The percentage of home sellers who cut their asking price fell in September, with price reductions smaller than the month before, real estate website Zillow.com said on Wednesday.
Prices on 28 percent of homes listed for sale on the Zillow website had been cut at least once as of the end of September, down from 34.9 percent in August, it said in the report, provided exclusively to Reuters prior to its wider release.
It was the second consecutive month the percentage of home sellers who reduced their asking price decreased from the previous month.
Price reductions peaked in July 2010, when more than one-third, or 36.5 percent, of listings on Zillow had at least one price reduction.
But the size of the cuts in September fell from the previous month.
The median price cut was 6.8 percent in September, down from 7.2 percent in August, the report said.
Some of the biggest price reductions were seen in Michigan, with sellers in the Flint metropolitan statistical area, or MSA, reducing their asking prices by 11.2 percent, and sellers in the Detroit MSA reducing their prices 10.8 percent, Zillow said.