Almost half of MLS-listed homes in 26 markets nationwide had their listed price cut at least once in September, according to a new report from California-based national real estate brokerage ZipRealty.
According to the Price Reduction Index, ZipRealty's monthly review of MLS-listed properties in 26 markets surveyed by the brokerage, list prices were cut at least once for 47.8 percent of homes on the market in September, an increase of almost 10 percent over the same month last year.
September also had more discounted homes for sale than August, with the number of price-reduced homes on the market up 2.1 percent, according to the report. ZipRealty also found sellers had reduced their list prices an average of twice, with a median reduction of $19,165.
Median listing prices nationwide dropped 1.75 percent last month compared to August, to $245,265, with the average price reduction rising to 7.25 percent of the listing price in September.
"Sellers appear to be cutting their prices again," said Leslie Tyler, vice president of marketing for ZipRealty. "Last spring the tax credit helped to bring buyers into the market, and we didn't see sellers reducing prices by as much. But now sellers seem to be cutting prices more aggressively going into the typically slower fall and winter seasons."
Bankers & Tradesman
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