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- Why home prices arent falling despite a growing surplus of sellers
Home prices have held firm even though sellers outnumber buyers by about 63%, according to Redfin, a record gap for a fourth straight month. The National Association of Realtors reported a median existing-home price of $417,500 in September, the 39th consecutive month of annual increases. Sellers are cutting prices somewhat, with 21% of active listings reduced in September, the highest for the month since 2018, but more homes are being pulled off the market. Many owners hold pandemic-era mortgages at 3% or lower and are reluctant to sell, while mortgage rates have climbed to 7.4% this month, the highest since November 2023. According to Zillow, the typical new buyer's monthly payment has risen 5% from last year to $3,037.
- Why home prices arent falling despite a growing surplus of sellers
Home prices remain firm despite a growing surplus of sellers, as many refuse to cut asking prices while fewer buyers can afford to enter the market. Redfin says the number of buyers in the market is the lowest since at least 2013, with nearly 63% more sellers than buyers. The NAR median price for existing homes reached $417,500 in September, the 39th straight month of annual gains, while NAHB reported a median new-home sales price of $393,700. In September, 21% of active listings had price cuts according to Realtor.com, but mortgage rates climbed to 7.4% this month, the highest since November 2023, and many owners with pandemic-era rates of 3% or lower are reluctant to sell.
- Why home prices arent falling despite a growing surplus of sellers
Home prices remain firm even as sellers outnumber buyers, because sellers largely refuse to cut asking prices and many homeowners feel little pressure to sell. According to Redfin, the number of buyers has hit its lowest level since at least 2013, and there are nearly 63% more sellers than buyers. The median existing-home price reached $417,500 in September, the 39th consecutive month of annual increases, while new homes had a median price of $393,700. Mortgage rates climbed to 7.4% this month, the highest since November 2023, which keeps many homeowners with pandemic-era rates of 3% or lower from selling. The typical new buyer's monthly payment rose 5% from last year to $3,037 according to Zillow, and new single-family home construction is down nearly 5% in 2026.
- Simon Property (SPG) Earns a 45% Higher Net Margin Compared to Operating Margin. Where Does the Extra Come From?
Simon Property Group (NYSE:SPG) closed at $201.41 on October 12 and has been largely flat over the last six months. The article attributes the gap between net and operating margin to income below the operating line: its share of profit from unconsolidated joint ventures, including substantial international holdings, and gains from selling or revaluing property or partnership interests. Core operations remain strong, with revenue up 19.50% in the latest quarter and a 46.02% operating margin. However, trailing earnings of $14.17 per share compare with a forward estimate of $6.77, implying these gains are unlikely to recur. The article also flags heavy leverage, with debt at $29.44 billion against a thin book value.
- Meet the home buyers totally unfazed by 7% mortgage rates
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