- Home price reductions in the U.S. decreased to 35.4% in April, according to a new report from Redfin.
- The number is down over a percentage point from the record high of 36.6% last August.
- The downward drift is attributed to the housing market stabilizing as buyers slowly return.
SALT LAKE CITY — Hoping for a price cut when buying a home? That's not as likely to happen as it once was.
While 35.4% of home sellers in the United States reduced their asking price in April, that's still a drop from the previous month's 35.6% on a seasonally adjusted basis, a new analysis from the online brokerage Redfin found.
The latest number is down more than a percentage point from the record-high share of price reductions set last August, at 36.6%, according to Redfin's new look at data comparing the original list price to what buyers ended up paying.
The downward drift is attributed to the housing market stabilizing as buyers slowly return, giving sellers a little more sway. Polls last year, including in Utah, showed people were delaying big purchases due to economic uncertainty driven by President Donald Trump's policies.
Sellers do, however, continue to outnumber buyers in much of the country, unlike during the COVID-19 pandemic housing frenzy that saw price cuts on as few as 22% of the homes for sale. Then, buyers frequently paid thousands over the asking price.
Now, Redfin said more sellers are "adjusting their expectations after a few years of slow homebuying demand" and starting with a more realistic asking price that's in line with the current market, Redfin noted.
Even as the number of home sellers discounting their asking price is decreasing, the average percent reduction has stayed "fairly steady over the last two years," Redfin noted, measuring the discount size at 4% in April.
Houses are continuing to get more expensive, with the median sales price nationwide hitting $396,173 in April. That's not only a 1.6% increase from the previous month, but a 2.4% jump from April 2025, the biggest year-over-year price hike in more than a year.
The share of home sellers lowering their asking price varies widely across the country.
San Antonio, Texas, saw the most sellers reducing what they wanted for their homes last month, 58.7%. Austin was next, with 55.8% cutting asking prices. Also among the top five on the Redfin list are Phoenix, at 50.8%; Dallas, at 50.5% and Tampa, Florida, at 48.2%.
The worst places to look for price cuts when it comes to homes?
Just 13.9% of sellers in San Francisco reduced their asking price in April, followed by Newark, New Jersey, at 15.1%, San Jose, California, at 16.9%, Chicago at 19.8% and Providence, Rhode Island, at 19.9%.
The breakdown of the 50 most populous metropolitan areas in the United States did not include any place in Utah.
