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Key developments: Recent data shows the U.S. has moved into a clear buyer’s market. Redfin reports September as the strongest buyer‑side market since 2013, with sellers outnumbering buyers by 63%, and 21% of sellers cutting prices in the four weeks to Sept. 20 – the highest seasonal rate on record. At the same time, mortgage rates remain elevated, with the 30‑year rate at 7.4%, the highest in three years, keeping many potential sellers reluctant to list.
Why it matters: The combination of abundant inventory – 1.62 million homes for sale in August, a 5.9% year‑over‑year rise and a supply level of 4.9 months, the highest in over a decade – gives buyers leverage to negotiate price and concessions. Sellers who assume instant multiple offers without precise pricing risk being caught off guard, as highlighted by seasoned agent Lisa Archer.
What to watch next: Monitor whether mortgage rates begin to ease from the 7%‑plus zone, which could reignite seller confidence and spur listing activity. Watch inventory trends for any reversal as the NAR supply metric moves, and watch seller‑price‑cut frequencies – a drop would signal the market turning back toward a seller’s market. [[1, 2]]