A ''For Sale'' sign is outside a home in Los Angeles, California, on October 21, 2026. (Photo by Michael Yanow/NurPhoto via Getty Images)
LOS ANGELES - Not long ago, homeowners could expect to sell quickly and often above asking price. Now, a stagnant housing market is leaving many sellers unable to relocate, buy a larger home or move forward with major life plans.
Sellers outnumber buyers as mortgage rates remain high, home prices stay elevated and inflation weighs on the economy. Many are lowering asking prices or offering money toward buyers’ closing costs.
What they're saying:
"The dynamic has shifted back toward more of what we call buyers’ markets rather than sellers’ markets," said Mark Fleming, chief economist at First American Financial. "(That) means you might have to reduce your price, you might give a concession to get your home sold, it might have to stay on market longer."
RELATED: Mortgage rates rise for seventh straight week, squeezing homebuyers
This browser does not support the Video element.
Mortgage rates hit highest levels since 2023.
Mortgage rates surge to highest levels since 2023. Brian Hawkins with The Agency helps break down potential buyers concerns and how to navigate through today's housing market.
Local perspective:
Liz Suder, 56, listed her four-bedroom home in Murphy, Texas, for $750,000 in April 2025. After lowering the price several times, she took it off the market, then relisted it for $725,000 in February. It recently sold for $650,000, with Suder contributing $9,000 toward repairs.
"I never expected it to take a full year, and for me to have to reduce the price by that much," she said.
Rick Ganga, 58, listed his home in Blaine, Washington, for $825,000 in June amid a divorce and plans to move for work. He later lowered the price to just under $800,000, but has received no offers.
"There’s (been) no offers, virtually zero traffic," Ganga said.
RELATED: Buying a new home is now cheaper than an existing one in many markets
By the numbers:
The average rate on a 30-year mortgage recently climbed as high as 7.4%, its highest level in nearly three years. The national median listing price fell 1.2% in September from a year earlier to $419,250, according to Realtor.com. About 21% of listings had their initial price reduced, a four-year high.
Redfin found that sellers outnumbered buyers by about 63% across the nation’s 50 largest metropolitan areas last month. The number of buyers was the lowest on record dating back to 2013.
The Source: The Associated Press contributed to this report. The story is based on reporting from The Associated Press, along with data from Realtor.com and Redfin. It includes comments from economists Mark Fleming of First American Financial and Jake Krimmel of Realtor.com, as well as interviews with homeowners in Texas, Washington and Oregon. This story was reported from Los Angeles.