Home Sellers Cutting Prices at Record Rate for This Time of Year
One in five U.S. home sellers reduced asking prices in late September, the highest share for this period in Redfin records.
Roughly one in five American home sellers lowered their asking prices during the four weeks ending September 20, according to Redfin data, marking the highest share recorded for that time of year and signaling that buyers continue to hold the upper hand in much of the country.
The share of sellers cutting prices reached 21%, a modest but notable climb from 19.8% during the same period a year earlier. While the increase may appear incremental, the fact that it sets a seasonal record suggests the softening trend is entrenched rather than temporary.
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Denver emerged as the metro where price reductions are most prevalent, reinforcing its status as a buyer's market. The data implies sellers in that city are under particular pressure to adjust expectations, though Redfin's figures indicate similar dynamics — to varying degrees — are playing out in other markets across the country.
The persistence of a buyer's market reflects the broader tension in U.S. housing: elevated mortgage rates have constrained demand, yet many owners have been reluctant to sell, keeping overall inventory relatively tight. Sellers who do list are increasingly forced to compete on price to attract a smaller pool of qualified buyers.
Analysts will be watching whether the trend accelerates into the fall and winter months, traditionally slower seasons for housing activity, which could put additional downward pressure on list prices in already-soft markets. Continue reading at Economic News, Trends, Analysis.
