The share of price-reduced homes rose for the sixth straight month in August, according to a monthly review of 26 major markets conducted by national online brokerage ZipRealty.

Sellers cut asking prices on 3.26 percent more homes in August than the month before — a total of 316,561 homes. At the same time, newly listed homes rose less than 1 percent, raising total for-sale inventory to 671,874 homes. The total share of for-sale homes experiencing at least one price cut was therefore 47 percent.

The average seller had discounted his or her home twice since its listing. The median amount by which sellers discounted their homes also rose in August: 0.76 percent from July, to $19,092. That’s 7.6 percent of the median list price of $249,631, which itself fell 2.1 percent in August.

"It appears that homebuyers are taking their time as they don’t feel a sense of urgency to make an offer, unless the price is right, and sellers are having to aggressively cut their prices to stay competitive in this market," said Leslie Tyler, vice president of marketing for ZipRealty, in a statement.

"We typically find if a buyer hasn’t walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn’t had an offer in six months, it’s time to rethink the sale."

Seven major markets had experienced price cuts in more than half of their listings: Austin, Texas; Chicago; Jacksonville, Fla.; Minneapolis-St.Paul, Minn.; Orlando, Fla.; Phoenix, Ariz.; and Tucson, Ariz.

Two Texas cities, Houston and Dallas, experienced the smallest price reductions in absolute dollars — a median of $10,000 in each. California dominated the list of markets with the highest discounts: San Francisco and Orange County at $35,000 each.

Markets with the highest share of discounted listings (of 26 markets surveyed):

1. Jacksonville, Fla. (55 percent)

2. Phoenix, Ariz. (54.4 percent)

3. Minneapolis-St.Paul, Minn. (52.4 percent)

4. Orlando, Fla. (51.7 percent)

5. Tucson, Ariz. (51.6 percent)

6. Chicago (51.1 percent)

7. Austin, Texas (50.9 percent)

Markets with the lowest share of discounted listings (of 26 markets surveyed):

1. Denver, Colo. (33.2 percent)

2. Los Angeles (41.4 percent)

3. Miami-Ft. Lauderdale-Palm Beach, Fla. (42.3 percent)

4. Richmond, Va. (42. 7 percent)

5. San Francisco (43. 3 percent)

6. Charlotte, N.C. (44.6 percent)

7. Houston, Texas (45.7 percent)

Source: ZipRealty

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.
Thank you for subscribing to Morning Headlines.
Back to top
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