Housing Market Cracks: Phoenix sees more price drops

On average nationwide, 26.3 percent of home sellers cut prices in August for a variety of reasons. In Phoenix, the percentage approached 31 percent, Zillow research data reveals.

MAP Strategies Group

A combination of higher inventory, overly ambitious prices, seasonal influences like kids heading back to school, rising mortgage rates and other economic uncertainty have prompted 30.8 percent of Metro Phoenix single-family home sellers to cut listing prices in August, the 12th highest share in the nation, a new Zillow report shows.

Salt Lake City sellers cut prices the most at 36.5 percent, while Las Vegas also made the top 20 among large markets at 30 percent. The national average was 26.3 percent.

Top 10 single-family markets with highest percentage of listings price cuts:
1, Salt Lake City, Utah 36.5%

2, Denver, Colo. 36.1%

3, Raleigh, N.C. 35.9%

4, Indianapolis, Ind. 34.6%

5, Columbus, Ohio 34.1%

6, Nashville, Tenn. 33.3%

7, Dallas, Texas 32.9%

8, Seattle, Wash. 32.2%

9, Louisville, Ky. 32.2%

10, Cincinnati, Ohio 32.0%

READ THE FULL ZILLOW REPORT