Elevated mortgage rates near 7% and high home prices are causing many U.S. buyers to stay sidelined, leading sellers to offer more concessions and price cuts. In August, 45% of sellers gave concessions, with 20% cutting prices and nearly 16% doing both. The housing supply is at a multi-year high, especially in Sun Belt markets where concessions reach up to 73%. This trend reflects a market imbalance with more sellers than buyers, prolonging the housing slowdown.
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