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Published: Oct 02, 2023 5 min read
Illustration of a hand peeling back a front door to reveal a $100 bill and a sale sticker.
Olive Burd / Money; Getty Images

The best time to buy a house this year could be upon us, and sellers are dropping their list prices.

With the average 30-year fixed mortgage rate hitting a two-decade high as of Sept. 27, data suggests buyers are balking and sellers have little choice but to cut asking prices. Competition is cooling off “remarkably fast,” even for this slower time of year, according to a fall outlook report from listing site Zillow.

A report from brokerage Redfin found that about 6.5% of homes for sale in the U.S. saw a price drop in September, compared to 5.8% in August. Even so, housing costs in general remain very high.

Home price cuts on the rise