US Existing Home Sales Hit a 14-Month Low | Follow @RogerSoCalHomes for Redlands, Yucaipa & SoCal home tips. What real estate question should I cover next?

US existing-home sales dipped to a 14-month low in Mid-Q3, with the annual pace dropping to 3.98 million—down 2% from the previous month. For those navigating the Southern California market, especially here in Redlands, Yucaipa, and the wider Inland Empire, these national numbers often set the tone for what we experience locally. Mortgage rates averaged around 7% for a 30-year fixed loan, and supply rose to 4.9 months—meaning buyers are seeing more options as inventory builds up. Median home prices hit $429,100, a record for this time of year, largely driven by strength in the higher-priced segments. Even so, steady job growth and rising wages are helping to support demand. With more choices and a bigger supply pool, buyers are finding new opportunities to negotiate. In Mid-Q3, first-time buyers accounted for 30% of purchases, 27% of deals were cash, and homes spent an average of 31 days on the market. As someone who’s helped clients buy and sell throughout the Inland Empire for over two decades, I always encourage informed decisions—especially as conditions shift and new opportunities emerge.