# Homeowners slash prices in stagnant market

> Homeowners slash prices in stagnant market.
- Title: Homeowners slash prices in stagnant market · Fortune
- Summary: Homeowners slash prices in stagnant market. Homeowners face pressure to lower prices as housing market stalls with fewer buyers and higher mortgage rates.
- Keywords: homeowners, asking prices, housing market, mortgage rates, stagnant market, home sellers, home buyers, real estate, slash, prices, stagnant, market
- Source: Fortune — https://fortune.com/2026/10/25/housing-market-home-prices-buyers-sellers-supply-mortgage-rates
- Author: Alex Veiga
- Read time: 1 min
- Topics: homeowners, asking prices, housing market, mortgage rates, stagnant market, home sellers, home buyers, real estate
## Stagnant housing market stalls sales
A stagnant housing market leaves many sellers unable to relocate, buy homes, or follow life decisions requiring a sale.
## Sellers face pressure to lower prices
Sellers who stay on market must reduce asking prices and cover buyer costs, with many cutting thousands toward repairs.
## Market shift from seller to buyer dominance
The market has shifted toward buyers’ markets, requiring sellers to lower prices and concessions to attract buyers.
## Liz Suder’s year-long home sale struggle
Liz Suder waited over a year to sell her home in Murphy, Texas, reducing price from $750,000 to $650,000 with $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
## Rick Ganga’s stalled home sale
Rick Ganga needs to sell his home in Blaine, Washington, before divorce completion, but has no offers after lowering price to $800,000.

> There’s (been) no offers, virtually zero traffic
## Mortgage rates surge to 7.4%
Average 30-year mortgage rates surged to 7.4%, the highest in nearly three years, stifling home sales.
## Median home price drops 1.2%
National median home listing price declined 1.2% to $419,250, with 21% of listings lowering initial prices.
## Ethan Butner’s delayed home sale
Ethan Butner has been on market over two months for $480,000, slashing $30,000 but with only one offer that fell through.

> It’s been a roller coaster of emotion for myself, my family, especially my fiancée
## Market imbalance favors sellers
There are 63% more sellers than buyers in major U.S. metro areas, with buyer numbers at a record low since 2013.
## Key takeaway

Homeowners face pressure to lower prices as housing market stalls with fewer buyers and higher mortgage rates.