Fewer sellers cut home prices in September: Zillow

By Julie Haviv

NEW YORK | Wed Oct 6, 2010 5:27pm EDT

NEW YORK (Reuters) – 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.

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