Price Cuts Reach 20.8% of U.S. Listings in September

Sellers cut asking prices on 20.8% of U.S. listings in September, according to Realtor.com’s monthly report. That was the highest September share since 2018 and the strongest rate for any month since October 2022. The figure also moved above the level recorded a year earlier, as higher mortgage costs weakened demand and more homes accumulated on the market.

The West saw the sharpest deterioration. Price reductions there climbed 1.8 percentage points from a year earlier, reaching 22.8%. Salt Lake City led major metros, with discounts attached to one-third of active listings. Denver followed at 31.5%, and Portland, Oregon, reached 31.3%. Across the country, 36 of the 50 largest metros had a larger share of reduced listings than last year.

Lower asking prices have not fully solved the affordability problem because borrowing costs remain high. Brokers say sellers who must move because of relocation, divorce, debt, or financial pressure are more likely to reduce prices or offer concessions, including help lowering a buyer’s interest rate. Nationally, 5.6% of listings were removed from the market in September, showing that most sellers continued trying to complete a transaction.