I don't know of an app to find all the newly reduced titles, but if you have particular books you are waiting to see go down in price you can try Kindle Price Drop Tracker.
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To begin saving money on your digital purchases, simply fill out the three boxes to the right and click "Submit". That's it. We will check Amazon.com's pricing up to four times daily for each book you enter, and will send you an email if the price ever drops. All books are tracked for 180 days.
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They let you specify how much you want the price to drop before they notify you.
You can also look down the page to see what other people are tracking.
http://www.ereaderiq.com/pricewatch/
From this page you can click through to Amazon in a particular price range and/or the particular genre you are interested in. I set the sort on the dropdown box on the Amazon site to Publication Date to find the newest books.
http://www.ereaderiq.com/search/