Today's Market News:
Seller Price Cuts Keep Buyers Interested
Even though higher mortgage interest rates continue to challenge buyers, sales price adjustments are helping keep the purchase market moving during the summer season.
According to Realtor.com's July Monthly Housing Trends Report, one in five active listings saw a price reduction in July. In addition, the national median list price fell 2.4% year-over-year to $428,950, which is the ninth consecutive month of annual declines.
Price cuts were most common in Portland, Oregon, where 31% of active listings saw a reduction, followed by Denver, Colorado at 30.9% and Dallas, Texas at 28.3%.
They were least common in the East, with only 9% of listings in Hartford, Connecticut offering price cuts, followed by New York (9.7%) and Buffalo, New York (10.5%).1
Condo Financing Rules Changing
Earlier this week, new condominium financing and insurance requirements from Fannie Mae and Freddie Mac took effect. These require lenders to inspect more than the unit itself; they're also required to take a close look at the entire building's maintenance standards and financial standing. Fannie and Freddie also retired their Limited and Streamlined condo financing reviews.
These and other changes are intended to protect condo buyers by reducing their chances of moving into a building with structural problems. It also aims to reduce rising HOA dues and unexpected special assessments.
However, some groups expect these changes to slow down the loan underwriting and approval process for many buyers, especially condominium purchases that previously qualified for Limited or Streamlined Review.
A spokesperson for the Mortgage Bankers Association commented that slower lending approvals will depend on individual projects, the availability of required documentation and how readily this documentation can be provided.
If you're curious about condo financing options for your customers, let's talk soon.2
Sales of Second Homes Slowly Rising
Recent statistics found that vacation homes are lingering in some markets, even as second-home mortgage and sales activities begin to recover.
According to a July 30th analysis of vacation home markets, some Florida listings are taking nearly twice as long to sell as the typical listing. June listing data found that the median listing spent 103 days on the market in Key West-Key Largo and 102 days in Naples-Marco Island, compared with 53 days nationally.
However, a separate analysis released July 28th found that second home originations rose by 4.1% in 2025, which was their first annual increase in four years. Primary home mortgages only increased by 1%.
These two reports suggest that we're facing the rise of a selective market rather than a vacation home rebound. Affluent buyers are borrowing again, with long marketing times and frequent price cuts in some destinations giving them more leverage over sellers.
Results also varied widely by location. Second-home originations rose 13% in the New Brunswick, New Jersey, metro. They declined in Las Vegas, Orlando, Tampa, and Miami.
If you're advising one or more vacation market clients, you'll need to be familiar with local inventory, days-on-market, insurance, HOA fees, and rental rules. To learn more about financing options for second properties, contact me at your convenience.3
Staging an Eclectic Home? Check Out Secondhand Markets.
Sometimes staging is easy, but when you add an older or eclectic property to your listings, you'll want to ensure your walk-throughs appeal to buyers who prefer these homes. Instead of bringing in this year's interior trends, check out secondhand options like estate sales, Facebook Marketplace, and your local thrift stores.
More agents are discovering how carefully chosen pre-owned furniture can create walk-throughs that promote the home's unique character without breaking the bank. Interior designers are also snapping up vintage pieces, as they offer craftsmanship and quality that's difficult to find in new furniture.
Designers commented that many of their pre-owned furniture finds are better than what they're seeing on showroom floors, and that online venues with secondhand inventory offer a dynamic, ever-changing range of products.4
Part of a Team? Watch For These Social Media Slipups.
Inconsistent branding. When office agents post content without corporate branding, this dilutes the brand's strength. All agents need to use the same format and style for their listings. Also, agents need to always associate themselves with their firm, or they may be mistaken as independent without backing.
No approval workflow. When posts aren't reviewed by someone with specialized knowledge of compliance rules, the entire firm may be put at risk.
No shared asset library. When agents manage their own content instead of using a shared library, it's harder to maintain its quality. Your office's brand personality may be diluted as well.
I have access to co-branded materials that would include your contact info and brand logo. Let's connect soon to see if there are any campaigns we can partner on.5
Sources: 1nationalmortgageprofessional.com, 2cnbc.com, 3theclose.com, 4redfin.com, 5sproutsocial.com.
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