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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

FortuneOctober 6, 20264 min read

Home price cuts just hit a September record. But with mortgage rates above 7%, it’s a buyer’s market only for some.

There was a time when open houses were packed, homes drew multiple offers on listing day, and buyers wrote love letters to sellers hoping to beat the competition. Now the balance has tipped. The share of home sellers cutting their asking price has hit a record for this time of year, according to Redfin, which calls it a strong buyer’s market. More than one in five U.S. home…

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