Austin, Texas – October 19, 2026 -- Mortgage rates climbed 74 basis points in just over a month, from 6.66% in late August to 7.40% on October 8, cutting purchasing power by 7.2% for a buyer with a $2,000 monthly principal-and-interest budget, according to the Realtor.com Market Clock report.
That shift removes more than $22,000 from the home price such a buyer can afford. The national Market Clock reading moved to 4 o'clock, described as late balanced and loosening toward buyers, from 3 o'clock last quarter. About two-thirds of metros now favor buyers outright or are moving in that direction.
Seller's markets fall from 39 to 27 in one year
Of the 99 metros tracked, 27 are seller's markets, 49 are balanced and loosening, 17 are buyer's markets and six are balanced and tightening. No quadrant holds a majority. Over the past year, buyer's markets rose from 13 to 17.
Jake Krimmel, senior economist at Realtor.com, said market leverage and purchasing power are moving in opposite directions.
Midwest holds 16 of 18 seller's markets while South holds 14 of 17 buyer's markets
The regional split is sharp. The West moved three metros into buyer's-market territory by September: Bakersfield, Colorado Springs and Riverside.
A total of 41 metros changed clock positions over the past quarter. Austin, Seattle, Salt Lake City and Portland, Oregon each moved two hours toward buyers. Greenville, South Carolina, and Nashville alone reached the peak-buyer position.
Meanwhile, 28 metros held the same clock position every month for the past year. Eleven metros have been seller's markets in every month of the clock's history: Columbus, Grand Rapids, Indianapolis, Kansas City, Omaha, St. Louis, Wichita, Albuquerque, San Francisco, San Jose and Harrisburg.
Atlanta, Denver and San Antonio could tip into buyer's territory
With rates above 7% and the slower fall and winter season approaching, the next shifts are most likely to come from the tool's largest clusters at 1 and 4 o'clock. Atlanta, Augusta, Charleston, Chattanooga, Denver, Jacksonville, Memphis and San Antonio are among the balanced markets that could move into buyer's-market territory.
Among 1 o'clock markets, Detroit, Richmond, Columbus and Indianapolis are closest to leaving seller's-market territory. If Columbus and Indianapolis cross over, they would end years-long runs as seller's markets.
Readings now blend inventory, transactions and contract-based projections
Each reading combines the latest inventory data with recorded transactions and sales projections based on contract activity, covering conditions through September 2026. Historical readings were restated on the same basis, so some past values may differ slightly from the Q1 and Q2 reports. Jackson, Mississippi, is excluded because of a county-level gap in transaction records, leaving 99 metros plus the national reading.