ICYMI: PMA's Market News Update

Median Monthly Housing Payment Posts Biggest Decline in Nearly a Year

The median U.S. monthly housing payment was $2,530 during the four weeks ending October 26, down 1.4% year over year. That’s the biggest decline since November 2024.

Monthly payments fell mainly because mortgage rates declined last week. The weekly average mortgage rate dropped to 6.19% this week, its lowest level in over a year, amid a cooler-than-expected inflation report and the Fed’s rate cut. Falling mortgage rates are enough to push monthly payments down despite rising sale prices; the median U.S. home-sale price rose 1.9% year over year, the second-biggest increase in six months.

Pending Home Sales Numbers Hint at Growing Confidence

The latest home sales numbers appear subdued, but a closer look shows signs of progress and growing confidence among home buyers. The National Association of REALTORS®' Pending Home Sales Index–a forward-looking indicator based on contract signings–showed no change in September compared to August and down just 0.9% annually, but that translates to holding steady and matching the second-strongest pace of the year, Lawrence Yun, NAR's chief economist, says.

Economists aren't shrugging off that progress. The latest housing report, released Wednesday, follows NAR's existing-home sales data showing a 4.1% annual increase in September. Contract signings last month saw the largest monthly gains in the Northeast (up 3.1%) and South (up 1.1%), signaling possible sales boosts ahead in those regions.

NAR 2025 Profile of Home Buyers, Sellers Reveals Market Extremes

The housing market is increasingly split between extremes: equity-rich, all-cash buyers are at an all-time high, while cash-strapped first-time buyers are at a record low. Affordability challenges are keeping newcomers on the sidelines, while buyers with stronger finances continue to dominate, according to the National Association of REALTORS®’ newly released 2025 Profile of Home Buyers and Sellers report.

“Unfolding in the housing market is a tale of two cities,” says Jessica Lautz, NAR deputy chief economist and vice president of research. “We’re seeing buyers with significant housing equity making larger down payments and all-cash offers, while first-time buyers continue to struggle to enter the market.”

Only 28 Out of Every 1,000 U.S. Homes Changed Hands This Year—The Lowest Turnover in Decades

That’s according to a Redfin analysis of home turnover rates, based on MLS data and county records. The turnover rate is defined as the number of homes that are sold in the first nine months of the year, divided by the total number of sellable homes that exist.

Our analysis examined the period between 2012-2025, but we can confidently say this year’s 2.8% turnover rate is the lowest since at least the early-mid 1990s. Existing home sales back then were similar to this year, but the number of homes that existed was smaller—meaning the turnover rate was higher.

This year’s turnover rate (2.77%) was down ever so slightly from 2.78% last year, when existing home sales fell to the lowest level since 1995.

This Bucks County Town Is Greater Philadelphia’s Hottest Housing Market

In the second quarter of 2025, homes sold faster in Levittown than anywhere in Greater Philadelphia, making the blue-collar town the hottest housing market in the region, writes Ryan Mulligan for the Philadelphia Business Journal.

In Bucks County, during the three months ending June 30, properties sold faster in more affordable suburbs than in affluent areas that emphasized their high-priced sales. Two Levittown ZIP codes led the regional rankings, with Langhorne also in the top ten.

According to the Business Journal’s analysis of the hottest housing markets in the country, homes in Levittown’s 19054 ZIP code spent an average of 50 days on the market, the shortest in the region. In the second quarter, 32 homes sold in that ZIP code at an average sale price of almost $399,000.

First-Time Home Buyer Share Falls to Historic Low of 21%, Median Age Rises to 40

The share of first-time home buyers dropped to a record low of 21%, while the typical age of first-time buyers climbed to an all-time high of 40 years, according to the National Association of REALTORS®' 2025 Profile of Home Buyers and Sellers. This annual survey of recent home buyers and sellers covers transactions between July 2024 and June 2025 and offers industry professionals, consumers, and policymakers detailed insights into homebuying and selling behavior.

More than 40% of US homeowners Don’t Have Mortgages

A growing share of US homeowners are living without a mortgage, as aging baby boomers and long-term demographic shifts reshape the housing landscape.

According to a new analysis from ResiClub based on US Census Bureau data, 40.3% of owner-occupied homes in the country were mortgage-free in 2024, marking a record high and a modest uptick from 39.8% the year prior.

The share has climbed steadily over the past decade, up from 32.8% in 2010, signaling that more Americans are aging into debt-free homeownership. The increase, analysts say, reflects a simple truth about the country’s changing population: the US is getting older.