US Housing Market Shifts Toward Buyers Amid Price Cuts and Seller Pressure
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US Housing Market Shifts Toward Buyers Amid Price Cuts and Seller Pressure
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The US housing market continues its shift toward buyers, with significant developments emerging over the past 48 hours. As of November 26, 2025, pending home sales rose 1.9 percent month-over-month in October, reaching the highest level in a year. This uptick signals renewed buyer interest, particularly as mortgage rates have trended downward to approximately 6.17 percent after hitting a 2025 low of 6.12 percent in late October.
However, the market remains marked by substantial headwinds. The seller-to-buyer ratio has reached record imbalance levels, with sellers outnumbering buyers by 36.8 percent in October, the largest gap since Redfin began tracking data in 2013. This mismatch represents approximately 528,769 people, fundamentally reshaping negotiating power in favor of buyers.
Price pressure is intensifying across most markets. In October, cumulative price cuts reached 25,000 dollars, matching the largest discounts ever recorded by Zillow. Individual discounts average 10,000 dollars, with sellers increasingly offering multiple reductions as homes linger on the market. The most expensive markets show the steepest dollar discounts, with San Jose leading at 70,900 dollars. However, secondary markets like Pittsburgh, New Orleans, and Austin offer better percentage-based deals, ranging from 8.2 to 9 percent of home values.
The national median home price rose 1.3 percent year-over-year in September, down from 1.4 percent in August, marking the slowest gain in years. Despite tepid demand, prices remain resilient due to strategic seller behavior. Delistings surged 28 percent year-over-year to 85,000 homes, with sellers pulling properties rather than accepting lowball offers. Notably, 70 percent of listings are now stale, remaining on the market for at least 60 days.
Buyer activity has declined 1.7 percent to the second-lowest level ever, driven by high housing costs and economic uncertainty. However, the falling mortgage rates and aggressive seller discounting are beginning to attract more serious buyers entering the market during autumn months.
Federal Reserve officials noted mixed housing conditions across regions, with limited supply continuing to underpin prices even as demand weakens. The coming months will reveal whether current buyer momentum sustains or retreats further.
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