(Bloomberg) — US cities that saw some of the biggest jumps in home prices during the pandemic now have the largest shares of price cuts, according to data compiled by Zillow Group Inc.

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Overall, the proportion of active real estate listings with lower prices has increased in all 50 of the largest US 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.

The share of lower listing prices rose the fastest in real estate hotspots like Salt Lake City, Las Vegas and Sacramento, California, according to Zillow.

The recent run-up in borrowing costs, driven by the Federal Reserve’s hikes in interest rates, has deterred would-be buyers and started to cool some markets.

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.

The Fed’s rate hikes, combined to rising home prices, have pushed the median mortgage application payment to $1,897 in May. Payments have increased $513 in the first five months of the year, according to data compiled by the Mortgage Bankers Association.

“The ongoing affordability hit of higher home prices and fast-rising mortgage rates led to a slowdown in purchase applications in May,” Edward Seiler, associate vice president of housing economics at the MBA, said in a statement last week. “Inflationary pressures and rates above 5 % are both headwinds for the housing market in the coming months.”

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