The housing market remains hot in much of the country, with rising prices creating affordability concerns for would-be buyers – though some markets are seeing sizable amounts of price cuts over the last month.
Data from Realtor.com found that nationally, the share of active listings that carry a price reduction was at 16.7% in April – a figure that is elevated compared with historical trends but is actually lower than a year ago as prices trended toward an equilibrium.
Several markets across the Sun Belt and Mountain West regions have seen price cuts more frequently than the national average, the data showed.
“Put simply, homes are not moving in these markets,” said Realtor.com senior economist Jake Krimmel. “That’s down in part due to ample supply but also anemic demand at current prices and interest rates.”
ONE TYPE OF PROPERTY IS QUIETLY SAVING AMERICANS THOUSANDS OF DOLLARS
Two of the metro areas also led Realtor.com’s report about major markets with price cuts in April 2025, as Phoenix and Tampa had 31.3% and 29.3% of listings with price cuts last year, respectively.
“Why are these metros continually topping this price cut list? It’s likely part unrealistic expectations and part wishful thinking, but price reductions do mean sellers are getting the message loud and clear,” Krimmel said.
Here’s a look at the five housing markets where price reductions were the most prevalent in April.
THESE 8 US HOUSING MARKETS FAVOR BUYERS
Phoenix-Mesa-Chandler, Arizona
- Share of listings with price cuts: 29.1%
- Change year-over-year: -2.2 percentage points
- Median list price: $499,000
Tampa-St. Petersburg-Clearwater, Florida
- Share of listings with price cuts: 25.13%
- Change year-over-year: -4.2 percentage points
- Median list price: $406,500
CALIFORNIA BUILT MORE HOMES THAN PEOPLE OVER SIX YEARS – SO WHY IS HOUSING STILL SO TIGHT?
San Antonio-New Braunfels, Texas
- Share of listings with price cuts: 24.95%
- Change year-over-year: -0.7 percentage points
- Median list price: $324,700
Denver-Aurora-Centennial, Colorado
- Share of listings with price cuts: 24.35%
- Change year-over-year: -2.8 percentage points
- Median list price: $587,000
Portland-Hillsboro-Vancouver, Oregon and Washington
- Share of listings with price cuts: 24.04%
- Change year-over-year: 0.7 percentage points
- Median list price: $579,750
Read the full article here