Sellers nationwide are lowering asking prices this summer as the market adjusts to years of elevated mortgage rates. An analysis of Movoto listings by Lower, based on data pulled on July 14, 2026, found that 35.4% of the 68,372 active homes in 17 major metros were priced below their original ask.
Where the biggest cuts are happening
Luxury homes are seeing the deepest dollar and percentage reductions. In the Orange County market (Anaheim‑Santa Ana‑Irvine, CA), the median cut for high‑range listings was $150,000 against a median original price of $2.75 million. Long Island’s Nassau‑Suffolk counties recorded a similar $150,000 median cut on a $1.888 million median ask, representing a 7.9% concession. Rockingham‑Strafford County, NH, posted the steepest high‑end cut relative to price at 8.6% ($120,000 median markdown).
At the other end of the spectrum, entry‑level homes are also experiencing notable reductions, especially in South Florida. In Fort Lauderdale, the typical cut for low‑range listings was 8.8% of the asking price, with Miami and West Palm Beach seeing 7.1% and 7.0% respectively. Detroit’s entry‑level market recorded the deepest percentage cut of any metro at 10.7%.
Regional patterns
Florida and Texas sellers are cutting prices most often, though the reductions tend to be modest. New York‑area sellers cut less frequently but give up larger sums, both in dollars and as a share of the original ask. The Pacific Northwest is repricing quickly; in Tacoma, 27.8% of active listings were reduced in the 30 days before the pull, with Seattle close behind at 24.5%.
Mid‑range markets such as Fort Worth, Dallas, and Detroit also show active repricing, with more than one in five listings reduced in the past month. By contrast, Miami’s recent cuts largely occurred earlier in a listing’s life, making immediate price drops less likely.
What the numbers mean for buyers
For a buyer, a $150,000 price cut at a 6.69% 30‑year rate (Freddie Mac average for the week of Aug 6) and a 20% down payment reduces the monthly principal‑and‑interest payment by roughly $774. Even a $54,000 cut, the deepest overall dollar reduction in the analysis (Nassau‑Suffolk), translates to about $278 less per month.
Prospective homebuyers in markets with active recent cuts—such as Tacoma, Seattle, and Fort Worth—may find sellers willing to negotiate if they wait a few weeks. In markets like Miami, where most reductions happened months ago, waiting is less likely to yield additional savings.
Methodology
The study examined active MLS listings of single‑family homes, condos, and townhomes priced between $10,000 and $10 million in metros with at least 500 active listings. A listing was counted as reduced if its current price was below the original list price at the time of initial posting. The analysis also tracked cuts made within the 30 days preceding the data pull.
Original reporting: KRDO (Colorado Springs metro) — read the source article.
