00:00Home sellers across the U.S. are cutting prices and paying buyers' costs to close deals.
00:05A stagnant market has left many sellers stuck, unable to move on with major life plans.
00:11Surging mortgage rates and years of rising prices have stalled the market.
00:15The average 30-year mortgage rate hit 7.4% this month, its highest in nearly three years.
00:21The national median listing price fell 1.2% in September to $419,250.
00:28It was the 11th straight monthly decline from a year earlier.
00:32About 21% of listings had their price cut, a four-year high.
00:37Sellers outnumbered buyers by about 63% across the 50 largest metro areas.
00:42The roughly 929,000 buyers were the fewest on record dating back to 2013.
00:48One Texas seller listed at $750,000 and finally sold for $650,000.
00:54Buyers are gaining leverage, asking sellers to cover closing costs or lower their rates.
00:59For now, the housing market has tilted back toward buyers.
01:03Disclosure.
01:03This video contains stock footage and content created or enhanced using AI-assisted tools.
01:08Disclosure.
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