Saturday, August 7, 2010

Nearly one quarter of homes reduced asking price in July

A recent report found 24 percent of homes listed for sale nationwide experienced at least one price reduction as of July 1, representing a 9-percent increase compared with the previous month, according to The average discount for price-reduced homes remained unchanged at 10 percent of the listing price.

Cities in the Western U.S. experienced some of the largest surges in price reduction compared with the previous month. Oakland increased 38 percent month-over-month and San Diego experienced price reductions of 25 percent. Honolulu experienced a 21 percent increase in reductions from the previous month and Las Vegas increased by 20 percent.

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