""Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit," Zillow Senior Economist Kara Ng said in a statement released on Monday. "These discounts are bringing more listings in line with buyers' budgets, and helping fuel the most active fall housing market in three years. Patient buyers are reaping the rewards as the market continues to rebalance.""
"The most expensive housing markets have the largest median discounts by dollar value: San Jose ($70,900), Los Angeles ($61,000), San Francisco ($59,001), New York ($50,000) and San Diego ($50,000). But when looking at discounts as a share of a home's value, cities in other regions actually have better deals. For example, the typical markdown in Pittsburgh is $20,000-a fraction of the discount in the bigger markets-but it represents 9% of that metro area's home value, according to Zillow."
After a weak spring selling season, autumn has seen intensified seller price cuts, with the typical single reduction at $10,000 and cumulative median cuts reaching $25,000 in October. Sellers increasingly apply multiple reductions because tepid demand leaves homes listed longer, bringing more listings into buyers' budgets and boosting fall market activity. Wealthier metro areas show the largest dollar discounts: San Jose ($70,900), Los Angeles ($61,000), San Francisco ($59,001), New York ($50,000), and San Diego ($50,000). Smaller metros yield larger proportional discounts: Pittsburgh and New Orleans at about 9%, Austin 8.4%, Houston 8.2%, San Antonio 7.9%.
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