Housing Market Update
National snapshot, what changed in July and early September
Existing home sales improved in July. The National Association of REALTORS reported a 2.0 percent month over month rise to a 4.01 million annual pace. Inventory reached 1.55 million homes, equal to 4.6 months of supply, and the national median price landed at $422,400, up 0.2 percent year over year. This reads like a slow thaw, more options for shoppers, and pricing that is steady rather than spiking. National Association of Realtors
New construction remains a key release valve. July new home sales ran at a 652,000 annual rate, nearly flat versus June. Builders ended July with about 499,000 homes for sale, a 9.2 months supply. The median new home price printed at $403,800, with an average of $487,300. That mix creates room for incentive menus in many subdivisions, which buyers should weigh against comparable resales in the same school zones. Census.gov
Mortgage rate movement, why it matters for approvals
Rates improved again this week. Freddie Mac’s survey shows the 30 year fixed at 6.50 percent as of September 4, with the 15 year at 5.60 percent. Small drops shift real approval power, so buyers near the edge of a price band should refresh preapprovals and lock strategies. Freddie Mac
Applications softened despite the rate dip. MBA’s weekly survey for the period ending August 29 showed total applications down 1.2 percent. Purchase activity eased, while refis ticked up slightly. Lenders still quote meaningful differences by product, so compare conventional, FHA, VA, and jumbo if you want to optimize payment and cash to close. MBA
Memphis, TN market pulse
What the local data says
MAAR’s July report confirmed a more selective pace. Total sales were 1,341, down 8.2 percent year over year and 15.9 percent from June. Average price rose 4.0 percent to $297,521, median reached $239,000, inventory climbed to 4,601, and average days on market moved to 46. Buyers have more time to evaluate, sellers who price with precision still win clean outcomes. Memphis Area REALTORS
New Construction Homes vs resale in the Mid South
With national months of supply heavier on the new side, local quick move in homes can pair price stability with incentives. Compare a builder’s permanent buydown or closing credit against a straight price cut on a nearby resale, then pick the path that protects appraisal odds and total five year cost. Tie the choice to your loan type and your hold period. Census.gov
Quick tips for agents and clients
For buyers
Work with a Buyer’s Agent who can engineer two offer paths. Version one requests a seller credit to fund a buydown or closing costs. Version two trims price with no credit. Decide which to present based on days on market, listing traffic, and what the Listing Agent shares about the seller’s net preference. Keep timelines tight but realistic, since clean calendar design signals strength.
If you invest from out of state, insist on Best Representation in Memphis for Out of State Investors. Ask for rent band confirmation, insurance quotes, and tax verification before you offer. Your Agent Representation should include Coordination with lender and title, plus Transaction Management that keeps every milestone visible.
For sellers
Treat your price as a case, not a wish. Anchor to the last 60 to 90 days of true comparables and adjust for condition. Package receipts, system ages, warranties, and utility averages. If an early offer asks for a credit, model the trade against a slightly lower price with no credit. The winning path is often the one with the highest probability of a clean close.
For investors
Underwrite at today’s 6.50 percent baseline, then stress test. If you prefer a mostly done for you approach, a Turnkey Provider can handle acquisition steps and post close handoffs. If you want to add value before you hold, a BRRRRKey Provider structure applies BRRRR logic with local crews and realistic timelines. Compare a modest seller credit that funds a permanent buydown against a small price cut, then choose the route that improves cash on cash while preserving appraisal confidence. Freddie Mac
For anyone planning Renovations
PropCity.re does not swing hammers, we organize clarity. Ask your Agent Representation to coordinate licensed third party bids, then line up scope, permits, and timelines before going under contract if feasibility is a risk. Good Coordination and Transaction Management protect both your budget and your calendar.
How to use this update, today
Action steps at a glance
Refresh your preapproval at this week’s rate print, then set a lock plan. If you are selling, finalize your value packet and prelaunch calendar. If you are investing, decide whether you want a Turnkey Provider path or a BRRRRKey Provider path, then price credits versus cuts with your lender’s math in hand. If you are choosing between New Construction Homes and renovated resale, model five year total cost, including maintenance assumptions and likely incentives.
PropCity.re call to action
Owner Tomo Oblak posts daily market notes and quick plays on social. Follow along for rate checkpoints, neighborhood briefs, and offer structures that work in this week’s conditions. When you are ready, PropCity.re will serve as your Buyer’s Agent or Listing Agent, with Agent Representation that blends data, negotiation, and clean execution. Out of state or local, our team delivers the Best Representation in Memphis for Out of State Investors and for Mid South residents who want clarity and results.
Sources
Freddie Mac, PMMS weekly rates, September 4, 2025. Freddie Mac
MBA Weekly Applications Survey, released September 3, 2025. MBA
NAR Existing Home Sales, July 2025 release. National Association of Realtors
U.S. Census and HUD, New Residential Sales, July 2025. Census.gov
Memphis Area Association of REALTORS, July 2025 market statistics. Memphis Area REALTORS
