US home sellers cutting prices
More US home sellers are cutting asking prices as the housing market remains in a slowdown and mortgage rates stay above 7%. Redfin said about 21% of sellers with active listings reduced their prices in the four weeks leading up to September 20.
Redfin said the proportion was the highest for this time of year since at least 2022, when the company began tracking the data. The increase comes as homes remain on the market and sellers adjust to weaker conditions.
The broader housing market has remained weak since the pandemic buying boom. Higher mortgage rates and increased borrowing costs have contributed to a deeper slowdown.
The average 30-year fixed mortgage rate rose above 7% in September. On Monday, it was close to 7.5%. Higher rates have increased the cost of borrowing for buyers and added pressure to the housing market.
Redfin also cited economic uncertainty and homes lingering on the market as factors behind sellers’ decisions to reduce prices.
“Many are eventually cutting their price as they come to terms with reality: Mortgage rates are sitting above 7%, the economy is uncertain, and many homes are lingering on the market,” said Asad Khan, a senior economist at Redfin.
The source also presented data for 12 US cities with the highest shares of active listings receiving price cuts. The listed shares ranged from 23.8% to 30.9%, while one entry did not include a share figure.
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