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More Sellers Reduce Home Prices in September

Number of price-reduced homes on Market Rose 24 percent in September from 2009..

According to a report released by ZipRealty, the number of price-reduced homes on the market increased 2.1 percent in September compared to August. ZipRealty’s monthly review of MLS-listed properties in 26 major markets found that 47.8 percent of “for sale” homes had at least one price reduction and the average seller actually slashed their list price twice to attract buyers.

The number of price-reduced homes for sale increased 2.1 percent in September from the month before. On average sellers had reduced their list prices twice with a median price cut of $19,165.

Sellers appear to be cutting their prices again,” said Leslie Tyler, Vice President of Marketing for ZipRealty. “Last spring the tax credit helped to bring buyers into the market, and we didn’t see sellers reducing prices by as much. But now sellers seem to be cutting prices more aggressively going into the typically slower fall and winter seasons.”

Highlights of ZipRealty’s September index include:

  • Nearly half (47.8 percent) of listed homes in September included at least one price reduction — an increase of 1.5 percent compared to August
  • The number of price-reduced homes rose quicker than inventory, with the number of price-reduced homes rising 2.1 percent compared to a .6 percent increase in overall inventory in September as compared to August
  • The median list price dropped by 1.75 percent from August to $245,265, and the average percentage of price reduction amount to list price rose to 7.25 percent in September
  • In 10 major markets, more than half of homes on the market in September included at least one price reduction, up from seven markets in August. Those markets are Jacksonville, Phoenix, Minneapolis/St. Paul, Orlando, Chicago, Tucson, Baltimore, Austin, Orange County and Seattle
  • Jacksonville, Fla., continues to have the highest percentage of price-reduced homes out of the 26 markets surveyed. More than 55 percent of Jacksonville listings in September included at least one price reduction
  • Denver had the lowest percentage of price-reduced homes in September, with 34.4 percent of listings including at least one reduction
  • Homes listed for sale in Miami/Ft. Lauderdale/Palm Beach were discounted by the largest percentage of original list price nationwide (23 percent), followed by Orlando (11.7 percent) and Jacksonville (11.8 percent)0
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