One in Three Home Sellers Cut Prices in This City Last September
Buyer hesitancy is forcing sellers to reduce asking prices, with certain U.S. cities seeing markdowns at unusually high rates.
A growing share of home sellers slashed their asking prices in September as cautious buyers resisted elevated prices and high mortgage rates, with one city recording price cuts on roughly one in three listed properties, according to new data highlighted by MarketWatch.
The trend reflects a broader cooling in residential real estate markets where affordability constraints have shifted negotiating leverage toward buyers in select metros. Sellers, unwilling to let listings stagnate, are opting for preemptive reductions rather than waiting out a market that shows limited signs of near-term recovery.
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Certain cities are bearing a disproportionate share of the adjustment pressure, with both the frequency of cuts and the magnitude of markdowns running well above national averages. The pattern suggests that some local markets overshot during the pandemic-era price surge and are now undergoing a more pronounced correction than the broader housing sector.
Analysts note that persistently high borrowing costs continue to sideline would-be purchasers, keeping inventory elevated in affected markets and giving buyers room to wait for further concessions. Until mortgage rates ease meaningfully, seller competition for a limited pool of qualified buyers is expected to keep downward pressure on list prices in vulnerable metros.
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