Home-Price Reductions Decline in April

In April, 35.4% of home sellers in the U.S. cut their asking price, down slightly from 35.6% a month earlier and down from the record high of 36.6% in August, according to recent data from real estate marketing platform Redfin. The average home seller who did end up cutting their list price in April cut it by 4%.

While nationwide price reductions fell, some metros saw an uptick in price cuts

The share of home sellers cutting their prices increased month-over-month in 21 of the metros analyzed in the report. Phoenix saw the largest gain in price reductions. There, price reductions grew to 50.8% from 48.1% the month prior.

The share rose the most in Phoenix, to 50.8% in April from 48.1% a month earlier. The second-biggest increase was in Seattle, where price reductions increased to 29.5% from 27.6% the month prior, followed by Orlando, Fla., where price reductions rose to 47.8% from 46.3%.

Which metros saw the most price reductions?

At 58.7% of listings, San Antonio saw the most home-price reductions. Similarly, in Austin, Texas, 55.8% of sellers reduced their list price. Phoenix, Dallas, and Tampa, Fla., follow with respective shares of 50.8%, 50.5%, and 48.2%.