Home price drops reached a September record, Redfin says

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More sellers are cutting asking prices, which gives mortgage pros a practical opening to help buyers rework offers, payments and negotiations.

Home price drops reached a September record in Redfin’s latest housing-market update, with 21% of U.S. home sellers cutting their asking price during the four weeks ending September 20. Redfin said that was up slightly from 19.8% a year earlier and was the highest share for this time of year in its records.

For mortgage professionals, the story is less about a dramatic price reset and more about borrower leverage. Redfin’s report points to a buyer’s market where bidding wars have faded and homes are lingering, but the share of sellers reducing asking prices has only moved up modestly.

Key takeaways

• Redfin reported that 21% of U.S. home sellers dropped their asking price during the four weeks ending September 20.
• That share was up from 19.8% a year earlier and was the highest September rate in Redfin’s records, according to the company.
• The increase is modest even with fewer bidding wars and homes sitting longer, based on Redfin’s summary.
• For loan officers, the useful borrower conversation is not “prices are crashing.” It is “there may be more room to negotiate.”

Sources

• Redfin News — Price-Drop Rate Ticks Up to Record September Rate Amid Strong Buyer’s Market

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