Overview
- In September, Redfin and Realtor.com found roughly 20.8–21% of active U.S. listings reduced their asking price, the highest September share since trackers began in 2022.
- Active inventory rose to about 1,161,000 homes, narrowing the gap with pre-pandemic supply to roughly 9.1% as more homes became available year over year.
- Mortgage costs have climbed to a weekly average near 7.28% by Oct. 1, and higher rates are cited by economists as the main reason buyers are pausing or delaying contracts.
- Market conditions vary widely by metro: Denver and Indianapolis saw nearly 31% and 30% shares of cuts respectively, while San Francisco and several large coastal cities saw far fewer reductions.
- Sellers are increasingly offering concessions such as closing-cost credits, repair credits, temporary rate buydowns or price drops, and pending sales fell about 4.1% year over year, signaling that weaker demand—not a surge of new supply—is driving the shift.