The proposed 350 S. Fifth Avenue development, on the former YMCA site beside the Blake Transit Center in downtown Ann Arbor, would include approximately 330 affordable apartments in a 20-story mixed-use tower. Rendering courtesy of SmithGroup.
— Andy Piper, Piper Partners
The Pulse
New Listings Reach a Four-Year High—and Buyers Aren’t Racing In
For the four weeks ending August 30, new listings of U.S. homes rose 2.1% week-over-week on a seasonally adjusted basis, reaching their highest level since August 2022, according to Redfin’s September 3 report. Active listings also ticked up 0.4%. The catch: pending sales were essentially flat, dipping to their lowest point since February. The gap between growing supply and sluggish demand is widening the buyer’s market across most of the country. That doesn’t automatically describe every Ann Arbor neighborhood—well-priced, move-in-ready homes here still attract serious attention—but it does mean sellers who price ahead of the market are waiting longer than they were a year ago. If you’re buying, more options and more negotiating room are genuinely available right now.
Rates Hit a 13-Month High—Here’s What That Means for Your Payment
Freddie Mac’s Primary Mortgage Market Survey for the week of September 3 put the 30-year fixed-rate mortgage at 6.71%—up from 6.66% the prior week and the highest reading in 13 months. The 15-year fixed came in at 6.04%. A year ago, the 30-year averaged 6.50%. That 21-basis-point difference may look small on a headline, but on a $400,000 loan it adds roughly $55 to a monthly payment. Freddie Mac’s chief economist Sam Khater noted that purchase demand has remained relatively stable, suggesting buyers are adapting rather than walking away. Still, NAR chief economist Lawrence Yun said plainly that “the housing market would be thriving if average mortgage rates were to return near 6%.” Until that happens, affordability stays the central challenge.
Prices Are Still Rising—Just Slowly—and Sellers Are Adjusting Their Approach
NAR’s July existing-home sales report (released August 11) showed the national median existing-home price at $434,100—up 2.0% year-over-year and the 37th consecutive month of annual price gains. Sales ran at a 4.06 million annual pace, down 1.7% from June but up 0.7% from a year earlier. Inventory held at a 4.6-month supply. Separately, Realtor.com’s midyear forecast update revised full-year price growth down to just 1.2%—slower than inflation, meaning prices are effectively flat in real terms. Realtor.com chief economist Danielle Hale noted that sellers are increasingly lowering asking prices upfront rather than cutting them later, which is actually a healthier dynamic: it means fewer surprises mid-transaction and a more honest starting point for negotiation.
What’s your situation heading into fall—are you thinking about buying, selling, or just trying to figure out whether the timing makes sense for you?
Sources this issue: Freddie Mac Primary Mortgage Market Survey, Sept. 3, 2026 · Redfin Housing Market Update (four weeks ending Aug. 30), Sept. 3, 2026 · NAR Existing-Home Sales Report (July 2026), Aug. 11, 2026 · Realtor.com 2026 Midyear Forecast Update, July 8, 2026
