In June, more than 14 percent of all Zillow listings saw at least one price reduction, with major metropolitan housing markets experiencing the biggest cuts, according to a new Zillow analysis.
Out of the approximately 10 million listings currently on Zillow, 14.2 percent were subject to a price cut in June, up slightly from 13.4 percent during the same period in 2017. The uptick remains within the same range it has hovered along since 2013, according to data released Thursday by Zillow Chief Economist Aaron Terrazas.
“Price cuts could be increasingly more common in coming months if more recent trends continue to hold,” Terrazas writes. “Since the beginning of the year, the share of listings nationwide with a price cut increased 1.2 percentage points, the greatest January-to-June increase ever reported.”
Among the largest cities, the number of price reductions was more pronounced. In 23 of the 35 largest metropolitan areas…