Real estate trend reversed – number of asking price cuts rises

Cuts on the rise

After months of asking price cuts declining, April produced a rise in home sellers cutting their asking price, based on Zillow.com home listing data.

Of homes listed on Zillow.com, 23.2% saw at least one price cut in the month of April, up from 20.7% in March and 23.1% in February.

In April, the median price cut was 6.3%, down from 6.5% in March.

According to Reuters, “The Midwest had the highest percentages of price reductions. In the Minneapolis-St. Paul metropolitan area, the asking price of 32.9 percent of homes listed on Zillow were reduced, followed by the Omaha and St. Louis metro areas at 32 percent each.”

CC Licensed image courtesy of arthurgouveia via Flickr.com.