Realtor.com September Report: 20.8% of Listings Cut Prices, Highest September Share Since 2018, as Inventory Tops 1.16 Million
Realtor.com's September Monthly Housing Trends Report shows the share of active listings with a price reduction rose to 20.8% in September, up 0.9 percentage points from a year earlier—the highest September tally since 2018 and the highest for any month since October 2022. Active listing inventory grew 5.4% year over year to 1,161,615 homes, narrowing the gap to typical pre-pandemic levels to about 9.1%, the first time the gap has fallen below 10% during the current market recovery.
On prices, the national median list price was $419,250 in September, down 1.2% from August and 1.4% from a year ago, the 11th consecutive month of annual list-price declines. New listings slipped 0.7% year over year, and homes spent a median of 61 days on the market. Regionally, the West led the nation with a 22.8% price-cut share, and among major metros Salt Lake City posted the highest share at 33.6%.
Demand remained under pressure: pending sales inventory fell 4.1% year over year, a second consecutive monthly decline and the steepest annual drop since March 2025, while mortgage rates climbed back above 7%.
"More homes are available than a year ago, and the inventory gap with the pre-pandemic market is closing," said Jake Krimmel, senior economist at Realtor.com. "But the source of that improvement is arriving as demand cools in response to higher borrowing costs, not because a new wave of sellers is rushing to market." Realtor.com Chief Economist Danielle Hale said of the report that inventory is improving and more sellers are adjusting prices, yet the decline in pending sales makes clear that affordability remains a central constraint as autumn gets underway.
Source: GSM·USA (compiled from Realtor.com's September Monthly Housing Trends Report)
Source: GSM · USA (original Chinese edition)
Photo: 图：美国一处待售独栋住宅前的售房牌（资料图）。照片：Rick Obst，CC BY 2.0，经 Wikimedia Commons。Photo: A for-sale sign in front of a single-family home in the United States (file photo). Photo: Rick Obst, CC BY 2.0, via Wikimedia Commons.
