As many of you may know, the Xbox One has a recommended retail price/manufacturer's suggested retail price (RRP/MSRP) of $499 in the US. Currently the console is going for $449 in many places, including Microsoft's own online store as well as at Amazon, Target, Best Buy and Walmart. GameStop is currently selling the console at $499 still, so no reductions there as of yet. Some people have even managed to get a discount with discount codes to the PS4 RRP/MSRP of $399.
If you wanted to buy a new Xbox One, now may be your time. The reduction is apparently for a limited time only and the price will hike back to $499 after the sale is over.
Official Microsoft statement via Ars Technica:
This is not a price drop on Xbox One. The Microsoft retail stores often set prices and run promotions in line with the rest of the retail industry, ensuring that its customers always get a good value for the devices and services purchased from the stores. The current online and physical Microsoft retail store price is not reflective of an MSRP price drop on Xbox One, which is still priced at $499 USD.
Source via Ars Technica.