September 19, 2025
Overview:
Reports and articles referenced:
Housing data for download:
VIDEO TRANSCRIPT:
- I’m Danielle Hale, Chief Economist at Realtor.com®. As we approach the fall equinox, I’ll discuss the September Fed meeting, and what we’ve seen in mortgage rates. I’ll review this week’s housing trends along with home equity and seller options as well as housing starts data. Then I’ll discuss the findings from this week’s reports including a look at deals builders are offering, why the best time of the year to buy a home is fast approaching, and highlight how shifting market momentum in Florida has changed the buyer-seller dynamics. Finally, I’ll share the latest rental price trends.
- First, the big news this week is that the Fed cut its federal funds rate for the first time since December 2024 as the Committee judged that risks to the ‘full employment’ side of the mandate have risen.Â
- Mortgage rates had already declined and this week continued the trend, nearing 6-and-a-quarter percent. This may mark a low-point for mortgage rates, however, as the 10-year yield has edged higher since the Fed’s meeting. Before the meeting, investors had high expectations for a rapid series of Fed cuts but the Fed’s economic projections suggest a slower path of cuts may be more likely.
- Weekly housing data show little change in recent trends. Home prices continue to track roughly in line with last year’s prices. Growth in active listings is still positive, but slowing. One bright spot this week was a modest uptick in newly listed homes. Newly listed homes mean fresh options for buyers and are an important precursor to home sales.
- Even as weekly prices have flatlined, Realtor.com analysis of Fed data show that total home value reached a new record in the second quarter, bringing the value of home owner equity–or home value minus debt–to a new high of $35.8 trillion. The fact that homeowners have so much equity helps their financial position and gives them options if they want to sell, even in a market where balance is tilting toward buyers.
- The shifting market balance and construction cost headwinds prompted a pullback in August housing starts and permits. Completions ticked higher, especially for single-family homes, which should mean greater availability of move-in ready new homes for buyers.
- This increase in new homes comes as Reator.com completed a deep dive on the promotions builders are offering to incentivize buyers. The report found that among the 5 types of deals advertised, reduced mortgage rates are the most widely offered. In addition to this research, Realtor.com launched Realtor.com/DaysofDeals to make it easier for consumers to find and take advantage of these deals.
- As fall approaches, homebuyers can find incentives from builders and also typically find that existing home sellers are more willing to negotiate. In fact, the 2025 Best Time to Buy report identifies October 12 – 18 as the best week of the year to look for a home for its still-abundant options, more flexible sellers, and generally lower pricing.Â
- In addition to seasonal momentum, many buyers are also benefiting from a market momentum shift in their favor. We explore this in a deep dive on the 4 major Florida metros where the housing market is back in buyer’s market territory.Â
- Finally, the Realtor.com August Rental Trends report shows that rents eased for a 25th straight month.
- You can find all the details, including full reports and our housing data for download, at realtor.com/research. You can also follow us on X (formerly twitter) for real time updates. And instagram for graphics.
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