Zillow.com recently published an article stating that an extremely large amount of sellers had to cut home prices in the month of June. Read the full article bellow:
“(Reuters) – The percentage of U.S. home sellers who cut their asking price rose in June, with price reductions even larger than the month before, real estate website Zillow.com said in a report.
Prices of about one in four homes, or 26.3 percent, listed for sale on the Zillow website had been cut at least once as of the end of June, up from 23.6 percent in May, Zillow said in the report, which was obtained by Reuters on Friday.
June marked the third month in a row that the percentage of home sellers who reduced their asking price increased 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 cut.
But on the size of the cuts, after two months of shrinking price reductions, home sellers slashed prices by a larger amount in June. The median price cut was 6.3 percent in June, up from 6.2 percent in May, the report said.
The largest percentages of price reductions were in the Midwest with the Omaha and Minneapolis-St. Paul metros leading the way with 36.8 and 36.7 percent of home sellers reducing prices, respectively.
The biggest price reductions were in Michigan, California and Florida. Metros within those states made up 14 of the top 15 metros with the biggest price reductions, with prices in the Detroit metro area reduced by 10.6 percent, the Miami-Ft. Lauderdale metro area down by 9.4 percent and the Orlando Metro area cut by 9.1 percent, Zillow said.”