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The housing market remains hot in many parts of the country, as rising prices create affordability concerns for buyers – although some markets have seen significant price declines in the past month.
Data from Realtor.com found that nationally, the share of active listings with price reductions was 16.7% in April – a figure that's elevated compared to historical trends but actually lower than last year as prices tended to level off.
Several markets across the Sun Belt and Mountain West regions saw price reductions more often than the national average, the data showed.
“Quite simply, homes are not moving in these markets,” said Realtor.com chief economist Jake Krimmel. “That's down in part due to insufficient supply but also anemic demand at current rates and interest rates.”
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Listed home price reductions have slowed nationally over the past year but remain high, including in other major metropolitan areas. (iStock/Getty Images Plus)
Two metropolitan areas also led Realtor.com's report on major markets for price reductions in April 2025, as Phoenix and Tampa had 31.3% and 29.3% of listings with price reductions last year, respectively.
“Why are these metros always at the top of this price reduction list? It's probably part unrealistic expectations and part wishful thinking, but the price drop means retailers are getting the message,” Krimmel said.
Here's a look at the five housing markets where price declines were most common in April.
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Phoenix-Mesa-Chandler, Arizona
Phoenix led the list of metro areas with rate cuts. (Mario Tama/Getty Images)
- Share of listings with price reductions: 29.1%
- Year-on-year change: -2.2% points
- Median list price: $499,000
The Tampa-St. Petersburg-Clearwater, Florida
The skyline of Tampa, Florida. (Joe Sohm/Visions of America/Universal Images Group via Getty Images)
- Share of listings with price reductions: 25.13%
- Year-on-year change: -4.2% points
- Median list price: $406,500
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San Antonio-New Braunfels, Texas
San Antonio, Texas, had the lowest median list price among metros with the most reduced list prices. (Robert Alexander/Getty Images)
- Discount listing share: 24.95%
- Year-on-year change: -0.7% points
- Median list price: $324,700
Denver-Aurora-Centennial, Colorado
Showing results for “Denver, Colorado” (Stock)
- Discount listing share: 24.35%
- Year-on-year change: -2.8% points
- Median list price: $587,000
Portland-Hillsboro-Vancouver, Oregon and Washington
The Portland, Oregon metro area — which includes Vancouver, Washington — made the top five list. (Stock)
- List share with price reduction: 24.04%
- Year-on-year change: 0.7% points.
- Median list price: $579,750
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