The share of listed homes with price cuts has more than tripled since the start of the year

• The share of listed homes with price reductions has tripled since the start of the year.
• A report from Realtor.com on Thursday said price reductions grew to 20.9% in October from 10.6% a year earlier.
• Meanwhile the median national list price fell to $425,000 from a June peak of $449,000.

The housing market may finally be at an inflection point.

Data from Realtor.com released Thursday showed a steep decline in the median national list price for homes in October, while the share of homes with downward price adjustments has tripled since the start of the year.

The median national list price fell to $425,000 last month, down from a peak of $449,000 in June, while the percentage of homes on the market that have seen a price cut surged to 20.9% last month, doubling since October 2021.

Homes are also spending more time on the market, the report added, with an average listing lingering for 51 days in October, six days longer than a year earlier. The report attributed the extra time to a slower turnover in inventory. At the same time, the overall inventory of active home sales across the 50 largest metropolitan areas in the US increased 46.4% over the past year through October.

The report shows how the tide is turning in the housing market, on the heels of skyrocketing mortgage rates. The Federal Reserve raised benchmark interest rates a further 75 basis points on Wednesday in an effort to tame price pressures that have hammered consumers' wallets. Fed chair Jerome Powell has singled out the housing market specifically as an area of the economy that the central bank would like to see cool down from its pandemic-era highs.