ZipRealty, a residential real estate brokerage firm, recently announced that the number of homes whose prices have been slashed fell 1 percent last month compared to February. However, when compared to March 2010, price-reduced home listings increased 9 percent.
According to the firm's Price Reduction Index, the list price in the 23 metropolitan areas surveyed were cut twice before being sold, saving homeowners an average of $18,293.
Bob Yakominich, senior vice president of sales at ZipRealty, said home price reduction is a new reality for home sellers, but they appear to be adjusting well to the real estate industry being a buyer's market.
Also included in the firm's report was where list prices were dropping most significantly.
Earlier this month, the real estate search engine Trulia released a report detailing where those considering moving can find the biggest price discounts. Detroit, Miami and Columbus, Ohio, were among the cities with the biggest average cost reductions after the first price cut.
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