Phoenix ranks third in nation for home price slashing, according to Realtor.com

Phoenix ranks third in nation for home price slashing, according to Realtor.com

Roger Pettingell Sarasota Real Estate

Reno, Nevada, took the top spot.

PHOENIX — Editor’s note: The above video aired during a previous broadcast.

The Phoenix housing market may soon be transitioning to one that benefits buyers, according to new data from Realtor.com.

The study found that Arizona’s capital city ranks third in a list of metro areas experiencing the highest rates of home price slashing. The Valley housing market has seen 29.5% of listings undergo price reductions. The current median home list price sits at $548,500.

This news comes as Phoenix was listed as the metro area selling the most homes in the country.

RELATED: More homes are being listed in Phoenix than anywhere else in the US

In first place on the list is Reno, Nevada, with a slightly higher amount of 32.6% of listings experiencing price slashes. The Austin housing market came in second with 32.4% of listings seeing price cuts and Anchorage, Alaska, took fourth place with 28.5%.

Following behind Anchorage is Boise, Idaho; then Ogden, Utah; then Sacramento, California; then Colorado Springs, Colorado; then Evansville, Indiana; and Medford, Oregon, rounds out the top 10.

Click here for the full report.

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