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As sellers continue to compete for what appears to be a shrinking market of prospective buyers, more home sellers are continuing to drop their asking prices.
Data from California-based brokerage ZipRealty found that 47 percent of homes for sale had been reduced at least once, an increase of almost 3 percent compared to last month. In addition, researchers found that many homes had gone through multiple price reductions.
"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.
But many local sellers are not cutting prices very dramatically. Sellers of Houston homes made a median price cut of just $10,000, which tied with Dallas for the smallest average price reduction in the country. San Francisco home sellers made the largest average cuts, slashing $35,000 off of their list prices.
The increase in discounts comes despite recent reports that home prices have risen. The recent S&P/Case-Shiller home price index showed that home prices rose 4.2 percent over the year's second quarter.
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