47% of home sellers slash list prices

Average seller reduces price twice

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

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.