U.S. homebuyers paid 3.3 percent less than listing price, on average, during July — a smaller discount than the 3.5 percent average in June and 4.6 percent in January, listing and valuation site Zillow.com said.

At the market level, Zillow’s July Real Estate Market Reports shows buyers paid the asking price or more in some California markets where sales are heating up.

U.S. homebuyers paid 3.3 percent less than listing price, on average, during July — a smaller discount than the 3.5 percent average in June and 4.6 percent in January, listing and valuation site Zillow.com said.

At the market level, Zillow’s July Real Estate Market Reports shows buyers paid the asking price or more in some California markets where sales are heating up.

In the El Centro metropolitan statistical area (MSA), one of 161 tracked by Zillow’s report, buyers paid 1.8 percent more than listing price. In seven California markets — Sacramento, Merced, Modesto, Riverside, Stockton, Yuba City and Fresno — the asking price and sale price were the same, on average.

Zillow attributed declining discounts from listing price to increased sales and a high proportion of foreclosures resales, which are already priced relatively low.

Homebuyers in Florida had the most negotiating power in July, Zillow said. Buyers in the Vero Beach metro area paid 10.2 percent less than the last listing price, on average.

Other Florida cities ranking in the top 25 markets for discounts from list price were Sarasota (8.2 percent discount), Naples (7.8 percent), Daytona Beach (7.5 percent), Miami-Fort Lauderdale (7.5 percent), Panama City (7.1 percent), Punta Gorda (7 percent), Melbourne (6.6 percent), Ocala (6.4 percent), Tampa (6.1 percent), Jacksonville (6 percent), Port St. Lucie (5.7 percent), Gainesville (5.5 percent) and Lakeland (5.5 percent).

Zillow reported that 22.8 percent of homes listed for sale on Zillow.com had at least one listing-price reduction as of Sept. 1, with a median reduction of 6.5 percent from the original listing price. Homes listed for sale on Zillow during August were listed for a median 96 days, up from 91 in July.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×