Updated 9m ago · Business
Home Sellers Slash Prices as Housing Market Stagnates
Home sellers across the U.S. are cutting prices and covering buyers' costs as the market stalls. Sellers now outnumber buyers by a wide margin.
- 7.4%: peak 30-year mortgage rate this month, highest in nearly three years.
- 21% of September listings had their initial price lowered.
- $419,250: September median listing price, down 1.2% from a year earlier.
- 63% more sellers than buyers in the 50 largest metros, per Redfin.
Why it matters: Sellers who need to move face a choice: cut deeper or delay major life plans. Earlier this decade, low rates let many sell above asking.
- 929,000 buyers last month, the fewest in records dating to 2013.
- Texas seller Liz Suder listed at $750,000 and sold for $650,000.
How 5 sources split on this story
Source landscape
Factuality
High
Mixed
Low
Strong LeftLeftLean LeftCenterLean RightRightStrong Right
Political Bias
Coverage by lean
5 sources · 5 articles · 60% Right coverage
Center1 source
Left coverage, 1 sources: The left frames it as sellers adapting, cutting prices and helping buyers close deals in a slow market.
Right coverage, 3 sources: The right frames it as warning signs for the housing market, with sellers forced into steep cuts.
Daily Mail2hHousing market's ominous red flags prompt home sellers to slash prices: 'It makes no sense'Newsmax3hHome Sellers Are Lowering Their Price and Helping Buyers to Make a Deal in a Stagnant MarketThe Washington Times3hHome sellers are lowering their price and helping buyers to make a deal in a stagnant market
What’s next: Some buyers are delaying purchases and hoping for better conditions, perhaps in the spring.
- Buyers are pressing sellers to fund mortgage rate buydowns.
- Washington seller Rick Ganga expects his home to sit until spring or summer.
- Will rates fall enough by spring to bring buyers back?
- How long can sellers with little equity hold out before cutting further?
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