Industry NewsMarkets & Economy

Home-sale discounts jump 24%

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The number of homes that experienced price cuts jumped 24.2 percent in September compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national online brokerage ZipRealty. The share of price-reduced homes rose for the seventh straight month in September. Sellers cut asking prices on 2.1 percent more homes last month compared to August -- a total of 323,316 homes. Meanwhile, total inventory rose 0.6 percent from August and 13.6 percent from September 2009 to a total of 675,872 homes. The share of discounted homes is therefore 47.8 percent, up from 43.8 percent in September 2009 when 260,358 homes had experienced a price cut. On average, sellers had reduced their list prices twice last month. The median reduction was $19,165 -- 0.4 percent higher than in August but 24.5 percent lower than in September 2009. Median list price last month was $245,265, down 1.8 percent from August and 15.3 percent lowe...