Home sellers cut asking prices at a record seasonal pace

During the four-week stretch through September 20, asking prices fell on 21.1% of active U.S. listings. Redfin said that was the largest share for this point in the year since its records began in 2022. The comparable figure a year earlier was 19.8%. Mortgage costs above 7% and economic unease have weakened demand, leaving buyers with more homes to choose among.

The balance varies sharply by metro. Denver’s share reached 30.9%, and Indianapolis registered 29.9%. The figures were 26.8% in San Antonio, 26.6% in Dallas and 26.1% in Austin. Across those three Texas markets, the number of active sellers is more than double the buyer count. Seattle also exceeded the national level, with reductions appearing on 24.3% of listings.

Some markdown statistics may understate buyers’ influence because sellers are increasingly setting more realistic prices before their homes reach the market. Nearly half of U.S. sales now involve some form of seller assistance, such as money toward repairs or closing expenses, or help lowering the mortgage rate. San Francisco had the smallest reduction share, below 10%, while Redfin counted it among just five remaining seller-favored markets. Newark stood at 12.2%, Chicago at 13.3%, New York at 13.6% and Miami at 13.7%.