Home prices are getting slashed as inventory climbs and high mortgage rates push sellers to compete for buyers, Zillow says

• Home prices are getting slashed at an unusual pace, Zillow economists said.
• Nearly 23% of listings on the market saw a price cut in November.
• That's partly because sellers are competing for buyers as mortgage rates remain high.

Home prices are getting slashed at an unusual pace, thanks to a recent surge in inventory and still-high mortgage rates pushing sellers to compete for buyers, according to Zillow economists.

The share of listings on the market that saw a price cut in November was 22.6%, down slightly from October's 25% rate but still abnormally high for this time of year, the real estate listings site said in its monthly housing market update on Monday.

"Price cuts are more common than normal – chances are good that prices are negotiable," Zillow said.