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National discounted inventory rising from last year

December 14, 2010 - A report shows that the supply of price-reduced homes on the real estate market has grown over the past year, giving those moving into new homes more options to choose from.

The real estate website ZipRealty evaluated the multiple listing service listings in 26 major metropolitan statistical areas and found that the inventory of discounted homes for sale on the market in those areas has increased 24.1 percent in November from a year earlier. At the same time, that inventory was down 3.8 percent from October. Still, almost half of all homes on the market in November - 48.4 percent - included at least one price cut, up 0.1 percent from the month before.

"Typically, November is a slower month for sales," said John Oldham, Director of Marketing for ZipRealty. "Inventory peaked in September and has dropped over the last two months. 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."

Buyers were moving into homes that were 2.8 percent cheaper than they were a month earlier, said the report, and buyers generally found discounts of 7.6 percent in November on price-reduced homes.

Price cuts may be encouraging some consumers to hire moving companies and buy a home. The National Association of Realtors reported that pending home sales jumped 10.4 percent in October from the month before.
 

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