New listings of homes for sale rose 2.3 percent year-over-year during the four weeks ending Oct. 5, the biggest increase in over three months, according to a new report from Redfin. Some sellers listed their homes in September as the weekly average mortgage rate dipped to a 10-month low of 6.26 percent, in hopes that lower rates would lure buyers, but buyers aren’t budging.

Pending sales fell 1.3 percent from a year ago, the biggest decline in five months, and the typical home that sells is taking 48 days to go under contract, a week longer than last year and the longest September span since 2019.

Redfin agents in much of the country say house hunters are waiting for rates to drop more before making a move. Mortgage rates, which have ticked up to 6.34 percent September’s low point, are still more than double pandemic-era lows, and rising home prices are exacerbating high costs. The median sale price is up 2.1 percent year-over-year, the biggest increase in six months.

Some prospective buyers are also wary of making a big purchase while the economy is uncertain, with the government shutdown and recent weak jobs reports making some Americans insecure about their finances, according to Redfin.

For buyers who are motivated to move and have the means to afford today’s home prices, the silver lining of the slow market is that they have negotiating power.

“It’s a buyer’s market, with house hunters asking for price reductions, doing inspections and requesting concessions,” San Antonio-based Redfin Premier agent Jesse Landin said in a release. “In terms of making offers, buyers are throwing spaghetti at the wall to see what sticks. Sellers who want to make it stick, will. For example, one of my sellers, who needed to move, was getting desperate after her house had been on the market for over 100 days. She sold for $15,000 under asking price and included the furniture and outdoor amenities like the barbecue and fire pit.”

Buyers looking for a deal may want to consider condos, as there are 72 percent more condo sellers than buyers nationwide, a bigger gap than other home types. Another option is new construction; Redfin agents say some builders are offering mortgage-rate buydowns and other incentives in parts of the country with a lot of new homes.