Home sellers reduce prices in stagnant housing market

• Home sellers are reducing their asking prices due to a stagnant housing market.
• Factors contributing to the stagnant market include surging mortgage rates and rising inflation.
• Many sellers are unable to relocate or make other major life decisions due to the market conditions.
• Homes are remaining on the market for months without receiving offers.
• Sellers are adjusting prices to attract buyers and facilitate deals.