Homes Not Moving: Five US Cities Hit by Steep Price Cuts

The US housing market is showing signs of a pronounced cooling trend, with homes sitting on the market longer and substantial price cuts becoming increasingly common in five major metropolitan areas. According to data from Realtor.com, the national share of active listings carrying a price reduction stood at 16.7% in April 2026 — elevated by historical standards, though slightly lower than the 17.9% recorded a year earlier.

However, five cities are experiencing price cuts at rates well above the national average, ranging from 24% to 29% of listings. Phoenix leads the list with 29.1% of listings carrying price reductions, followed by Tampa (25.13%), San Antonio (24.95%), Denver (24.35%), and Portland (24.04%).

“Put simply, homes are not moving in these markets,” said Jake Krimmel, senior economist at Realtor.com. “That’s down in part due to ample supply but also anemic demand at current prices and interest rates.”

The Five Markets Feeling the Pressure

Phoenix-Mesa-Chandler, Arizona, tops the list with nearly one in three listings carrying a price cut. The median list price stands at $499,000, and the share of reductions has declined 2.2 percentage points year-over-year — suggesting a potential bottom may be near. Local agent Paul Mosley of Epique Realty described the reality on the ground: “You’ve got to price it to sell. Price it lower than you think. I’ve got a lot of people who want to test the higher end of the market, and they’re wrong.”

Tampa-St. Petersburg-Clearwater, Florida, follows with 25.13% of listings reduced. Martin Orefice of Rent-to-Own Labs noted that higher-end homes are bearing the brunt: “Higher-end homes are falling by 30% or more in some areas, especially big suburban houses, while entry-level houses are basically holding steady because there simply aren’t as many of them around.”

San Antonio-New Braunfels, Texas, offers the most affordable entry point among the five, with a median list price of just $324,700 and 24.95% of listings carrying reductions.

Denver-Aurora-Centennial, Colorado, where 24.35% of listings have been cut, presents a tale of two markets. “High-end buyers today have zero appetite for ‘projects,’” said agent Mike Shook. “On one side, you have move-in-ready, ‘turnkey’ estates that continue to move quickly. On the other, you have large ranches and legacy properties that need significant infrastructure.”

Portland-Hillsboro-Vancouver, Oregon-Washington, rounds out the list with 24.04% of listings reduced and a median list price of $579,750.

Why These Cities?

The five markets share key characteristics. All were pandemic-era boomtowns that saw massive population inflows during 2020-2022, driving prices to unsustainable levels. They also experienced significant new construction, adding to supply. According to the National Association of Realtors, housing inventory reached 4.4 months of supply at the end of April — the highest reading in years and approaching the six-month threshold that traditionally separates a seller’s market from a balanced one.

Meanwhile, the average 30-year fixed-rate mortgage stood at 6.33% in April, up from 6.18% in March, with the 10-year Treasury yield closing at 4.57% on May 20. The Federal Reserve’s benchmark rate sits at 3.75%, down from 5.00% a year ago, but long-term rates have not fallen correspondingly as sticky inflation persists.

A National Paradox

Despite localized cooling, the national median home price reached $417,700 in April — an all-time record for the month and the 34th consecutive month of year-over-year price appreciation, as reported by 24/7 Wall St.. Existing home sales ran at a sluggish 4.02 million annualized pace, well below the pre-pandemic norm of 5 million-plus.

Price cuts remain far less common in the Northeast (10.2% of listings) and Midwest (13.4%), where inventory is tighter and demand stronger, compared with the South (18.8%) and West (17.9%).

What’s Next

The data suggests sellers are gradually adjusting expectations. Krimmel noted that this year “has seen both fewer price cuts and lower median list prices, suggesting sellers have internalized the generally more buyer-friendly market conditions and are adjusting price expectations before rather than after listing.”

For buyers who have been waiting on the sidelines, opportunities may be emerging in these five markets — but the window may narrow as sellers continue to recalibrate and prices find a new equilibrium. The key question remains whether the cooling will spread to more cities or remain concentrated in the pandemic-era boomtowns that overheated most dramatically.