Housing sellers offer more concessions as buyer demand weakens

Elevated mortgage rates and near-record home prices are keeping many U.S. Buyers on the sidelines, prompting more sellers to cut prices or offer incentives such as repair payments and mortgage-rate buy-downs. About 20% of active listings had a price drop, up 0.6 percentage points from a year earlier.

The average 30-year fixed mortgage rate reached 6.95% in the latest Freddie Mac data, while housing supply rose to a 10-year high in August, according to the National Association of Realtors. Concessions were especially common in Sun Belt markets, including Atlanta, where they appeared in 73% of deals.

Read the full story at tradersunion.com.