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market needs both buyers and sellers to function smoothly. The supply of homes for sale has been a major constraint, but it's finally easing. Inventory levels rose by 20% in early fall compared to the same time last year, ending a decade-long decline. However, they're still down one-third from pre-pandemic days. As people's lives and jobs change, more homeowners will put their properties on the market, naturally increasing inventory over time.

    The impact of low interest rates is also starting to fade as mortgage rates have declined in recent weeks. The 30-year fixed rate dropped from the high 7% range in spring to the low 6% range by fall, saving borrowers around $300 per month on a typical mortgage. Lower mortgage rates were already underway before the Federal Reserve's first interest cut.

    Long-term bond yields are influenced by various factors, including expectations of future Fed rate cuts. With six to eight potential cuts anticipated between September and 2025, Americans can expect lower interest rates regardless of who occupies the White House in 2025. Interestingly, a study suggests that residents may be more likely to sell their property if a neighbor with opposing views moves in, increasing by 4%. Whether this trend holds or changes after the election remains to be seen.