Price Cuts at a Seasonal Record: 21.1% of Listings Cut Prices in Four Weeks, Redfin Says
SEATTLE, Oct. 4 — In the four weeks to Sept. 20, 21.1% of U.S. home listings had a price cut, a seasonal high since Redfin began tracking the series in 2022, according to Redfin data. The wider use of cuts coincided with the buyer count falling to roughly 972,300, the lowest since 2013, against about 1.53 million sellers, the most since early 2020 — a clear tilt toward buyers.
The driver is the step-up in rates: the 30-year fixed average climbed from early-September lows to 7.28% by Oct. 1. Monthly payments are highly rate-sensitive — roughly a tenth higher for each percentage point on the rate — so asking prices set under earlier rate expectations drew sharply fewer inquiries into the fall, leaving weekly price adjustments as sellers' rational response.
For buyers the picture cuts both ways: selection and negotiating room are the best since 2022, yet total cost is still dominated by the rate. In practice, a seller-funded rate buydown often improves the monthly payment more than an equal dollar amount off the price, so asking the seller to quote both options is a standard comparison at the negotiating table.
Regionally, cuts are most common in the Sun Belt and western metros that rose fastest in 2021-22: homes that once sold far over asking are the first back at the negotiating table. Agents caution that autumn cuts are not automatically a 'bottom' signal — the yardstick remains actual closed prices (comps) in the same neighborhood over the past three months, not the size of the asking-price reduction itself.
Source: Redfin market data for the four weeks to Sept. 20, via Mitrade; rates from Freddie Mac.
Photo: For Sale Sign - Real Estate - House For Sale — myguys.nova / CC BY-SA 2.0 (via Openverse)
Published by GSM · USA (original Chinese edition)
Photo: For Sale Sign - Real Estate - House For Sale — myguys.nova / CC BY-SA 2.0 (via Openverse)
