Cooling inflation, easing mortgage rates, and a wave of price cuts are giving homebuyers their strongest negotiating position in years, with leverage now favoring buyers in 41 of the top 50 U.S. markets. National home sales climbed 6.1% year-over-year even as list prices fell for the ninth straight month, a sign the market is rebalancing rather than stalling.
Regional stories vary widely, from booming pending sales in Grand Rapids and a luxury sales record in Miami-Dade to wildfire devastation reshaping Spokane County and drought concerns pressuring growth across the Southwest. Meanwhile, policy shifts around data center costs, AI-driven buyer tools, and a proposed capital gains tax break are quietly reshaping how homes get built, financed, and sold. This roundup breaks down the economic backdrop, national trends, and regional highlights defining real estate heading into fall. Whether you’re buying, selling, or just watching the market, here’s what actually moved the needle last month.