Sellers Aren’t Cutting Prices
The number of home sellers listing on Zillow.com who lowered their prices in August was unchanged from July, the first time in five months that price cuts weren’t on the rise.
The median price cut was 7 percent in August, unchanged from July, Zillow calculates.
The largest price cuts were in the Tucson, Ariz., and Portland, Ore., metro areas. Home sellers reduced prices 39.5 percent in Tucson and 38.7 percent in Portland.
Source: Reuters News, Julie Haviv (09/03/2010)