Home buyers this fall are seeing some of the steepest price cuts in years. A new Zillow analysis shows that the typical listing received cumulative discounts totaling $25,000 in October — matching the biggest discounts Zillow has tracked and offering a sliver of an opening for patient buyers waiting for relief from record-high costs.

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These deeper discounts reflect a housing market slowly finding balance. Home sellers are recalibrating their expectations on the fly, recognizing that affordability pressures are weighing on today’s buyers — and that they can still turn a profit after a price cut. The typical size of an individual price cut has barely budged in recent years, holding near $10,000. But with li

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