Sellers Cut Prices Rapidly to Attract Buyers

Surging mortgage rates have led to a significant increase in price reductions across the U.S. housing market, with more listings being discounted at historic levels. Last month, the share of homes with price cuts reached 20.8%, the highest September rate since 2018, driven by elevated interest rates exceeding 7% that reduce buyer affordability. Western markets experienced the largest year-over-year increases in price cuts, and many sellers are reducing prices to respond to decreased demand and rising inventory, while higher mortgage rates continue to hamper affordability despite discounts.

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