- The share of home sellers cutting their asking costs has actually fallen from its peak as buyers lose a little working out power, but price drops are still a lot more typical than in years past.
- Redfin Early Access, which enables sellers to test the marketplace by means of “coming quickly” listings, can assist homeowners cost properly from the start and prevent cost cuts.
- More than half of home sellers are cutting costs in San Antonio, Austin, Dallas and Phoenix, which remain strong buyer’s markets.
- Sellers are least likely to cut costs in San Francisco, which just recently moved to a seller’s market amidst the AI boom.
More than one-third (35.4%) of U.S. home sellers cut their asking cost in April. That’s down somewhat from 35.6% a month previously on a seasonally changed basis, and below a record high of 36.6% in August.
This is based on a Redfin analysis that compares initial market price to last list prices in U.S. MLS home-sale records. April marks the first month we are utilizing our upgraded real estate information methodology; this is the very first time the figures in this kind of report are seasonally changed. Previously, we would only compare this April to previous Aprils; seasonally changed information permits us to compare April to the previous month to get a more real-time view of how conditions are altering.
Rate cuts have actually become somewhat less common because the real estate market is picking up as homebuyer need rises, which is helping sellers gain back some working out power. Buyers are slowly returning as the task market improves and Americans become a bit more confident in their incomes. They are still outnumbered by sellers (which is why cost drops are still more common than they were throughout the pandemic homebuying craze), but slightly less so than before, which is shifting the balance of power.
At the same time, stock is growing slower than in 2015 in some markets. There are still more homes for sale in most places, however the surge in listings that offered buyers maximum working out power in 2015 has actually cooled. With competition among sellers alleviating a bit, less sellers feel pressure to slash prices to draw in offers.
Finally, more home sellers are pricing their homes realistically from the start, changing their expectations after a few years of slow homebuying need. When homes are priced more in line with the market from the minute of listing, a seller is less likely to turn to a cost drop.
Home sellers can utilize tools like Redfin Early Gain Access To, in which sellers can evaluate the marketplace via a “coming quickly” listing, to figure out the right asking cost and lower the risk of a cost drop.
“Previously this year and throughout much of last year, homes were remaining on the market and price drops were fairly common as sellers worked to bring in purchasers. But as we head toward summertime, the market is moving into a much stronger position,” stated Justin Gomez, a Redfin Premier agent in Omaha, NE. “Sellers have actually ended up being more in tune with existing market conditions and are pricing their homes more precisely from the start. At the very same time, purchaser need has actually picked up significantly across nearly all cost points. In current weeks, I have actually seen bidding wars on homes at all price points.”
Home sellers who dropped their asking cost in April sufficed by approximately 4%. That average percent discount rate has actually been fairly steady over the last two years.
Philadelphia Saw Greatest Decrease in Cost Cuts Last Month
Rate drops are becoming less common in most significant U.S. cities. In Philadelphia, 30.3% of home sellers dropped their cost in April, below 33.7% a month previously. That’s the most significant month-over-month decline of the metros Redfin evaluated, on a seasonally adjusted basis. Redfin evaluated the 50 most populated metros and consisted of in this analysis the 48 with enough data.
The next-biggest decrease remained in Jacksonville, FL, where 44.9% of sellers cut their costs, down from 47.7% a month earlier. It’s followed by Montgomery County, PA (21.6%, below 24.3%).
Phoenix Saw Greatest Uptick in Price Cuts
The share of home sellers cutting their rates increased month over month on a seasonally adjusted basis in 21 of the metros we evaluated.
The share increased most in Phoenix, to 50.8% in April from 48.1% a month previously. The second-biggest boost was in Seattle (29.5%, up from 27.6%), followed by Orlando, FL (47.8%, up from 46.3%).
San Francisco Sellers Least Likely to Cut Rates As AI Fuels Housing Market
In San Francisco, simply 13.9% of home sellers cut their asking rate in April, the tiniest share of the metros we examined. That’s mainly since San Francisco is hot; it turned to a seller’s market last month as the AI boom sustained homebuying need.
Newark, NJ, where 15.1% of sellers dropped their rate, came in second. San Jose, CA (16.9%), Chicago (19.8%) and Providence, RI (19.9%) were next. Newark and Providence are 2 of just 7 seller’s markets in the U.S., and Chicago is a balanced market.
In Texas, More Than Half of Home Sellers Cut Rates
Nearly 3 in five (58.7%) San Antonio home sellers cut their asking price in April– the greatest part of any city. It’s followed by another Texas metro, Austin, where 55.8% of sellers dropped their home’s rate.
Three more Sun Belt metros– Phoenix (50.8%), Dallas (50.5%) and Tampa, FL (48.2%)– complete the five metro locations where rate cuts are most common.
All of those metros are among the strongest purchaser’s markets in the country, with roughly twice as numerous home sellers as buyers. Sellers are more apt to cut costs when they’re contending for buyers.
It deserves keeping in mind that in four of those 5 metros– San Antonio, Austin, Dallas and Tampa– price cuts are ending up being less common. In San Antonio, the share of home sales with rate drops fell roughly one percentage point (from 59.6 to 58.7%) from a month previously on a seasonally changed basis. In Austin, the share fell 2 percentage points from a month earlier, from 57.8% to 55.8%.
| Metro-Level Summary: April 2026
Share of home sales with a price drop. Data is seasonally adjusted. Redfin examined the 50 most populous U.S. cities and included the 48 with sufficient data |
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| U.S. city area | Share of home sales with a rate cut | Share of home sales with a rate cut, month-over-month modification | Typical price cut (%) |
| Anaheim, CA | 27.0% | -1.1 pts | 3.8% |
| Atlanta, GA | 39.2% | 0.5 pts | 3.7% |
| Austin, TX | 55.8% | -2.0 pts | 3.8% |
| Baltimore, MD | 30.3% | 0.4 pts | 4.7% |
| Boston, MA | 21.9% | -1.9 pts | 4.0% |
| Charlotte, NC | 43.1% | 0.2 pts | 3.3% |
| Chicago, IL | 19.8% | 0.3 pts | 4.2% |
| Cincinnati, OH | 30.0% | 0.5 pts | 4.0% |
| Cleveland, OH | 26.4% | -1.2 pts | 5.0% |
| Columbus, OH | 36.2% | 0.8 pts | 3.4% |
| Dallas, TX | 50.5% | -1.2 pts | 3.5% |
| Denver, CO | 45.0% | 0.9 pts | 3.2% |
| Detroit, MI | 28.3% | 0.1 pts | 6.3% |
| Fort Worth, TX | 46.5% | -1.5 pts | 3.6% |
| Houston, TX | 41.9% | 0.0 pts | 3.9% |
| Indianapolis, IN | 40.4% | -1.0 pts | 3.3% |
| Jacksonville, FL | 44.9% | -2.8 pts | 3.5% |
| Kansas City, MO | 30.7% | 0.9 pts | 3.9% |
| Las Vegas, NV | 40.1% | 0.9 pts | 3.3% |
| Los Angeles, CA | 27.5% | 1.2 pts | 4.4% |
| Miami, FL | 40.7% | -0.4 pts | 4.5% |
| Milwaukee, WI | 21.2% | 0.2 pts | 4.5% |
| Minneapolis, MN | 29.0% | -0.9 pts | 3.6% |
| Montgomery County, PA | 21.6% | -2.7 pts | 4.2% |
| Nashville, TN | 33.7% | -0.2 pts | 3.4% |
| Nassau County, NY | 21.9% | -1.5 pts | 5.0% |
| New Brunswick, NJ | 24.0% | 0.3 pts | 4.4% |
| New York, NY | 29.6% | -1.5 pts | 5.1% |
| Newark, NJ | 15.1% | 1.2 pts | 5.1% |
| Oakland, CA | 22.5% | -0.7 ppts | 4.6% |
| Orlando, FL | 47.8% | 1.5 ppts | 3.5% |
| Philadelphia, PA | 30.3% | -3.4 pts | 4.8% |
| Phoenix, AZ | 50.8% | 2.7 pts | 3.2% |
| Pittsburgh, PA | 33.1% | -1.1 pts | 5.5% |
| Portland, OR | 40.5% | -0.3 pts | 3.6% |
| Providence, RI | 19.9% | -1.2 pts | 4.2% |
| Riverside, CA | 33.2% | -0.8 pts | 3.8% |
| Sacramento, CA | 32.9% | 0.4 pts | 3.4% |
| San Antonio, TX | 58.7% | -0.9 pts | 3.9% |
| San Diego, CA | 30.0% | -0.1 pts | 3.8% |
| San Francisco, CA | 13.9% | 0.7 pts | 6.2% |
| San Jose, CA | 16.9% | 1.4 pts | 5.2% |
| Seattle, WA | 29.5% | 1.9 pts | 3.5% |
| St. Louis, MO | 28.5% | 0.1 pts | 4.7% |
| Tampa, FL | 48.2% | -1.7 pts | 3.8% |
| Virginia Beach, VA | 23.3% | -1.1 pts | 3.6% |
| Washington, DC | 28.7% | -1.1 pts | 3.8% |
| West Palm Beach, FL | 40.6% | -0.4 pts | 4.7% |
| National | 35.4% | -0.2 pts | 4.0% |