Industry NewsMarkets & Economy

Sellers cut listing prices for 48% of homes

Report: For-sale inventory rises 10%
Published on Nov 17, 2010

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by CareyBot

Nearly half of homes on the market had experienced a price reduction at least once in October, according to a monthly review of multiple listing service listings in 26 major markets conducted by national online brokerage ZipRealty.

Sellers had cut asking prices on 48.4 percent of listings last month -- a total of 316,097 homes. The number of discounted homes fell 2.2 percent from September but rose 22.4 percent compared to October 2009. (Note: October 2009's figures include a 27th market: Sacramento). Homes had been reduced an average of two times, essentially flat from the same time last year.

Sellers discounted homes for a median $19,423, up 1.4 percent from September, but down 21.4 percent from October 2009. The median list price for homes last month was $24