Morning Business Report: Home delistings surge as sellers avoid lower prices; Medicare secures major drug price cuts

Homeowners across the country are pulling their listings at a rapid pace, with new data showing delistings jumped 28% as sellers refuse to accept lower offers.

(LILAMAX)- Homeowners across the country are pulling their listings at a rapid pace, with new data showing delistings jumped 28% as sellers refuse to accept lower offers. According to Redfin, roughly 15% of homes removed from the market in September were at risk of selling at a loss, and 70% of properties listed that month remained on the market for 60 days or longer. Housing supply is now about 15% higher than it was a year ago, adding pressure to asking prices.

In Washington, the U.S. government has negotiated lower Medicare prices for 15 high-selling prescription drugs, including treatments for asthma, cancer, and diabetes. The new pricing — set to take effect in 2027 — represents reductions of 38% to 85% off current list prices and is expected to save Medicare an estimated $12 billion.

On Wall Street, stocks rallied for a third straight day as concerns from last week faded. The Dow surged more than 600 points Tuesday, fueled by renewed optimism and improving market sentiment.

In entertainment news, Paramount and Warner Bros. Discovery are reviving the long-stalled sequel Rush Hour 4 after support from President Trump. Director Brett Ratner faced allegations during the MeToo movement, slowing progress on the film. Jackie Chan and Chris Tucker are set to return, though no release date has been announced.

And in sports business, the average NHL team is now valued at $2.2 billion — up 15% from last year according to CNBC’s official valuations. The Toronto Maple Leafs top the list at $4.3 billion, making them the league’s most valuable franchise.