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More homes for sale. Where are the bargains?

Asking prices are falling in 36 of the 50 biggest metros. These three lead the drop.

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ZERO FLUX14 SEP 2026 / 5 MIN
TODAY'S MAIN SIGNALS
1Housing supply hit a decade high, but high mortgage costs kept sales at a 2026 low.
2Commercial property buyers can afford less as Treasury yields rise, so sellers may need to cut prices.
3Apartment construction is shifting to coastal markets, leaving Sun Belt landlords with less new competition.
RATES
30-YR FIXED
7.12%
CHANGE FROM PRIOR IN BIPS
1D +5   1W +23   1M +38   1Y +85
10-YR UST
4.973%
CHANGE FROM PRIOR IN BIPS
1D +2   1W +19   1M +29   1Y +91
SOFR
3.62%
CHANGE FROM PRIOR IN BIPS
1D 0   1W -3   1M 0   1Y -79
MARKET SIGNALSFREE
COMMERCIALLINK
Higher Treasury yields are putting commercial property prices under pressure
-Higher Treasury yields are pressuring commercial property prices because costlier debt limits what buyers can pay. Green Street's index is up 5% year over year but remains 12.7% below its 2022 peak.
-Malls have recovered much faster than apartments and offices. Mall values are 6% above their 2022 peak, while apartment and office values remain 22% and 33% below theirs.
COMMERCIALLINK
Apartment demand is losing two of its biggest tailwinds
Construction material costs have risen 60% since January 2020
Source: Marcus & Millichap Research Services
-Apartment demand weakened as employers cut 23,000 jobs in July. Projected net international migration for 2026 is also about 75% below 2024.
-Fewer new apartments may keep the slowdown from hitting owners as hard. July deliveries fell more than 25% from a year earlier.
RESIDENTIALLINK
Home sales hit a 2026 low as supply reaches a 10-year high
-Existing-home sales fell 2% from July to a 3.98 million pace, their lowest level of 2026. Supply rose to 4.9 months, its highest level in a decade.
-More supply has not brought broad price relief. The median sales price rose 1.6% year over year to $429,100, while high mortgage rates kept financing costs elevated.
RESIDENTIALLINK
Adjustable-rate mortgages are gaining ground as rates climb
-As rates climbed, adjustable-rate mortgages reached 8.5% of applications, their highest share since June. A five-year ARM averaged 5.82%, compared with 6.85% for a 30-year fixed loan.
-The lower initial rate changed the loan mix but did not revive demand. Total applications fell 2.7%, while purchase activity was nearly flat.
RESIDENTIALLINK
Which U.S. cities are seeing home prices fall fastest?
-Listing prices per square foot fell fastest in Austin-Round Rock-San Marcos, TX, down 8.1% year over year in August. Tampa-St. Petersburg-Clearwater, FL, dropped 5.6%, followed by Memphis, TN-MS-AR, at 4.1%.
-Buyers had more room to negotiate as prices fell in 36 of the 50 largest metros. High mortgage rates and more inventory pushed sellers to reset expectations.
THE AI LAYERAI + REAL ESTATE
Construction robots are here, but humanoid homebuilders are notLINK
-Construction robots are getting better at narrow, repeatable jobs, not replacing whole crews. At Skanska, that approach cut rework 75% and the layout schedule 35%.
TOOLS TO KNOW
WINT   AI-powered water management platform detects leaks and prevents water damage across construction sites and commercial buildings.
FUNDING ROUNDSPROPTECH
Reframe, a homebuilding microfactory company, landed $40 million, with Energy Impact leading the round.
OneDome, a British home-financing company, brought in $25 million in Pre-Series C funding.
Reapit, a British real estate agent workflow platform, secured £20 million, with Accel-KKR leading the round.
SplitPay, a rent and mortgage payment startup, closed $125 million in Series A funding, with Khosla leading the round.
Inspiren, a senior living management platform, landed $70 million in Series C funding, with NewView leading the round.
Wint, an Israeli multifamily water-leak detection company, brought in $36 million in Series D funding, with LIP leading the round.
THE EDGEPREMIUM
COMMERCIALLINK
Why landlords are showing more interest in medical offices
-Medical office construction is at a decade low and national vacancy is near 7.5%, leaving landlords with more pricing power and drawing investor competition.
-Specialized buildouts and the disruption of moving patients make medical tenants less likely to relocate, giving owners an advantage at renewal.
COMMERCIALLINK
Which U.S. markets are leading the data center boom?
-Loudoun County, VA, leads the U.S. with 213 data centers. Santa Clara County, CA, is second with 75 and is growing fastest among the five biggest hubs.
-The boom is raising nearby property values and demand. Half of surveyed agents see higher site values, and 42% see more demand, especially for industrial property and land.
COMMERCIALLINK
Out-of-market rental searches reveal where apartment demand is building
-Raleigh, NC, leads out-of-market rental interest, with 59% of views coming from outside the metro. Hartford, CT, ranks second at 55.1%, followed by New Orleans, LA, at 53.7%.
-Buffalo, NY, Chicago, IL, and Houston, TX, posted the fastest annual growth in outside search share. Searches are not leases, but they give multifamily investors an early signal of potential renter inflows.
COMMERCIALLINK
Multifamily permitting is surging on the coasts as the Sun Belt slows
-New apartment construction is shifting from the Sun Belt to the coasts. Permits jumped 47.9% in the New York metro and 97.8% in the Los Angeles metro.
-Dallas, TX, and Houston, TX, each lost about 1,850 permitted units. Existing landlords there may face less competition from new apartments.
WORTH A LOOK
LINK
How dorm rooms became a $14 billion retail opportunity
-Furnishing dorms and apartments is a $14 billion market, now the second-largest category in 2026 back-to-college spending after electronics.
-June and July visits rose 20.2% at IKEA and 17.5% at HomeGoods, supporting short-term leases and percentage-rent deals in college retail corridors.
UNREAL REAL ESTATE
A Philadelphia Rowhouse With a Rock-Walled Living Room
A Philadelphia Rowhouse With a Rock-Walled Living Room
Listed for $289,900 in South Philadelphia, PA, this rowhouse has dramatic rock walls, a vivid retro kitchen and a downstairs half bath with a curtain instead of a door. LINK

 

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