Where Sellers Cut Home Prices the Most This Summer

How much are sellers cutting prices in 2026?

Sellers are giving ground this summer. The pattern is consistent with a market still adjusting to years of elevated mortgage rates. Buyers shop based on a monthly payment, and asking prices may be starting to reflect what buyers can afford in today’s rate environment. At the entry level, where budgets are tight and every rate move hits hard, price cuts can help keep a home within a buyer’s search range. At the top, where asking prices are higher, a six-figure concession may be what it takes to attract qualified buyers.

Across 17 major metros, 68,372 homes were priced below their original asking price, according to a July Movoto analysis of active listing data. That means 35.4% of all active listings had price cuts.

In some markets, that share was closer to 50%.

But the analysis revealed deep discrepancies across active listings. More expensive homes saw deeper cuts, while more affordable homes were more likely to see cuts overall.

The deepest cuts are on the most expensive homes

The more expensive the home, the more dramatic the price cut.

In Anaheim-Santa Ana-Irvine, CA, which covers Orange County, the median price cut among reduced high-range listings was $150,000, but that came against a median original ask of $2,750,000 in that range.

Long Island’s Nassau County-Suffolk County, NY, matches the dollar figure on a smaller base: a $150,000 median cut on a $1,888,000 median original ask, a 7.9% concession.

New York-Jersey City-White Plains follows at $125,000, and Rockingham County-Strafford County, NH, which covers New Hampshire’s Seacoast region, posts the steepest high-end cut relative to price of any metro at 8.6%, a $120,000 median markdown.

For a buyer, cuts of this size change the monthly math. At the Freddie Mac average 30-year rate of 6.69% for the week of August 6, with 20% down, a $150,000 price cut lowers the monthly principal and interest payment by roughly $774. Even Nassau County’s metro-wide median cut of $54,000, the deepest overall cut in dollars of any metro in this analysis, is worth about $278 a month on the same assumptions.

In Fort Lauderdale, West Palm Beach, and Tacoma, the three metros at the top of the chart, more than two of every five homes on the market have already come down from their original asking price. For a buyer, that’s visible negotiating room. And the spread matters, since a listing in Fort Lauderdale is more than twice as likely to have been cut as one in Lake County-Kenosha County at the bottom of the ranking.

Which metros have the most price cuts?

South Florida has the highest share of listings with price cuts, and its cheapest homes are also getting some of the biggest markdowns in the analysis: among entry-level listings that took a cut, the typical reduction is 8.8% of the asking price in Fort Lauderdale, 7.1% in Miami, and 7.0% in West Palm Beach. Only Detroit’s entry-level cuts run deeper.

Reading the columns against each other tells the regional story: Florida and Texas sellers cut most often, but the cuts stay modest. New York-area sellers cut least often and give up the most, in dollars and as a share of the asking price.

The New York area shows the opposite shape: cuts there are less common than in Florida or Texas, but when sellers move, they move big. Nassau-Suffolk’s $54,000 median cut is the deepest metro-wide cut in dollars of any market in the analysis, and New York-Jersey City’s $46,000 ranks close behind, with only Orange County ($51,000) and Los Angeles ($50,000) in between. Both New York figures work out to around 6% of original ask.

The two shapes point to different kinds of pressure. In South Florida, cuts show up at every level of the price ladder, which is what a market looks like when sellers up and down the range are competing for the same buyers. In the New York area, most inventory holds its ask while the repricing concentrates at the top, where the dollar figures are largest. The data can’t prove a cause, but the first pattern reads as broad competition among sellers, and the second as a standoff that only the most expensive homes are breaking.

Which housing markets are repricing the fastest?

The share of listings below original ask builds up over each listing’s whole run on the market, so it favors metros where cuts have been accumulating for months. A second measure catches what is happening right now: the share of all active listings that took a price cut within the past 30 days.

By that measure, the Pacific Northwest is repricing faster than anywhere else in the analysis. In Tacoma, 27.8% of all active listings, more than one in four, took a cut in the 30 days before the pull. Seattle is next at 24.5%. Whatever repricing wave the Northwest is in, it is happening right now.

The middle of this table is as telling as the top. Detroit’s northern suburbs (23.2%), Fort Worth (23.0%), and Dallas (21.4%) are all repricing at more than one in five active listings a month, so the pressure is not confined to one coast. At the other end, Miami’s 8.7% and New York-Jersey City’s 12.1% say most of the repricing on the books in those metros happened earlier in a listing’s run, not last month.

What does this mean if you’re buying? In Tacoma, Seattle, and Fort Worth, sellers are cutting prices right now, with more than one in five listings dropping its price in the past month alone. So if a home you’re watching feels overpriced, there’s a real chance the seller comes down if you wait a few weeks. Miami is the opposite: most of its price cuts happened months ago, so waiting around for a drop there is much less likely to pay off.

Which price range is absorbing the cuts?

This analysis splits each metro into three price ranges: a mid range spanning the metro’s median list price plus or minus 30%, a low range below that band, and a high range above it. The split turns up the report’s most consistent finding.

In 16 of 17 metros, the low range has the highest share of listings priced below original ask. Entry-level listings are the ones most likely to come down from their first ask, most dramatically in West Palm Beach (49.3% of low-range listings cut), Tacoma (49.0%), and Fort Worth (48.5%). The lone exception is Nassau-Suffolk, where high-range listings are cut slightly more often than low-range ones, 33.8% versus 30.1%.

Depth runs the other way. In 12 of 17 metros, the high range shows the deepest cut relative to its asking prices of the three ranges, led by Rockingham County-Strafford County at 8.6%, Nassau-Suffolk at 7.9%, Lake County-Kenosha County at 7.8%, and Miami at 7.7%. The five exceptions cluster where homes are cheapest or the market is softest: Detroit’s low range has a 10.7% median cut, the deepest tier cut in the entire analysis, and Fort Lauderdale’s low range runs 8.8%. In those markets the bottom is absorbing both the most cuts and the biggest ones.