Price cut on 1 in 4 listings

One in four homes on the market as of Aug. 1 had its asking price reduced at least once, although price reductions were smaller on average in July than June, according to an analysis by real estate search site Trulia.

Price reductions averaged 10 percent from the original listing price in July, compared to 10.6 percent in June, Trulia said. Luxury homes -- defined as those priced at $2 million and above -- tended to take a bigger hit, with an average reduction of 14 percent.

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