Published October 11, 2026 in Market Update

Higher mortgage rates are slowing sales in the Primary market

By Annie O

Real estate, Primary market

Rates above 7% change the math for almost every buyer. Freddie Mac reported the 30-year fixed rate averaged 7.40% as of October 8, 2026. That is the number driving everything else you will read below. Sellers in the Primary market need to plan for a longer sale and sharper pricing. Buyers may have a little more time than they did a year ago.

These numbers cover the three months ending August 31, 2026, for ZIP 34638 in the Primary market. The Real Estate Data Aggregator counted 311 homes sold, down 17.7% from the same months of 2025. That is a real drop. Not every seller had a smooth road this summer.

The Real Estate Data Aggregator shows the median days on market rose to 61 days. That is 16 days longer than the same period in 2025. Homes are sitting longer. That is not a disaster, but it does mean pricing has to be right from day one.

The National Association of Realtors reported that months of supply nationally hit 4.9 months, the highest level in over ten years. The Primary market's 2.7 months, from the Real Estate Data Aggregator, is tighter than that national figure. Still, supply is creeping up here too.

What prices are doing

The Real Estate Data Aggregator put the median sale price in ZIP 34638 at $409,190 for the three months ending August 31, 2026. That is down 3.3% from the same months of 2025. Prices dipped a little. It is a small move, not a freefall.

The Real Estate Data Aggregator also shows homes sold at 98.6% of list price on average, down just 0.1 points from a year ago. Sellers are still getting close to what they ask. But the share of homes that sold above list price fell to 5.5%, down 5.6 points from a year ago. Bidding wars are much rarer now.

New listings and pending sales

The Real Estate Data Aggregator counted 273 new listings in ZIP 34638 for the three months ending August 31, 2026. That is down 15.7% from a year ago. Fewer sellers are entering the market. That keeps supply from running away.

Pending sales came in at 280, down 13.6% from a year ago, according to the Real Estate Data Aggregator. Demand is softer. But it has not stopped. Homes that are priced well are still going under contract.

One bright spot: the Real Estate Data Aggregator shows 23.2% of homes went under contract within two weeks of listing. That is up 5 points from a year ago. Well-priced homes are still moving quickly.

The bigger picture

CNBC reported that mortgage rates hit their highest level in three years, above 7.5%, in early October 2026. Freddie Mac's figure of 7.40% as of October 8, 2026 is in that same range. High rates are not a local story. They are pressing on buyers everywhere.

Nationally, about 21% of U.S. home sellers dropped their asking price in a recent four-week period, according to a senior economist's comments reported by a real estate research firm. The Primary market's 98.6% sale-to-list ratio, from the Real Estate Data Aggregator, suggests sellers here are holding closer to their ask than the national picture implies.

One street can read very differently from the whole ZIP code. If your home is near a school, a park or a busy road, the numbers above may not tell your full story.