Heavy Price Cuts in the Mountain West Have Not Moved Values Yet
The metros where sellers cut most often are not the ones where values are falling fastest. Colorado Springs leads the tracked list with 38.1% of listings showing a price cut, and Salt Lake City and Ogden sit just behind at 37.7% and 36.9%. Yet Salt Lake City values are still up 1.1% year over year and Ogden is up 1.7%. Denver, with 36.7% of listings cut, is down only 1.8%.
Compare that with the steepest decliners. Austin is off 4.3% with 30.1% of listings cut, and Cape Coral is down 3.5% with just 20.5%. In those markets, values have already moved lower without the same share of sellers chasing buyers with cuts. The Mountain West looks earlier in the process. Sellers there are adjusting list prices, but the index has not caught up.
Price cuts tend to show up before index declines, because they reflect where sellers are listing today while ZHVI moves more slowly. If that pattern holds, Utah's positive annual readings are the most exposed. Next month, watch whether Salt Lake City and Ogden hold above zero YoY or begin tracking toward Denver's modest decline.