{
  "id": 12330027,
  "title": "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",
  "url": "https://urgent.news/2026/10/06/redfin-signals-a-shift-in-power-to-buyers-as-a-record-share-of",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-06T07:00:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/06/redfin-power-shift-buyers-housing-market-price-cuts-listings-mortgage-rates/"
  },
  "original_language": "en",
  "account": "For the first time since 2022, Redfin has reported a record share of U.S. home sellers cutting their asking prices for this time of year. Nearly one in five sellers with active listings reduced their price in the four weeks ending September 20, marking the highest such share since the company began tracking the data. Denver leads the nation with 30.9% of listings cut, followed by Indianapolis at 29.9% and a trio of Texas metros - San Antonio at 26.8%, Dallas at 26.6% and Austin at 26.1%. San Francisco, however, had the lowest share at 9.6%.\n\nWhile this trend suggests a strong buyer's market, mortgage rates are presenting a challenge for many potential buyers. The average rate on a 30-year fixed mortgage rose to 7.28% as of October 1, the highest level since November 2023 and up from 6.34% a year earlier. This increase makes it harder for buyers to qualify for loans, as higher payments relative to income can be a barrier to entry.\n\nSome experts argue that the buyer's market label may not fit certain regions, such as the Mid-Atlantic, where inventory remains tight and prices are near record highs. In these areas, many buyers are already reaching the limits of what they can afford, and the rise in mortgage rates further complicates the situation. All-cash buyers, on the other hand, may have an advantage in periods of uncertainty and illiquidity in the housing market, as sellers are willing to accept less to avoid the risk of financing falling through. However, the decision to pay cash or take out a mortgage should be based on a thorough evaluation of local market conditions.",
  "summary": "Home price cuts just hit a September record. But with mortgage rates above 7%, it's a buyer's market only for some",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}