Statistics show that there was a 24.1 percent increase in price-reduced listings from last year, says the survey. California had four cities that saw yearly jumps in price cuts, including San Diego, a city that has seen its number of reduced listings more than double from 2,613 in 2009 to 5,445 in 2010, a 108.4 percent change.
However, total inventory dropped 3.8 percent compared to October, says the survey. John Oldham, director of marketing for ZipRealty, says, "Inventory peaked in September and has dropped over the last two months," he commented. "The increase in price-reduced listings is evidence that sellers are still trying to find the right price point to get the property to sell."
Additional statistics showed that price-reduced inventory jumped by more than 75 percent in five major western cities - San Diego, San Francisco, Orange County, Los Angeles and Las Vegas.
The National Association of Realtors says that the median sales price of an existing single-family metro home during the third quarter was $177,900, down slightly from a year ago.
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