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.
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