Sales closed at a greater clip than listings hit the market, marking the third consecutive quarter where transactions outpaced inventory. “Higher-end consumers are better equipped to deal with elevated mortgage rates,” Miller said, though he cautioned that “higher-end” isn’t limited to the ultra-luxury sector. An interest rate cut “doesn’t guarantee that mortgage rates will fall, but it certainly helps given how damaged the job market has been,” Miller said. If lower mortgage rates continue, “we’ll see the rental market step back a little bit,” Miller said. “There’s a tremendous amount of pent-up demand in the market,” Miller said, which could translate to a “robust Q4 if mortgage rates fall.”