Sellers Are Losing the Upper Hand in a Stalled Housing MarketNot long ago, a homeowner could reasonably expect to sell quickly and for more than the asking price. That is no longer a winning bet. According to an Oct. 25, 2026 AP report by Alex Veiga, a stagnant housing market is leaving sellers across the country in limbo, and many are lowering prices and paying part of their buyers' costs just to make a deal.
From Frenzy to Standstill
Earlier this decade, rock-bottom mortgage rates fueled a buying frenzy that sent home prices soaring. Today the market has stalled. Surging mortgage rates, years of compounding price increases, and an economic outlook dimmed by high inflation have put homeownership out of reach for many buyers. Others are delaying a purchase and hoping for better conditions, perhaps in the spring.Sellers who can pull their listing off the market are generally doing so. Those who can't face growing pressure to cut their asking price and contribute thousands of dollars toward a buyer's costs. As First American Financial chief economist Mark Fleming put it, the market has shifted back toward a buyers' market, which means sellers may need to reduce the price, offer concessions, and wait longer.The Numbers Behind the Slowdown
After briefly dipping below 6% in February, the average rate on a 30-year mortgage climbed as high as 7.4% this month, its highest level in nearly three years. That has stifled home sales.According to [real estate agent.com](http://real estate agent.com), the national median listing price fell 1.2% in September from a year earlier, to $419,250. That is the 11th month in a row of annual declines. About 21% of listings had their initial price lowered, a four-year high.Redfin's analysis shows how lopsided things have become. Last month there were about 63% more sellers than buyers across the 50 largest U.S. metros. The roughly 929,000 buyers were the fewest on record dating back to 2013, while the number of sellers hit its highest level since 2020.Real Sellers, Real Delays
The report follows several homeowners whose plans are on hold:- **A Texas empty nester** listed her four-bedroom home in Murphy for $750,000 in April 2025. After price cuts and a stretch off the market, she relisted at $725,000 and finally sold for $650,000, plus $9,000 toward repairs.
- **A Washington homeowner** going through a divorce listed his Blaine home at $825,000 and later dropped it to just under $800,000. He has had no offers. Because he bought in 2022, he has too little equity to cut the price further.
- **An Oregon seller** in Troutdale already has an offer accepted on a bigger home, but his current house has sat for more than two months at $480,000. A $30,000 price cut brought one offer, which fell through.