Western USA: Where Housing Price Cuts Congregate

What I find hard to believe is how many buyers of homes in the West are not even thinking about drought and the evaporation of water replenishment. Madness!

Deseret News headline: This Utah housing market just saw the nation’s largest share of price cuts

By Katie McKellar, Deseret News | Posted - July 17, 2022 at 8:20 p.m.


SALT LAKE CITY — Yet again, a city in the West has seen the nation’s largest share of home sellers cutting their asking prices.

In May, it was Provo, Utah. In June? Boise, Idaho.

That’s according to the latest data from Redfin, which shows nearly two-thirds — 61.5% — of homes for sale in Boise, Idaho, had a price drop in June. That’s the highest share of the 97 metro areas included in the national real estate brokerage’s analysis.

Another western city, Denver, took the No. 2 ranking for the city with the largest share of homes that saw price cuts, with 55.1%. Next, in the No. 3 slot, is Salt Lake City — which saw a 51.6% share of homes with asking price cuts.

What’s up with housing in the West?