Asking price cuts decline
The percentage of U.S. home sellers cutting their asking price declined again in March, and home owners made smaller reductions in prices, according to Zillow.com.
20.7% of homes for sale on Zillow had at least one price cut as of the end of March, down from 23.1% in February.
March marked the third month in a row that fewer home sellers reduced the asking price than in the previous month. Price reductions peaked last September, when 32.1% of listings on Zillow had at least one price cut.
The number of reductions that home sellers are making was at 6.5% in March, down from 6.9% in February.
Reductions charted:
This spring has presented a variety of results depending on areas with some performing well above others as the residential real estate sector continues to suck it up and try for a nationwide recovery.
Jonathan Benya
April 8, 2010 at 1:39 pm
I’d love to see this info correlated with an average time on market chart for the local area as well. I suspect you’d see that number dropping as well in the local areas.
Nashville Grant
April 8, 2010 at 9:32 pm
I can guarantee you that this trend will not continue past the tax credit’s end in April. Sellers have stiffened their backs temporarily, but it cannot last long. Kind of like a chicken trying to fly…