Published October 4, 2026 in Market Update

More sellers are cutting prices, but some parts of this market still move fast

By Jason & Susan Zwolak

Real estate, Expired Listings

I was looking at the numbers this week and one thing stood out right away. Realtor.com reported that 20.8% of listings nationwide had a price reduction in September 2026. That is the highest share since October 2022. At the same time, CNBC reported the average 30-year fixed rate at 7.30%. Buyers are feeling that. So are sellers who priced too high on day one.

That national number matters here. But our market is not one thing. Some ZIP codes are sitting on months of supply and watching days on market climb. Others are still drawing quick offers. The three months ending July 31, 2026 show both stories playing out at once.

Where homes still move fast

ZIP 92626 is the tightest pocket in this market right now. The Real Estate Data Aggregator counted only 2.4 months of supply there in the three months ending July 31, 2026. That is the lowest of any ZIP code in this market. And 42.1% of homes went under contract within two weeks of listing. That means nearly half of all sellers there never had to wait long.

ZIP 92604 is also holding up. The Real Estate Data Aggregator showed 36.6% of homes there went under contract within two weeks, and the sale-to-list ratio sat at 99.8%. Sellers there are still getting very close to their asking price.

ZIP 92656 is another one worth watching. Inventory jumped 51.2% year over year, yet 33.6% of homes still went under contract within two weeks. Prices are up 3.4% from a year ago there. More competition for sellers, but buyers are still showing up.

Where the pressure on price is real

Not every ZIP code tells that story. In ZIP 92663, the median sale price fell 28.1% compared with the same three months of 2025, according to the Real Estate Data Aggregator. Pending sales dropped 23%. Days on market crept up 3 days. That is a market where overpricing is costly.

ZIP 92657 is the steepest climb. The Real Estate Data Aggregator showed a median of 87 days on market there, up 35 days from a year ago. The sale-to-list ratio was 93.3%. Sellers there are giving up more ground, and taking longer to do it.

ZIP 92625 saw days on market jump 29 days longer than a year ago. The sale-to-list ratio slipped to 96.6%. The Real Estate Data Aggregator also showed only 20.3% of homes went under contract within two weeks, down 11.4 points from a year before. Buyers in that price range have more choices and they know it.

The national picture behind these numbers

Realtor.com reported that active listings nationwide grew 5.5% year over year in September 2026, reaching 1.16 million homes. More supply gives buyers more to choose from, and that is part of why price cuts are rising. Mortgage rates are not helping. CNBC put the average 30-year rate at 7.30% as of September 30, 2026. Realtor.com noted rates are over 7%, up more than a full percentage point since late February.

The Federal Housing Finance Agency reported that U.S. home prices rose 2.6% from July 2025 to July 2026, and 0.3% month over month in July on a seasonally adjusted basis. Prices are still moving up nationally, just more slowly, and only where sellers price right from the start.

What this means if you own a home here

If your home is in a ZIP code with tight supply and fast contracts, you still have real strength. But even in those pockets, the share of homes selling above list price has slipped in most ZIP codes compared with a year ago. Buyers are more careful. They have seen the rate headlines.

If your ZIP code has more supply and longer days on market, price is doing more work than it did a year ago. The homes that are selling are the ones priced honestly from day one. The ones sitting are often the ones that started too high and needed a cut.