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.
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.
>> Download the 12News app for the latest local breaking news straight to your phone.
Latest Arizona news
Catch up on the latest news and stories on our 12 News YouTube playlist here.
More ways to get 12News
On your phone: Download the 12News app for the latest local breaking news straight to your phone.
On your streaming device: Download 12News+ to your streaming device
The free 12News+ app from 12News lets users stream live events — including daily newscasts like “Today in AZ” and “12 News” and our daily lifestyle program, “Arizona Midday”—on Roku and Amazon Fire TV.
12News+ showcases live video throughout the day for breaking news, local news, weather and even an occasional moment of Zen showcasing breathtaking sights from across Arizona.