The percentage of U.S. home sellers cutting their asking price declined again in March, and home owners made smaller reductions in prices, according to a report by real estate website Zillow.com Wednesday.
Slightly more than one in five homes, or 20.7 percent, listed for sale on the Zillow website had at least one price cut as of the end of March, down from 23.1 percent in February, Zillow said in a report obtained by Reuters.
March marked the third month in a row that fewer home sellers reduced the asking price than in the previous month.
Price reductions peaked last September, when nearly one-third, or 32.1 percent, of listings on Zillow had at least one price cut.
The amount of the reductions also fell. Home sellers reduced prices by a median 6.5 percent in March, down from 6.9 percent in February.
Real estate conditions, however, vary across the country. The biggest percentages of price reductions were in the Midwest and Southwest.
In the Boise metropolitan statistical area, or MSA, 29.1 percent of listings had a price reduction as of the end of March; in the St. Louis MSA, it was 26.8 percent; in the Albuquerque MSA, 28.3 percent; and in Tucson MSA, 28 percent.
The biggest price reductions, though, were spread out across the country. In the Detroit MSA, the median price reduction was 11.1 percent; in the Flint, Michigan MSA, it was 10.7 percent; and in the Miami-Ft. Lauderdale MSA, 10.7 percent, the company said.
© 2014 Thomson/Reuters. All rights reserved.