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illow’s latest data shows buyers are enjoying record‑low price cuts as sellers recalibrate expectations. In October, the average U.S. listing saw $25,000 in cumulative reductions—its highest level ever. While the typical single cut remains around $10,000, sellers are now adjusting prices more often, and homes linger longer on the market. About 27 % of all U.S. listings carried a price cut.

    Senior economist Kara Ng explains that rising home values give owners room to lower prices yet still profit. “These discounts bring listings closer to buyers’ budgets and are driving the most active market in three years,” she said. “Patient buyers are reaping the benefits as the market rebalances.”

    The steepest discounts appear in the most expensive metros. San Jose led with a median cumulative cut of $70,900, followed by Los Angeles ($61,000), San Francisco ($59,001), San Diego ($50,000), and New York City ($50,000). In contrast, markets with less flexibility saw smaller cuts: Oklahoma City ($15,000), Louisville ($15,000), St. Louis ($15,100), Indianapolis ($16,000), and Detroit ($17,100). These areas typically sell faster than the national average, with newer listings indicating steady demand that reduces the need for deep discounts.

    Conversely, markets with lower-priced homes experienced larger relative markdowns. Pittsburgh’s median cut was $20,000—about 9 % of the typical home value, the highest relative discount among major markets. New Orleans also saw a 9 % cut, while Austin (8.4 %), Houston (8.2 %), and San Antonio (7.9 %) offered comparable reductions.

    Overall, the trend reflects sellers’ willingness to lower prices to match buyer budgets, especially in high‑end markets, while faster‑moving, lower‑priced markets maintain tighter pricing. This dynamic is fueling a robust housing market, with buyers benefiting from significant savings as the market continues to adjust.