Four in ten homeowners reduce prices

Posted at 6:51 AM, Nov. 17, 2009

Homeowners slashed listing prices in October

More than four out of every 10 homes listed for sale (43.5%), across 27 major U.S. housing markets reduced their listing prices in October 2009, according to a report of homes listed on Multiple Listing Services (MLS) in the markets surveyed by ZipRealty. This is down slightly from September.

According to the survey, MLS-listed properties with reduced prices have had their prices cut an average of twice, but sellers are not knocking quite as much off as they did earlier this year. Home owners slashed listing prices by an average of $24,718 in October, just slightly less than the average reduction of $24,960 in September. Markets where sellers have cut the most in absolute dollars are: San Diego ($54,000 median price reduction), Orange County, Calif. ($51, 000 median price reduction), San Francisco ($50,500 median price reduction) and Los Angeles ($43,000 median price reduction).

The median list price across all 27 markets decreased slightly to $281,416, down 2.02% compared to September.

Source-Rismedia