Your Money Minute – “Is The Home Buying Market Turning?”
Host: Jessica Ettinger, CNBC
Air Date: September 5, 2025
Episode Length: ~1:45 (Excludes advertisements & disclaimers)
Episode Overview
Jessica Ettinger explores whether the U.S. home buying market is at a pivotal moment. Drawing on recent summer 2025 data and expert insights, the episode examines increased inventory, slower sales, rising all-cash transactions, and early signs of softening prices—particularly in overheated Sun Belt states.
Key Discussion Points & Insights
1. Market Slowdown and Shifting Seller Strategy
- Homes for Sale Sitting Longer
- The summer saw a shift as homes lingered on the market rather than quickly selling.
- Jessica Ettinger: “A turning point in the real estate market looks like it, as homes for sale this summer just sat there on the market for longer and sellers started lowering their prices.” ([00:01])
2. Notable Increase in All-Cash Sales
- Statistical Shift
- All-cash transactions rose to 31% of home sales (from 27% the prior year), an “unusually high level.”
- Jessica (quoting the Realtors chief economist): “Days on market rose... and all cash hit 31% of transactions, up from 27% the year before... a very unusually high level of all cash sales.” ([00:14])
3. Inventory Build-Up and Regional Weakness
- Inventory Trends
- July showed an unusual pileup: homes took about six weeks to sell (compared to much shorter times in recent years).
- Glenn Kelman (Redfin CEO): “For the first time in years, it was hard to sell a house. The number of weeks it took to get a home off the market went to about six weeks this year.” ([00:38])
- Sun Belt Cooldown
- Price softness hit Texas, Florida, and other Sun Belt states hardest—areas that “got too hot” during housing booms.
4. Buyer Behavior: Cash Accumulation & Family Assistance
- Financial Shifts Among Buyers
- With a prolonged period of unaffordable housing, would-be buyers have accumulated larger cash reserves or sought family help.
- Jessica Ettinger: “People have put off buying homes for so long, they've built up so much cash to buy. And some have enlisted family members for help putting deals together.” ([00:56])
5. Stagnant Home Price Growth Signaling a Possible Turning Point
- July 2025 Median Price
- The median price of an existing home: $422,400—a scant 0.2% increase year-over-year.
- Jessica (quoting): “The median price of a home sold in July was $422,400, an increase of just 0.2%... This may be a turning point given that very, very slight increase.” ([01:11])
- Two-Year Trend
- Annual price increases over the last two years, but this summer’s near-flat growth could mark a shift.
6. Local Variations Remain Crucial
- Markets Differ
- Despite national data, real estate remains intensely local.
- Jessica Ettinger: “These are overall numbers and of course it varies market to market because all real estate is local.”
- Sun Belt Focus
- Jessica: “The Sun Belt, especially Florida, is the epicenter of home price weakness right now, according to Resi Club using Zillow data.” ([01:28])
Notable Quotes & Memorable Moments
- Jessica Ettinger: “A turning point in the real estate market looks like it...” ([00:01])
- Diana Olek (CNBC): “Days on market rose both for the month and from last year, and all cash hit 31% of transactions... a very unusually high level of all cash sales.” ([00:14])
- Glenn Kelman (Redfin CEO): “For the first time in years, it was hard to sell a house... we saw prices starting to soften, especially in Texas and Florida and other Sun Belt states where the market had gotten too hot.” ([00:38])
- Jessica Ettinger: “People have put off buying homes for so long, they've built up so much cash to buy. And some have enlisted family members for help putting deals together.” ([00:56])
- Jessica Ettinger: “This may be a turning point given that very, very slight increase [in the median price].” ([01:11])
Important Timestamps
- 00:01-00:13 – Market overview: sales slow, sellers lower prices
- 00:14-00:29 – Diana Olek: Days on market, rise in all-cash home purchases
- 00:30-00:55 – Glenn Kelman: First time in years homes are harder to sell, particularly in the Sun Belt
- 00:56-01:10 – Jessica on buyer strategies: cash buildup, family assistance
- 01:11-01:27 – Median home price, slight annual price gain, possible turning point
- 01:28-01:46 – Local market variations emphasized, Sun Belt weaknesses (esp. Florida)
Summary Takeaway
This concise episode signals noticeable cooling in the American housing market, characterized by longer listing periods, surging all-cash purchases, a plateau in median prices, and distinct weakness in previously hot markets like Florida and Texas. Would-be buyers have adapted by saving more and getting family support, as sellers respond by dropping prices. The softening, while not uniform across markets, suggests the beginning of a new chapter in U.S. real estate dynamics.
