Sellers are trimming their asking prices at the highest rate on record for this time of year. Redfin reports that 21% of U.S. sellers cut their price in the four weeks ending Sept. 20, up from 19.8% a year earlier. The company calls it the highest September share in its records, which begin in early 2022.
For older owners weighing a sale to downsize, tap equity or move closer to family, the figure signals a market where the first list price often does not stick. A price cut can mean weeks of extra mortgage, tax and upkeep payments before a deal closes.
What the record covers, and what it does not
The measure comes from a Redfin research post published Sept. 30 by author Dana Anderson. It counts the share of sellers who lowered an asking price during a four-week window, drawn from listing data in the 50 most populous U.S. metro areas. The 21% reading is 1.3 percentage points above the 19.8% recorded for the same stretch of 2025.
The word “record” carries a limit that matters. Redfin’s series starts in early 2022, so the claim is that no September in roughly four and a half years has seen a higher share. It is not an all-time high, and the data cannot say how the figure compares with the housing market of the 2000s or earlier. The comparison is also seasonal: it measures this September against earlier Septembers, not against the spring or summer peaks of price cutting within the same series.
The size of the move deserves a plain reading as well. A rise of 1.3 points is modest. The headline reflects a market that has tipped slightly further toward buyers rather than one in free fall.
Why sellers are starting too high
Redfin ties the pattern to pricing decisions made on day one. Asad Khan, a senior economist at Redfin, said in the report: “Those who sell their homes quickly are the ones who are getting savvier about pricing right from day one.” His point is that a listing priced above what buyers will pay tends to sit, and a sitting listing is the one most likely to end up with a cut.
Borrowing costs sharpen that dynamic. Redfin cites mortgage rates above 7%, and Freddie Mac’s weekly survey put the 30-year fixed rate at 7.03% in its Sept. 24 release. At those rates a buyer’s monthly payment leaves little room for a seller’s wish price, so offers arrive below list or do not arrive at all.
The same report notes that nearly half of homebuyers are receiving seller concessions, such as help with closing costs. For a seller, a concession and a price cut are two routes to the same result: less cash at closing than the first listing implied.
Supply and prices in the background
Price cuts are showing up alongside a plentiful supply on the new-construction side. The Census Bureau’s new residential sales report counted 8.5 months of new-home supply at the current sales pace. Builders with unsold inventory compete directly with existing owners for the same buyers, which gives those buyers more choice and more leverage.
Prices have not collapsed. Redfin’s research index lists a U.S. median sale price of $398,596 for August 2026, up 2.20% from a year earlier. Sellers are therefore cutting asking prices while sale prices overall still inch higher, a combination typical of a market cooling from an overheated base rather than reversing.
What a longer listing costs an owner
Each extra week on the market carries a bill. A homeowner who has already moved out still owes the mortgage or the equivalent upkeep, plus property tax, insurance, utilities and lawn or snow service. On a retiree’s fixed income those carrying costs come out of savings or Social Security checks, so a listing that needs two price cuts can quietly cost more than the cuts themselves.
Redfin’s finding about quick sellers suggests a practical order of operations. Pricing against recent comparable sales before the listing goes live, rather than testing the market from above, is the approach the report associates with faster closings. Owners who plan to stay put face a different question, since falling list prices in the neighborhood may eventually feed into assessments and tax bills, a process that runs through local assessors on its own schedule.
The Redfin data does not predict where the share goes next. It records that, as of the four weeks ending Sept. 20, one in five sellers had already conceded on price, and that the share was higher than in any earlier September in the company’s records.
Carrying costs while a home waits on the market
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This article was produced with AI assistance and checked against the primary sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
