A new report finds that homebuyers are receiving some of the steepest price discounts on record as sellers adjust their expectations.

Zillow found that the typical listing in the US had $25,000 in cumulative price cuts in October, which matched the largest discounts the company has ever recorded.

The typical size of an individual price cut is little changed from recent years at around $10,000 – but the report noted that sellers are adjusting their sales prices more frequently with listings taking longer to move. The share of listings with price cuts is 26.9% of all US listings, according to the report.

“Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit,” said Zill

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