Home sellers across the United States are facing a challenging market, leading to significant price reductions in several major cities. According to Realtor.com's April 2026 Monthly Housing Report, 16.7% of active listings nationwide saw price cuts, with Phoenix emerging as the most affected city at 29.1%. Tampa follows closely with 25.13%, while San Antonio, Denver, and Portland also report substantial declines. The cooling market is attributed to high mortgage rates, inflation concerns, and economic uncertainty, prompting sellers to adjust their expectations. Realtor.com’s Jake Krimmel noted a shift in seller behavior, indicating that many are now pricing homes more realistically from the outset. In Tampa, larger suburban homes have seen price drops of 30% or more, reflecting tighter budgets among buyers. San Antonio's median list price has dropped to $324,700, while in Denver, the market is increasingly polarized between luxury properties and more affordable options. Despite these challenges, there are signs of stabilization, with fewer price cuts compared to last year and homes spending slightly less time on the market.