The percentage of U.S. home sellers who cut their asking price fell in August, the first time in five months, with price reductions holding steady from the month before, real estate website Zillow.com said.
Prices on 28.8 percent of homes listed for sale by the Zillow website had been cut at least once as of the end of August, down from 30.1 percent in July, Zillow said in the report.
It was the first time in five months the percentage of home sellers who reduced their asking price decreased from the previous month.
Price reductions peaked last September, when nearly one-third, or 32.6 percent, of listings on Zillow had at least one price reduction.
But the size of the cuts in August were flat from the previous month. The median price cut was 7 percent in August, unchanged from July, the report said.
The largest percentages of price reductions were in the
Tucson, Arizona and Portland, Oregon metropolitan statistical a reas, or MSAs, where 39.5 and 38.7 percent, of home sellers redu ced prices, respectively.
The biggest changes were in the Grand Junction, Colorado MSA, where the median price reduction rose from 8 percent in July to 9.2 percent in August, and in the El Centro, California MSA, where the median price reduction fell from 9.1 percent in July to 7.9 percent in August, Zillow said.