Compass CEO Says 42% of US Homes Saw Price Cuts in September, Highest in Nearly a Decade

MacroIndustry

โดย Yahoo Finance·

Summary · why it matters

Compass CEO Robert Reffkin said 42% of U.S. homes on the market saw a price cut in September, the highest share in nearly a decade, warning that housing is no longer a single unified market. Speaking in a CNBC interview, Reffkin said sales of homes priced between $100,000 and $250,000 are down 10% while sales above $1 million are up 4%, a split he attributed to lower-end buyers' sensitivity to mortgage rates versus wealthier cash buyers benefiting from a strong stock market. He said supply is up 4% nationally and that mortgage rates are expected to reach 7% by year-end, which would bring inventory back to pre-pandemic levels. Overall transactions were down 2% month-over-month and down 1% year-over-year, while prices rose 1.6% year-over-year, which Reffkin called impressive given rates are 50 basis points higher than a year ago. Price cuts are most concentrated in Colorado and Texas, particularly Austin, while Chicago and New York see the fewest cuts due to low supply; the average 30-year fixed rate rose to 7.07% Thursday, its highest since May 2025, according to Mortgage News Daily, while Freddie Mac's weekly survey put the 30-year rate at 6.76%.