Percentage of Price-Reduced Homes Rises in November

The percentage of price-reduced homes listed for sale rose 24.1 percent in November compared with a year ago, according to ZipRealty’s Price Reduction Index, a monthly review of MLS-listed properties in 26 markets surveyed by the real estate brokerage.San Diego topped the list with the largest increase in price-reduced inventory, which rose 108.4 percent from 2009 to 2010.  Three other California districts also experienced large year-over-year increases in the amount of reduced-price inventory, including San Francisco, 100 percent; Orange County, 91 percent; and Los Angeles, 79 percent.
For the second consecutive month, total inventory declined in November. The percentage of inventory that has been reduced increased 0.1 percent compared with October as the number of price-reduced listings declined at a rate of 3.7 percent.
The median list price declined 2.8 percent in November compared with October to $234,484, and the average percentage of price reduction rose 7.6 percent.