Home price cuts reached a recent September high in 2026, but the headline does not mean that home values fell by one-fifth. Realtor.com found that 20.8% of active listings had a price reduction during September—the highest September share since 2018 and the highest monthly share since October 2022. A separate Redfin measure also showed more asking-price cuts than a year earlier, using a different four-week period and definition.
How many homes had a price cut in September?
Realtor.com Research counted price reductions on 20.8% of active listings in September 2026. That was 0.9 percentage points above September 2025 and 0.5 points above August 2026. The report describes the figure as the highest September reading since 2018 and the highest monthly share since October 2022—not an all-time record. Realtor.com Research
Redfin reported that 21.1% of active-listing sellers cut their asking price during the four weeks ending September 20, 2026, up from 19.8% in the year-earlier comparison. Redfin says its records for this seasonal comparison begin in 2022. This is not a competing estimate of the same calendar-month statistic: the providers use different periods and measures. Redfin
| Measure | September 2026 result | Period and comparison |
|---|---|---|
| Realtor.com Research | 20.8% of active listings had a price reduction | Calendar month; 0.9 percentage points above September 2025 and 0.5 points above August 2026 |
| Redfin | 21.1% of active-listing sellers cut asking prices | Four weeks ending September 20; 19.8% in the year-earlier period; records for this comparison begin in 2022 |
What a listing price cut does—and does not—tell you
These figures track asking-price changes on listings, not the prices of completed home sales. A 20.8% cut share does not mean the typical home lost 20.8% of its value, nor that 20.8% of sold homes closed below their original asking prices. The measure counts whether a listing had a reduction; it does not state how large each reduction was.
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Listing mix, how long homes remain on the market, sellers’ initial pricing, and local buyer demand all affect the share. A market can therefore have many listings with reductions while sale prices follow a different pattern. To assess prices, buyers and sellers need local closed-sale data as well as listing indicators.
Where were price cuts most common?
Realtor.com’s September calendar-month data showed a wide regional spread: 22.8% of Western listings had price reductions, compared with 15.2% in the Northeast. Among the largest metros in its report, Salt Lake City led at 33.3%, followed by Denver at 31.5% and Portland, Oregon, at 31.3%. Realtor.com Research
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In Redfin’s four-week measure, Denver’s price-drop rate was 30.9% and San Francisco’s was 9.6%. Those figures should be read within Redfin’s period and methodology; they are not directly comparable with Realtor.com’s calendar-month metro or regional shares. Redfin
The national direction was broad but not universal: Realtor.com found price-reduction shares above year-earlier levels in all four regions and 36 of the 50 largest metros. The West had the largest year-over-year regional increase. Local conditions still matter more than a national average when making a purchase or sale decision.
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Why did cuts rise, and what does that mean for buyers and sellers?
Realtor.com linked the fall slowdown to rising mortgage rates, inventory growth, and fewer pending listings. Its report said rates rose nearly 40 basis points during September and crossed 7% for the first time since January 2025; pending listings, the stock of homes under contract, were down 4.1% year over year. These are concurrent conditions cited in the report, not proof that mortgage rates alone caused any particular seller to cut a price. Realtor.com Research
Realtor.com also reported 1,161,615 active listings in September 2026, 5.4% more than in September 2025 but 5.2% fewer than in September 2019. More homes to choose from can give buyers additional options, while a smaller pool of pending listings indicates fewer homes in the process of going under contract. Neither figure guarantees what will happen to an individual home’s price or selling time.
Redfin characterized the increase in its price-drop rate as modest despite what it described as a strong buyer’s market. It suggested that some would-be sellers may be waiting to list, some owners may be delisting, and others may be setting prices closer to current conditions from the start. Those are Redfin’s interpretations, not directly measured explanations for each seller’s decision. Redfin Senior Economist Asad Khan said, “Those who sell their homes quickly are the ones who are getting savvier about pricing right from day one.” Redfin
For a buyer, a reduction can be a reason to investigate a listing’s history and compare it with recent local sales, not evidence by itself that a home is a bargain. For a seller, the figures point to the importance of realistic initial pricing in a market where buyers have options; they do not establish a single right price or guarantee that a reduction will attract an offer.
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What to monitor heading into October
September’s figures describe a changing market, not a forecast. Buyers and sellers can make them more useful by watching indicators that match their location and decision:
- Local listing reductions: Compare like-for-like periods and definitions, rather than combining providers’ national or metro rates.
- Active inventory and days on market: These help show how much choice buyers have and how quickly listings are moving in the specific area.
- Pending and completed sales: Pending listings measure homes under contract, while completed-sale prices show what buyers actually paid. They are not interchangeable.
- Mortgage rates and affordability: Rate movements affect purchasing power, but the September reporting does not isolate their effect on each transaction.
Realtor.com Senior Economist Jake Krimmel described the broader fall slowdown this way: “Demand rarely picks up much this time of year regardless, but the rate environment and underlying geopolitical uncertainty made sure the housing market’s fall stall came early this year.” This is an attributed interpretation of market conditions, not a finding that one factor explains every local outcome. Realtor.com Research
Local seller circumstances also vary. Russell Faucette, principal broker and co-founder of Omada Real Estate in Salt Lake City, told Realtor.com that some sellers face a job relocation, divorce, debt, or another life event and need to sell. That perspective helps explain why a seller may respond to current buyer demand, but it does not quantify how often any one circumstance leads to a price reduction. Realtor.com Research
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