Home sellers continued to lower their asking prices in January, hoping to entice buyers to move towards a purchase, according to a report by ZipRealty. ZipRealty’s monthly Price Reduction report, which is generated from a review of MLS-listed properties in 26 markets, shows that inventory rose 2.81 percent compared with a year ago, but the total number of homes where sellers have reduced the asking price at least once rose 17.6 percent.
In month-to-month comparisons, there were fewer discounted homes for sale in January than December, with the number of price-reduced homes on the market declining 4.1 percent and total inventory down 2.1 percent. Although price-reduced inventory outstripped last year’s levels, the percentage slipped from 47.2 percent to 46.2 percent, making it the second straight monthly decline.
Markets with the largest median price reduction in absolute dollars were: San Francisco, $32,500; Orange County, Calif., $31,000; San Diego, $29,100; Miami/Ft. Lauderdale/Palm Beach, $25,000; and Seattle, $25,000.
Reprinted from C.A.R. Newlines.
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®