Record 42% of all listings in the US get price cuts as Western hubs see the most dire discounts

Home sellers across America are throwing in the towel on their asking prices at a record clip.A staggering 42% of all active home listings in the United States are currently undergoing price reductions, according to fresh data released this week by real estate analytics firm Parcl Labs. That figure marks a 24 basis point jump from just one week earlier, with the national inventory of active listings sitting at 1.57 million homes.The cuts aren’t landing evenly.A cluster of Western and Sun Belt markets have blown past the 50% mark, meaning more than half the homes for sale in those cities are now priced lower than when they first hit the market.Colorado Springs is leading the pack with 56.3% of its listings slashed.

Austin isn’t far behind at 54.1%, followed by San Antonio at 53.4%, Denver at 53.1% and Kingsport, Tennessee at 51.1%.On the flipside, even sellers in a handful of smaller Northeast and Midwest markets holding firm and barely budging on price still have a good chunk of cuts.Rochester has the lowest share of price cuts in the country at 17.8%, trailed by Atlantic City at 18.9% and Lincoln, Nebraska at 22.1%.

Those markets have largely avoided the glut of inventory piling up elsewhere, giving sellers there far more room to wait out a buyer willing to pay closer to asking.Zoomed out to the state level, the Parcl map shows the deepest red concentrated in the Mountain West and Southern states. Colorado and Oregon are both hovering just under the 50% threshold statewide at 49.6% and 49.7% respectively, while Texas sits at 47.9%, South Carolina at 46.8% and Arizona at 46.8% as well.Tennessee, Florida and Louisiana are all clustered in the mid 40s too, reinforcing just how broadly the discounting has spread across the Sun Belt.New York, by contrast, sits at a comparatively modest 28.9%, putting it closer to the more insulated markets than the fire sale conditions out west.Connecticut is even cooler at 25.1%, and New Jersey checks in at 28.4%, suggesting ...