Housing Market Shows Signs of Change as Home Prices Drop in Key Western Cities
New data shows home price reductions rising in western cities, with mortgage rates at two-year highs.
POLICY WIRE — Washington, D.C. — A recent analysis of the U.S. housing market has revealed a notable increase in home price reductions, with 20% of listed homes seeing lower prices in September, the highest rate this year, according to Realtor.com.
The surge in available homes, up 5.4% compared to last year, is creating more options for buyers, but high mortgage rates remain a challenge. The average 30-year fixed-rate loan now stands at 7%, the highest in two years, following the Federal Reserve’s recent interest rate hike.
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Western states led the way in price cuts, with 22.8% of homes reducing their asking prices, while Salt Lake City, Utah, had the highest share at 33.6%. Despite these trends, buyer activity remains cautious, with a 4.1% decline in homes under contract compared to the same period last year. However, experts suggest that the combination of lower prices and increased inventory could signal a shift in the long-stagnant market.
Reporting by Policy-Wire (PW)





