September housing data show a market slowed by rising mortgage rates, with new listings down and pending sales falling 4.1% year-over-year. Price cuts hit 20.8%, the highest since 2022, surpassing 2025 levels for the first time in 2026. Inventory grew 5.5%, nearing pre-pandemic norms. Median list prices fell in three regions, while price per square foot declined in 37 of 50 metros. Sellers face tougher conditions; buyers should budget for higher rates.
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