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10 cities where home prices are being slashed as housing market cools

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The US housing sector is finally chilling. According to new data, there are homes in some parts of the country currently for sale for those considering buying.

Sellers cut home prices significantly in June in red-hot areas Price increase Early pandemics including Reno, Nevada, Austin, Texas, and Boise, Idaho According to Realtor.com..With more homebuyers Pull back middle Higher mortgage rate Fear of recession, sellers are reacting to declining demand.

Realtor.com looked at the 200 largest metropolitan areas in the United States and calculated which one had the highest percentage of home listings that were reduced in June.

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George Ratiu, Senior Economist at Realtor.com, said:

Latiu said price cuts were the sharpest in places that attracted many enthusiastic out-of-state buyers early in the pandemic.

He hopes more cities will join this list. “For buyers, this change shows more opportunities in the coming months, especially in the fall and winter,” he added.

The metropolitan area with the highest rate of price cuts in June was Reno. The median home list price was $ 677,500. About one-third of the homes listed in Reno have been discounted by sellers.

Austin continues closely, with 32.4% of homes in the area cut. The median list price for Austin homes was $ 620,000.

Phoenix, Arizona was one of the earliest major hotspots in the pandemic. Currently, the number of homes listed on the market is increasing rapidly. 1 Local outlet Phoenix said more homes are on the market than they were before the Great Recession. 29.5% of Phoenix homes were price cut in June. The median home list price was $ 548,000.

“Sellers are worried. They missed the peak of the market,” said Kristy Ryan, a Phoenix real estate agent at Re / Max FineProperties. “So they are putting their homes up for sale as soon as possible while their property can still get high prices.”

“The day of the bidding war is over in most homes,” Ryan added. “If the seller needs to sell, they are lowering their price to get the buyer there.”

Anchorage, Alaska is fourth on the list, with 28.5% of homes in the area cut. The median home list price was $ 436,000.

Another hot market like Phoenix, Boise, Idaho, also has a large share of homes for sale.House prices are falling at John Barnes Real Estate Consulting Rick Palacios, Jr. warned MarketWatch last month.

Ogden, Utah is sixth on the Realtor.com list, with a 27.4% price cut on the list. The median list price of a home is $ 580,000.

Sacramento, CA, Colorado Springs, Colorado, Evansville, Indiana, and Medford, Oregon are closing the bottom of the top 10 list. With the exception of Evansville, which had a median home price of $ 246,000, all other spots had a median list price of over $ 500,000.

According to Realtor.com, a quarter of homes in all cities have been reduced.

Write to MarketWatch Reporter Aarthi Swaminathan at [email protected]

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