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NewsFOX 13 Tampa BayOctober 25, 2026Hillsborough County

Sellers cut prices and offer cash concessions as stagnant housing market favors buyers

Photo: FOX 13 Tampa Bay

Sellers nationwide are lowering asking prices and offering cash concessions as high mortgage rates and inflation leave sellers outnumbering buyers by about 63% across the nation's 50 largest metropolitan areas. The average rate on a 30-year mortgage recently climbed as high as 7.4%, while the national median listing price fell 1.2% in September to $419,250, according to Realtor.com. About 21% of listings had their initial price reduced, reaching a four-year high as buyer traffic dropped to the lowest level on record dating back to 2013.

Housing MarketReal EstateMortgage RatesEconomy
Read the full story at FOX 13 Tampa Bay

Why It Matters

Homebuyers face higher borrowing costs from 30-year mortgage rates climbing as high as 7.4%, while sellers experience longer times on the market and reduced final sale prices.

Key Facts

Each fact below is taken from the article. Click one to see the exact passage.

Who's Mentioned

locationMurphy, Texas“City where Liz Suder listed and sold her four-bedroom home.”PersonRick Ganga“Home seller who listed his home for $825,000 and later reduced it to under $800,”OrganizationFirst American Financial“Financial services company mentioned through its chief economist.”PersonMark Fleming“Chief economist at First American Financial quoted in the article regarding the ”OrganizationRealtor.com“Real estate platform cited for listing price statistics.”OrganizationRedfin“Real estate brokerage cited for data on the ratio of sellers to buyers.”locationBlaine, Washington“City where Rick Ganga listed his home.”PersonLiz Suder“Home seller whose property sold for $650,000 after multiple price reductions.”