Price-reduced homes remain widespread nationwide
April 27th, 2011 11:00am
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A report from California-based ZipRealty finds homesellers in many parts of the country continue to cut their asking prices, providing affordable options for those looking to buy Houston homes.According to the report, 44 percent of homes for sale nationwide included at least one price cut, up 9 percent compared to last year.
While that number is also down compared to the 45 percent mark in February, the drop may be caused by sellers setting lower prices to start with. The report found the median list price for March was down almost 13 percent compared to a year ago.
"Home sellers appear to be adapting to the changes in market conditions as we enter the spring selling season," said Bob Yakominich, senior vice president of sales at ZipRealty.
The average reduction by sellers nationwide was just over $18,000, down 10.4 percent compared to a year ago.
Those price reductions may be playing a role in falling home prices seen in many cities. According to the Standard & Poor's/Case-Shiller home price index, prices in February were down more than 3 percent over the previous 12 months.
Courtesy of 2M Realty News
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