US Homebuyers Score Biggest Autumn Discounts in Years: Report

Meanwhile, the number of buyers’ markets in September doubled from a year ago.

A house for sale in Monterey Park, Calif., on Sept. 17, 2025. Frederic J. Brown/AFP

Depending on the location, potential homeowners across the United States are experiencing the largest Autumn discounts on list prices since 2019. Meanwhile, the number of buyers’ markets in September doubled from a year ago. However, real estate professionals are not expecting a “fire sale.”

An Oct. 20 report from Redfin showed that the average single-family home sold for 1.4 percent below the asking price—the biggest September drop in the past six years.

Homes are also staying longer on the market—an average of 50 days—marking the slowest Autumn sales pace since September 2016. Meanwhile, sellers have started rethinking their options, as active listings fell by about 1 percent nationwide in September.

Redfin noted that only 25.3 percent of homes on the market sold for more than the asking price—down from 28.5 percent during the same period in 2024.

“The housing market is sluggish because high costs and economic uncertainty are limiting the number of people buying homes,” the report stated. “Inventory has also ticked up, meaning the buyers who are in the market have more options and many of them can afford to take their time.”

Buyer Leverage Increasing

According to the report, there are 37.7 percent more home sellers than potential buyers. This gives buyers more room to negotiate.

Geographically, median sales prices in the Texas cities of Dallas, Houston, and Austin saw the biggest declines in September, with Dallas leading at 2.7 percent. Homes sold for an average 97 percent of the asking price in Dallas, 97.7 percent of the asking price in Fort Worth, 96 percent of the list price in Houston, and 96.7 percent of the list price in Austin.

Two South Florida metropolitan areas registered the nation’s lowest sale-to-list-price ratio, with homes selling at 95.4 percent of the list price in Fort Lauderdale and 95.2 percent of the asking price in Miami.

Meanwhile, a report from Zillow, also released on Oct. 20, showed that as competition eased, the number of buyers’ markets more than doubled in September. Fifteen of the 50 largest metropolitan areas were buyers’ markets, up from six during the same month in 2024.

The leading buyers’ markets were Miami; New Orleans; Indianapolis; Austin, Texas; and Jacksonville, Florida; largely because of a surge in new construction, according to the report.

Johnny Mowad, president of MetroTex Association of Realtors, told The Epoch Times that buyer leverage is definitely increasing in the Dallas region.

“It’s now more common for sellers here to negotiate beyond the sticker price,” he said.

“They’re more open to concessions, such as help with closing costs, repairs, mortgage buy-downs and more. The supply is loosening, and buyer urgency is lower.”

Jonathan Lickstein, president of Broward, Palm Beaches, and St. Lucie Realtors, told The Epoch Times that a healthy balance is starting to return to the local market.

“Sellers are certainly open to creative solutions, but overall, prices have remained stable thanks to strong demand and limited inventory across Broward, Palm Beach, and St. Lucie counties,” he said.

Instead of major price cuts, many sellers are offering concessions such as rate buy-downs or closing cost assistance. In addition, local multiple listing service BeachesMLS has partnered with RetroRate to give clients exclusive access to properties with assumable loans. Buyers can now take over a seller’s existing mortgage at much lower rates.

Home Sales Hit 7-Month High

Existing home sales grew by 1.5 percent month over month and by 4.1 percent year over year to a seasonally adjusted rate of 4.06 million in September, according to the National Association of Realtors (NAR). This marks the highest sales pace in seven months.

The report indicates that the drop in interest rates fueled the September market.

“As anticipated, falling mortgage rates are lifting home sales,” NAR Chief Economist Lawrence Yun said. “Improving housing affordability is also contributing to the increase in sales.”

According to Freddie Mac, the mortgage interest rate for a 30-year fixed loan was 6.27 percent as of Oct. 16. Borrowers opting for a 15-year fixed loan can take advantage of a 5.52 percent interest rate.

Total housing inventory was 1.55 million units in September—an increase of 1.3 percent from August and 14 percent from September 2024.

“Inventory is matching a five-year high, though it remains below pre-COVID levels,” Yun said.

First-Time Homebuyers Still Face Challenges

Mowad cautioned that it’s not a “fire sale” everywhere—especially in stronger suburbs or for homes in prime condition in desirable locations and top school districts.

He believes that median prices may continue to drop through the fourth quarter.

“The price movement will likely vary by segment,” Mowad said. “Homes in high-demand neighborhoods or with rare features may remain resilient, while those with less desirable attributes may see declines.”

Mowad noted that first-time homebuyers could still have challenges.

“Many of them still face the twin hurdles of high home prices—relative to incomes—and elevated mortgage rates,” he said. “Also, the myth of ‘bargain deals everywhere’ isn’t quite true.”

Despite the recent increase in discounts across much of the country, the NAR reported that the national median sales price for existing homes of all types was $415,200, a 2.1 percent year-over-year increase, marking the 27th consecutive month of annual price increases.

Lickstein said he believes that prices will hold firm through the end of the fourth quarter.

Looking West, homes in San Francisco and San Jose, California, continued to sell above asking prices in September, with both areas typically receiving 2 percent to 4 percent more than the list price, according to the Redfin report.

Other metros selling above asking prices in September included Providence, Rhode Island; Newark, New Jersey; Milwaukee; and Boston.

Mowad said that if first-timers compromise on size, condition, and location, they will be able to find something in their price range.

Correction: A previous version of this article gave an incorrect name for Broward, Palm Beaches, and St. Lucie Realtors. The Epoch Times regrets the error.