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Reffkin Says MLS Sites Unintentionally Make Listings Look Damaged, Rates Hold at 7.40% & a Record 22% of Sellers Cut Prices
THURSDAY · OCTOBER 15, 2026
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CURATED pulled together what matters in real estate today and broke it down into one read.
👋 Agents. Compass CEO Robert Reffkin took his case for private listings to CNBC.
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He says 43 percent of homes on the market in September had a price drop in their history. Redfin says a record 22 percent of sellers with active listings cut their asking price. Freddie Mac’s weekly rate held at 7.40 percent. Zillow says rental demand is up 19.2 percent. And the entry point to luxury fell to 1.199 million dollars, the lowest since January 2023. Let’s get into all of it.
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Enjoy, — CURATED.
1st Take
Compass CEO Robert Reffkin Says MLS Sites Unintentionally Make Listings Look Damaged
The Quick Take
Compass CEO Robert Reffkin defended private exclusive listings on CNBC on Tuesday, HousingWire reports. He said real estate websites and the MLS put negative insights on a listing that unintentionally make it look damaged. He said 43 percent of homes on the market in September had a price drop in their listing history. HousingWire’s own data shows an average of 42.2 percent of active single-family listings nationally had a price reduction during September.  Read more →
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Why It’s Heated
He said 6 percent of listings were pulled last month because sellers do not want to look stale. That figure, and his reason for it, have not been independently verified. California Regional MLS and Unlock MLS have refused his demands. Compass says it will sue both in the coming weeks.
📊 The Takes
Full MLS exposure has the edge, Reffkin’s stale-listing point still lands with many, and some want proof behind his 6 percent figure.
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📣 Wants the Whole Market — ‘Fewer eyes usually means fewer offers. I want every buyer in town to see my listing.’
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📉 Gets the Stale Worry — ‘A price drop follows a listing forever. I understand why a seller would want a quiet start.’
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🔍 Doubts the 6 Percent — ‘That 6 percent figure has not been independently verified. I want its source before I repeat it to a seller.’
2nd Take
Freddie Mac’s Weekly Rate Holds at 7.40%, a Three-Year High
The Quick Take
The average 30-year fixed rate was unchanged at 7.40 percent for the week ending Oct. 15, according to Freddie Mac, Realtor.com reports. A year ago it averaged 6.27 percent. The bond market stabilized, helped by an influx of investor cash from a selloff in technology and AI stocks. The 10-year Treasury yield shed almost 13 basis points to 5.06 percent in early trading Thursday.  Read more →
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Why You’ll Feel It
The odds of a Fed hike in October were 29 percent early Thursday, down from 35 percent Wednesday. This week, for-sale homes rose nearly 7 percent and new listings fell 5.1 percent from a year ago. Senior economist Anthony Smith says the pickup is not being driven by a flood of new sellers.
📊 The Takes
Rate-proofing the budget is the top move, negotiating price and credits comes next, and a few agents want buyers ready in case Thursday’s yield dip holds.
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🧾 Rate-Proofs the Budget — ‘I qualify buyers at today’s rate, not the one they hope for. If it drops, that is a bonus.’
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🤝 Negotiates the Price — ‘Rates are stuck, but sellers are cutting. I put my energy into the price and the credits.’
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🏁 Gets Buyers Ready — ‘Yields finally dipped on Thursday. If that holds, I want my buyers preapproved and ready to move.’
3rd Take
Asking Prices Fell for the First Time Since March as a Record 22% of Sellers Cut
The Quick Take
The median U.S. asking price fell 0.3 percent from a year earlier in the four weeks ending Oct. 11, its first decline since March, Redfin reports. The median sale price rose just 0.5 percent year over year, the slowest growth since March. Some 22 percent of sellers with active listings cut their asking price, up from 20.9 percent a year earlier. That is the highest level in Redfin’s records.  Read more →
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What This Means
The typical buyer’s monthly payment is 2,777 dollars, the highest on record except the previous week. Pending sales ticked up 1.5 percent from a week earlier but are still near their lowest level in records dating back to 2021. They fell from a year earlier in all 50 of the most populous metros.
📊 The Takes
Pricing right on day one leads, buyer agents see room for bolder offers, and some tell sellers who can wait not to chase the market down.
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✂ Prices It Right — ‘I would rather price it right on day one than cut it in week three.’
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💬 Writes Bolder Offers — ‘With this many price drops, my buyers have room. I am writing offers that ask for more.’
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🕰 Tells Sellers to Wait — ‘Sale prices are still up from a year ago. I tell sellers who can wait not to chase the market down.’
4th Take
NAHREP CEO Gary Acosta Says Private Listings Could Hurt First-Time Buyers the Most
The Quick Take
Gary Acosta, co-founder and CEO of the National Association of Hispanic Real Estate Professionals, says first-time buyers will probably suffer the most if more listings become harder to find, Real Estate News reports. He says MLSs should be able to create their own rules about how data is shared. He says private listings have a place in the market, but everybody needs to follow the same rules.  Read more →
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What’s at Stake
Wisconsin, Washington, and Connecticut have passed private listing laws. Compass says those laws enshrine seller choice. Acosta pictures a home in an affordable neighborhood that never reaches the MLS, sold to an investor so one brand can double-end the deal. He says an owner-occupant buyer might never see it.
📊 The Takes
Agents side with Acosta on protecting first-time buyers, many want one rulebook for every brokerage, and fewer leave the call entirely to the seller.
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🚪 Guards First-Time Buyers — ‘My first-time buyers have the least room for error. They should see every home that fits them.’
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📏 Wants One Rulebook — ‘Private listings can have a place. I just want every brokerage playing by the same rules.’
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📝 Lets the Seller Decide — ‘I lay out both paths and let my seller choose. It is their house and their call.’
5th Take
Rental Demand Is Up 19.2% as Buying Costs Rise Nearly Twice as Fast as Rent, Zillow Says
The Quick Take
Rental demand rose 19.2 percent from a year earlier, as measured by the Zillow Observed Renter Demand Index, Zillow said Thursday. Typical rent was 1,932 dollars a month in September, up 2.7 percent. The typical new buyer’s monthly payment rose 5 percent, to 3,037 dollars, nearly double the pace. Demand for single-family rentals rose 21.6 percent, more than double the 10.1 percent rise for multifamily.  Read more →
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The Bigger Picture
The index tracks engagement on the company’s rental listings. Renting a house costs 771 dollars less each month than a buyer’s payment. A household needs 77,278 dollars in income to afford a typical rental, versus 121,496 dollars for a typical home. Demand rose the most in San Jose, up 82.5 percent.
📊 The Takes
Rent-versus-buy math tops the list, staying close to today’s renters runs a near second, and some agents are taking on more lease listings as demand climbs.
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🧮 Runs Rent Versus Buy — ‘I show renters the real math, including the equity side. Some of them should still rent.’
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📇 Keeps Renters Close — ‘Today’s renter is a future buyer. I stay in touch so I am the one they call.’
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🏘 Takes More Leases — ‘Single-family rental demand is up more than 20 percent. I am taking on more lease listings.’
6th Take
The Entry Point to Luxury Fell to $1.199 Million, the Lowest Since January 2023
The Quick Take
The entry point to luxury, the listing price where the most expensive 10 percent of listings start, was 1,199,321 dollars in September, Realtor.com reports. That is down 3.6 percent from a year ago, the 30th consecutive month of annual decline. It is the lowest since January 2023 and 14.1 percent below the May 2023 peak. Luxury homes are still selling faster than a year ago across every luxury tier.  Read more →
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What’s Changing
Listings at the 90th percentile spent a median of 76 days on the market, three days faster than September 2025. Los Angeles widened its lead as the most expensive luxury market at 3.95 million dollars. Only Naples-Marco Island and Crestview-Fort Walton Beach-Destin in Florida posted annual gains among the top 10.
📊 The Takes
Pricing luxury homes to this market leads, local top-tier comps run close behind, and a smaller group tells move-up buyers to look now.
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💎 Prices Luxury to Sell — ‘Luxury buyers still move fast on the right house. I price to this market, not to 2023.’
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📊 Pulls Local Comps — ‘A national number says little about my town. I pull our own top-tier comps first.’
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🪜 Pitches Move-Up Buyers — ‘The luxury entry point is the lowest since January 2023. I am telling move-up buyers to look now.’
7th Take
Condo Prices Have Erased More Than Half Their Boom Gains in 12 of 35 Florida Counties
The Quick Take
Condo prices in 12 of 35 major Florida counties have erased more than half of their Pandemic Housing Boom gains, ResiClub reports. On the single-family side, only Charlotte County has. Lee County single-family prices are down 18.3 percent from their mid-2022 peak but still up 38.2 percent since March 2020. Single-family prices in seven counties, including Miami-Dade, are above their mid-2022 levels.  Read more →
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The Real Story
Charlotte County condos have given back 87 percent of their boom gains and sit roughly 35 percent below their peak. The causes cited include a migration surge that fizzled, condo safety rules after Surfside, Hurricane Ian, new construction, and insurance costs.
📊 The Takes
Showing sellers both the drop and the gain since 2020 comes first, checking condo reserves is next, and some refuse to call a bottom with yields climbing.
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🏖 Shows Sellers Both Numbers — ‘My sellers remember the peak. I show them the drop and what they still gained since 2020.’
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🏢 Reads the Condo Docs — ‘With a condo, the building matters as much as the price. I check the reserves before anyone writes an offer.’
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🌀 Not Calling a Bottom — ‘The correction has been easing, but yields just ran up. I am not telling anyone this is the bottom.’
8th Take
New Home Sales Fell to a 584,000 Pace in September, the Weakest Since April 2020, MBA Estimates
The Quick Take
Mortgage applications for new home purchases fell 8 percent from August and 8.3 percent from a year earlier, the Mortgage Bankers Association said Thursday, HousingWire reports. The MBA estimated new single-family home sales ran at a seasonally adjusted annual rate of 584,000 units in September, down 12 percent from 664,000 in August. MBA deputy chief economist Joel Kan said it marked the weakest pace since April 2020.  Read more →
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Why It’s Hot
Kan said higher rates hit first-time buyers harder, as the FHA share of applications fell and the average loan size rose. The average loan reached 374,724 dollars, and FHA loans made up 34.7 percent of applications. The estimates, built from applications at builder-affiliated lenders, arrive ahead of the Census Bureau’s monthly report.
📊 The Takes
Seeing first-time buyers pull back leads, many press builders harder for buydowns, and a smaller group waits for the Census numbers before calling it a trend.
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🚶 Sees First-Timers Pull Back — ‘The FHA share dropped. That tells me first-time buyers are the ones stepping back right now.’
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🏗 Works the Builders — ‘Builders with slow sales need buyers. I ask for a rate buydown on every new-construction deal.’
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📊 Waits for Census — ‘The MBA number is an estimate. I want the Census report before I call it a trend.’
9th Take
Fannie Mae Now Sees 30-Year Rates Averaging 7.5% Through the End of Next Year
The Quick Take
Fannie Mae released updated economic projections on Wednesday, Scotsman Guide reports. Fannie now projects 30-year mortgage rates will average 7.5 percent through the end of next year, compared to 6.7 percent in its prior-month forecast. It projects 10-year Treasury yields will end 2026 around 5.3 percent, compared to the 4.8 percent it projected in September.  Read more →
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Why It Matters
Fannie now projects 1.86 trillion dollars in single-family originations for 2027, down from the 2.28 trillion dollars it predicted in September. It cut its 2027 refinance forecast by more than 46 percent, to 430 billion dollars. Its new fed funds forecast implies two more quarter-point Fed increases from current levels.
📊 The Takes
Budgeting buyers at 7.5 percent comes first, dropping the refinance promise runs second, and some agents say people still move whatever the forecast says.
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🧮 Budgets at 7.5 — ‘I am running buyer budgets at 7.5 percent now. If rates come in lower, that is a bonus.’
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🚫 Drops the Refi Promise — ‘Fannie cut its refinance outlook by more than 46 percent. I am done promising buyers a refi next year.’
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🏠 Sells Through It — ‘People still move for jobs and family. A forecast does not change why my buyers need a house.’
10th Take
HUD’s Workforce Fell About 29%, and Housing Groups Say It Got Harder to Reach, a Watchdog Finds
The Quick Take
The Government Accountability Office found that HUD’s workforce fell about 29 percent from December 2024 to 2025, leaving roughly 6,300 workers, Government Executive reports. Most staffers left under the deferred resignation program. Based on interviews with representatives of 20 housing stakeholder organizations, auditors determined the downsizing made it harder for those groups to get information from HUD. The report was publicly released on Wednesday.  Read more →
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The Stakes
Forty-one percent of departing employees had more than 20 years of service. One public housing agency could not access HUD’s grant and subsidy disbursement system for three months. HUD says it has reduced backlogs of civil rights and fair housing cases.
📊 The Takes
Building extra time into anything HUD touches leads, a real group is fine with a leaner agency, and others worry about support for fair housing.
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⏳ Builds In Extra Time — ‘One group said answers could take up to 30 days. I build extra time into anything that runs through HUD.’
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✂ Backs a Leaner HUD — ‘A smaller agency is fine with me if the fair housing case backlog is really shrinking.’
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🏘 Worries About Fair Housing — ‘Fair housing grantees are unsure who their HUD contact is, or hear from them less. That worries me for my clients.’
👋 Until tomorrow, Agents.
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CURATED will be watching whether Compass files its MLS lawsuits in the coming weeks.
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