Home sellers slash prices and offer concessions as U.S. housing market stalls
Facing a buyer-heavy market and rising mortgage rates, many U.S. homeowners are cutting listing prices and adding buyer incentives to close sales.
A combination of climbing mortgage rates, lingering inflation and a surplus of listings has turned the U.S. housing market into a buyer’s market. Homeowners like Liz Suder, who listed her Texas home for $750,000 before eventually selling it for $650,000, and Rick Ganga, who has lowered his Washington price to just under $800,000 without further cuts, illustrate the pressure to adjust prices and offer cash toward repairs or closing costs.
Mark Fleming of First American Financial describes the shift as a move away from the seller-dominated conditions of earlier this decade. Data from Realtor.com show that about 21% of September listings were reduced, the highest proportion in four years, while the median listing price fell 1.2% to $419,250. Jake Krimmel of Realtor.com adds that buyers are now leveraging higher rates to negotiate seller contributions, though affordability remains a barrier for many prospective purchasers.
Why it matters
The trend signals tighter affordability and longer selling times for homeowners across the United States.
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