Price Cuts Spread to More of the U.S. Housing Market

The insanity of the housing market during the pandemic seems to have peaked in an increasing number of U.S. cities, according to recent data.

1 minute read

June 29, 2022, 5:00 AM PDT

By James Brasuell @CasualBrasuell


White clapboard house with For Sale sign in front yard

Juice Flair / Home for sale

“U.S. cities that saw some of the biggest jumps in home prices during the pandemic now have the largest shares of price cuts,” reports Alex Tanzi for Bloomberg, using data published recently by Zillow.

More specifically, according to Tanzi:

Overall, the proportion of active real estate listings with lower prices has increased in all 50 of the largest U.S. metropolitan markets tracked by Zillow. In these cities, 11.5% of homes saw a price cut in May, on average, up from 8.2% a year earlier.

And:

Among the 50 metros in Zillow’s data, 32 had more than 10% of listings with a price decline. In eight cities, the share has jumped by at least 5 percentage points over the past year.

Edward Seiler, associate vice president of housing economics at the Mortgage Bankers Association is quoted in the article blaming the slowdown in housing prices on higher interest rates (and thus higher mortgage payments) and the already high cost of housing.

Monday, June 27, 2022 in Bloomberg

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Bird's eye view of manufactured home park.

Manufactured Crisis: Losing the Nation’s Largest Source of Unsubsidized Affordable Housing

Manufactured housing communities have long been an affordable housing option for millions of people living in the U.S., but that affordability is disappearing rapidly. How did we get here?

March 25, 2025 - Shelterforce

U-Haul truck on road with blurred grassy roadside in background.

Americans May Be Stuck — But Why?

Americans are moving a lot less than they once did, and that is a problem. While Yoni Applebaum, in his highly-publicized article Stuck, gets the reasons badly wrong, it's still important to ask: why are we moving so much less than before?

March 27, 2025 - Alan Mallach

Rusty abandoned oil well and equipment with prickly pear cactus next to it in West Texas.

Using Old Oil and Gas Wells for Green Energy Storage

Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.

March 31, 2025 - Pennsylvania State University

Close-up of older woman's hands resting on white modern heating radiator mounted on wall indoors.

HHS Staff Cuts Gut Energy Assistance Program

The full staff of a federal program that distributes heating and cooling assistance for low-income families was laid off, jeopardizing the program’s operations.

45 minutes ago - The New York Times

View of rotating restaurant tower in downtown San Antonio, Texas through older brick high-rise buildings.

San Antonio Remains Affordable as City Grows

The city’s active efforts to keep housing costs down through housing reforms and coordinated efforts among city agencies and developers have kept it one of the most affordable in the nation despite its rapid population growth.

1 hour ago - Governing

Close-up on U.S. Forest Service plaque.

What Forest Service Cuts Mean for Cities

U.S. Forest Service employees work on projects that have impacts far beyond remote, rural wilderness areas.

2 hours ago - Greater Greater Washington