US existing-home sales have dipped to a 14-month low, slipping just below 4 million in Mid-Q3 and settling at a 3.98M annual pace—a sign of softer buyer activity nationwide. Even with a 2% month-over-month decrease, there are some interesting shifts to note. The average 30-year fixed mortgage rate hovered around 7% during this period, while the supply expanded to 4.9 months—meaning buyers now have more choices as listings build up across the country. The median price climbed to an impressive $429,100 in Mid-Q3, marking a new record, especially as higher-priced homes continue to lead the market. It’s notable that rising wages and steady job gains are still supporting demand, and with a larger pool of available homes, buyers are finding more room to negotiate. First-time buyers accounted for 30% of purchases, cash deals made up 27%, and homes spent an average of 31 days on the market. In unique markets like Carova and the Outer Banks, these national trends can play out differently, but the underlying theme remains: shifting conditions can create fresh opportunities for both buyers and sellers. With nearly two decades of experience navigating this exclusive coastal area, I keep a close eye on how these numbers translate to our local landscape—helping my clients make informed, strategic moves in every kind of market.
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