Redfin signals a shift in power to buyers as a record share of sellers cut prices for this time of year—but 7% mortgage rates are a problem
Home price cuts just hit a September record. But with mortgage rates above 7%, it's a buyer's market only for some
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# Summary Redfin reported that a record share of sellers cut prices in September, signaling a shift toward buyers' market conditions, though the specific percentage of price reductions wasn't disclosed in the available details. However, with mortgage rates exceeding 7%, the buyer's advantage is limited to well-qualified purchasers, as higher borrowing costs offset some benefits of lower home prices for the broader market.
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