Market News October 24

Market Updates

Buyers Snag the Biggest Fall Discounts Since 2019


Last month, several major housing market metrics dropped to their lowest levels since 2019.

  • Just 25% of homes that sold went for more than their final list price. This is down from 28.5% during September 2024.
  • A typical home sold for 1.4% less than its final list price, compared with 0.9% less last September.
  • 32.8% of homes that went under contract did so within two weeks of being listed, down from 34.9% a year earlier.
In addition, buyers were prepared to wait for better prices. The fall housing market moved at the slowest pace seen in nearly 10 years, with sellers waiting an average of 50 days to close a deal.

Prices rose most year-over-year in Midwestern cities, with Milwaukee, Detroit and Cleveland on top. The cities that saw the biggest annual price declines were all in Texas: Dallas, Austin and Houston coming in at -2.7%, -2.3% and -1.5% respectively.1

Get Noticed with These Three AI-Powered Social Media Apps


Preparing new social media is challenging, especially if you don't have the time to check out the dozens of AI-powered methods used to create posts. However, these three can be all you need to build posts that draw in more Likes, Follows and Comments.

  1. If you took some photos at an event and aren't happy with the quality, Let's Enhance can fix their lighting, help eliminate blurred faces, make text messaging easier to read, and even crank up their resolution for a better look. Just upload the photo and choose the Upscaler or Sharpener tool. When people think you hired a pro to take your photos, you can keep a secret...right?
  2. Want to find out what other agents are posting? Predis.ai decodes other agents' marketing strategies on Facebook and Instagram before generating reports that fill you in on competitor behavior and industry trends. You'll also get data that includes average likes/comments, number of followers and engagement rates.
  3. Picsart's AI GIF Generator has made it easier than ever to draw attention to your social media, as it can create a new GIF from text prompts. This literally takes seconds...simply type in "house with Sold Sign in front" and wait for your GIF. You can choose from different moods and artistic styles and use other tools for image editing. Whatever GIFs you create, they're uniquely yours.2

ADU Income May Help Your Borrowers Qualify for Financing


Earlier this month, Fannie Mae began to allow borrowers to add rental income from some accessory dwelling units (ADUs) to their total qualifying income. This could help one or more of your clients qualify to close on one of your listings.

An ADU may be within a primary residence, such as a basement apartment, or attached like a garage apartment. They can also be detached residences or even a manufactured home. Whatever their configuration, it must include space for living, sleeping and cooking, plus a bathroom.

Not all ADU income may be used to qualify. Here are details of Fannie's requirements:

  • ADU rental income can only be used to help qualify for financing for a new purchase.
  • The amount of ADU rental income used to qualify is limited to 30% of the borrower's total qualifying income.
  • Rental income from only one ADU may be used to qualify.
  • The home the buyer is applying to finance must be a one-unit, principal residence.
If you or your clients have questions about qualifying for financing with an ADU, feel free to contact me or pass my details on to them.3

September's CPI Scheduled for Friday Release


Due to the ongoing government shutdown, the delayed September Consumer Price Index (CPI) report has been scheduled for release on Friday, October 24th.

Continued inflation is expected as tariffs push prices higher. The previous month's CPI hit its largest increase for 2025, with core CPI (which doesn't include food and energy prices), hitting its highest levels during July and August.

On the flip side, declining housing costs during 2025 may take some pressure off rising inflation data. According to the Primary Mortgage Market Survey from Freddie Mac, 30-year mortgage rates have fallen from just over 7.0% in mid-January to 6.3% in mid-September, with 15-year mortgages also declining.4

Florida Homeowners' Insurance Costs Stabilize

In recent years, severe weather has dramatically increased Florida homeowners' insurance costs, especially those with beachfront policies. This has resulted in more homeowners living dangerously and without coverage. In addition, Florida property sales in some areas have been adversely affected by lack of affordable homeowners' insurance.

However, there may be good news for established homeowners, and those who plan to buy property within the state. Florida's State Senate has passed bills to help make insurance more affordable, including 2022's Senate Bill 2-D. While locals didn't see instant premium pricing reductions, the bill is one of several helping to stabilize the state market.

Earlier this year, Florida's governor announced that there were 7.58 million active insurance policies in the state, which was an increase of 130,000 from 2024. He also announced the entry or expansion of 11 insurance companies.5

Sources: 1redfin.com, 2buffer.com, 3nationalmortgageprofessional.com, 4morningstar.com, 5propertycasualty360.com