Cities Where Home Prices Are
Dropping the Most
Since it began in the spring of 2020, the COVID-19 pandemic has been affecting everything—including housing prices. Early on, several parts of the country had an influx of out-of-state buyers who were living in cities and looking for a bit more space. Their house prices went up, but recently, thanks to inflation and higher mortgage rates, homes in some areas are no longer commanding the record-breaking prices they were even a few months ago.
According to a report from Realtor.com, these are the 10 cities where sellers are reducing home prices the most.
1. Reno, Nevada
Median home list price: $677,500. Percentage of listings with price reductions: 32.6%
  • Between March 2020 and June 2022, prices increased by 30%
2. Austin, Texas
Median home list price: $620,000. Percentage of listings with price reductions: 32.4%
  • Between March 2020 and June 2022, prices shot up by 66%
3. Phoenix, Arizona
Median home list price: $548,500. Percentage of listings with price reductions: 29.5%
  • Between March 2020 and June 2022, house prices increased by 35%
4. Anchorage, Alaska
Median home list price: $436,00. Percentage of listings with price reductions: 28.5%
  • Between March 2020 and June 2022, house prices increased by 36%
5. Boise, Idaho
Median home list price: $587,900. Percentage of listings with price reductions: 27.4%
  • Between March 2020 and June 2022, house prices increased by 53%
6. Ogden, Utah
Median home list price: $580,100. Percentage of listings with price reductions: 27.4%
  • About 40 minutes outside Salt Lake City, but homes cost roughly $50,000 less
7. Sacramento, California
Median home list price: $642,500. Percentage of listings with price reductions: 25.2%
  • Between March 2020 and June 2022, house prices increased by 22%
8. Colorado Springs, Colorado
Median home list price: $550,000. Percentage of listings with price reductions: 25.1%
  • About an hour outside Denver, but homes cost roughly $130,000 less
9. Evansville, Indiana
Median home list price: $246,000. Percentage of listings with price reductions: 24.7%
  • Between March 2020 and June 2022, house prices increased by 43%
10. Medford, Oregon
Median home list price: $562,500. Percentage of listings with price reductions: 23.2%
  • Between March 2020 and June 2022, house prices increased more than 28%
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Homebuyer activity shows pulse as mortgage rates dip below 5%
Redfin's Homebuyer Demand Index rose 7 points during the last week of July, while mortgage purchase applications rose for the first time in 5 weeks, according to new data released Monday
Homebuyer activity is showing signs of life as mortgage rates fall below 5 percent for the first time in months, according to a new report.
The report, released Aug. 5 by the online brokerage Redfin, showed that Redfin’s Homebuyer Demand Index — an in-house metric that measures homebuyer activity — rose 7 points during the last week of July, while mortgage purchase applications rose for the first time in five weeks.
The rebound in buyer interest is yet to result in any increase in actual home sales, the report noted, but the housing market has remained strong overall as the economy at large has faltered.
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