Nearly a third of Phoenix homes for sale are seeing their prices drop

Reno, Nevada, took first place.

PHOENIX — Editor’s Note: The video above was shown on a previous broadcast.

According to new data from Realtor.com, the Phoenix housing market could soon become a market that benefits buyers.

The study found that Arizona’s capital ranks third in a list of metropolitan areas with the highest rates of home price reductions. The Valley’s real estate market saw 29.5% of listings suffer price cuts. The median list price of homes currently sits at $548,500.

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

RELATED: More homes are listed in Phoenix than anywhere else in the United States

First on the list is Reno, Nevada, with a slightly higher 32.6% of listings experiencing price drops. Austin’s housing market came in second with 32.4% of listings seeing price declines and Anchorage, Alaska took fourth place with 28.5%.

After Anchorage is Boise, Idaho; then Ogden, Utah; then Sacramento, California; then Colorado Springs, Colorado; then Evansville, Indiana; and Medford, Oregon, completes the top 10.

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