.
Markets with heavier building activity have shown how added supply can improve affordability, giving buyers more options and prompting builders to compete harder.
Builders have moved inventory with price cuts and perks like mortgage rate buydowns, a reminder for buyers to compare both new and resale options.
Affordability gains may not last if permitting keeps slowing, making continued building and streamlined local rules the clearest path to preserving buyer options.

Nationally, builder incentives have challenged the long-held belief that new homes always cost more per square foot, creating fresh value comparisons for buyers weighing options.
The shift reflected two supply pressures: builders needed to move completed homes, while many owners stayed put, keeping existing inventory tighter and resale competition firmer.
For much of the previous decade, new homes usually carried a premium, but market conditions flipped that pattern as builders cut prices and expanded incentives.
The key takeaway for buyers: negotiation power is strongest where builders hold enough inventory, while areas with scarce construction can still favor resale sellers.
Looking ahead, buyer leverage may depend on how permitting and construction progress, because the current discount could narrow if new-home building slows.

Here's a look at the latest housing market figures for Scottsdale, Arizona. The update reports 1,188 homes sold, with a typical sale price of $909,367. It doesn't say how many homes are for sale or how long they stay listed.

As we guide clients through the ever-evolving real estate landscape, keeping a close eye on national homebuyer affordability trends is just part of how we deliver the personal, attentive service our clients expect. Recent outlooks show that true affordability for buyers doesn’t hinge on just one factor. Instead, it’s the combination of lower mortgage rates, ongoing income growth, and slower home price increases that creates real, lasting relief for those entering the market. The affordability index measures this balance by looking at payments versus income—so when rates dip or earnings climb, borrowers are better positioned, while rising loan amounts or stagnant incomes can tip the scale the other way. For anyone watching the market, the most telling signals will be mortgage rates, income movement, and whether home prices continue to moderate. In our 25 years helping Phoenix luxury buyers and sellers, we've seen how these national trends play out locally—and we’re always here to help clients understand what it means for their next move.