Key facts
- The percentage of US sellers offering concessions to buyers reached 45% in August.
- This marks the highest proportion of sellers offering concessions in August in at least six years.
- Concessions were most frequent in Atlanta (73% of deals), Charlotte (67%), and Phoenix (67%).
- The average 30-year fixed mortgage rate ticked up to 6.95% in the last week.
- America's supply of homes for sale rose to a 10-year high in August.
Homebuyers are finding a more favorable market as sellers increasingly offer concessions to close deals, according to Redfin data. In August, 45% of sellers offered concessions, such as paying for repairs or buying down a buyer's mortgage rate, marking the highest proportion for an August in at least six years. This trend is driven by an imbalance in the housing market, with high mortgage rates and elevated home prices keeping many potential buyers on the sidelines.
The average 30-year fixed mortgage rate recently ticked up to 6.95%, according to Freddie Mac. Redfin data also indicates that nearly 16% of sellers offered both a concession and a price cut, while about 20% of active listings have seen a price reduction. The surge in inventory, which reached a 10-year high in August according to the National Association of Realtors, is giving buyers more leverage. Concessions have been particularly prevalent in Sun Belt markets, with Atlanta leading at 73% of deals, followed by Charlotte and Phoenix at around 67%.