Several major housing markets across the United States are seeing large numbers of home price cuts as high mortgage rates and affordability concerns continue to slow buyer demand.
New data from Realtor.com found that 16.7% of active home listings nationwide included a price reduction in April. While that figure remains elevated compared to historical norms, it was slightly lower than a year ago as some markets moved closer to price stability.
The report showed that several cities in the Sun Belt and Mountain West regions continue to struggle with weak buyer activity, forcing many sellers to lower asking prices.
“Put simply, homes are not moving in these markets,” Realtor.com senior economist Jake Krimmel said. “That’s down in part due to ample supply but also anemic demand at current prices and interest rates.”
Phoenix topped the list of major metro areas with the highest share of listings with price cuts in April.
According to Realtor.com, 29.1% of active listings in the Phoenix-Mesa-Scottsdale, Arizona, metro area saw price reductions. The median listing price in the market was $499,000. The share of listings with cuts was down 2.2 percentage points from a year earlier.
The Tampa-St. Petersburg-Clearwater, Florida, market ranked second on the list. Realtor.com found that 25.13% of listings in the region had price cuts during April. The median listing price stood at $406,500.
Despite the price reductions, Tampa’s share of discounted listings was actually 4.2 percentage points lower than last year.
San Antonio-New Braunfels, Texas, also saw a large share of sellers reducing prices. Realtor.com reported that 24.95% of listings in the area had price cuts in April. The metro’s median list price was $324,700.
The Denver-Aurora-Centennial, Colorado, metro area followed closely behind. About 24.35% of active listings there included price reductions. The median listing price in Denver reached $587,000.
The Portland-Hillsboro-Vancouver metro area, which spans parts of Oregon and Washington, rounded out the top five markets with the largest share of price cuts.
According to Realtor.com, 24.04% of listings in the Portland area saw price reductions in April. Unlike several other cities on the list, Portland experienced a slight increase in the share of discounted homes compared to last year.
Phoenix and Tampa also appeared near the top of Realtor.com’s April 2025 report on price cuts. Last year, Phoenix recorded price reductions on 31.3% of listings, while Tampa saw cuts on 29.3% of homes listed for sale.
Krimmel said some sellers in these markets may still be struggling to adjust expectations after years of rapid home price growth during the pandemic housing boom.
“Why are these metros continually topping this price cut list?” Krimmel said. “It’s likely part unrealistic expectations and part wishful thinking, but price reductions do mean sellers are getting the message loud and clear.”
Housing affordability remains a major concern across the country as elevated mortgage rates continue to keep many buyers on the sidelines.
Although prices remain high in many markets, the growing number of price cuts could offer some relief for buyers struggling with rising home costs.