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Published: Nov 17, 2023 4 min read
Photo-illustration of a house being ripped in half, with a sale tag on it.
Olive Burd / Money; Getty Images, Shutterstock

Home sales ticked up to their highest levels in a year last month as more sellers tried to sweeten the pot for buyers with price cuts and concessions.

Deterred by climbing home prices and high mortgage rates and homeowners insurance costs, would-be buyers backed out of deals at record levels in October, according to a new report from real estate brokerage Redfin. As a result, nearly a third of home sellers are making compromises to close the deal, including slashing prices and paying for closing costs, among other concessions.

“Home prices are high, mortgage rates are high and insurance costs are high, and when buyers see the final number, a lot of them are backing out,” Redfin Tampa Sales Manager Eric Auciello said in the report.