Fewer Home Sellers Cut Asking Price

New York, NY, March 3, 2010--Fewer U.S. home sellers cut their asking price in February and those who did made slightly smaller reductions, according to real estate website Zillow.com.

The median list price of homes, however, fell in January, Zillow said.

Nearly one in five homes, or 19.5 percent, listed for sale on the Zillow website had at least one price reduction as of the end of February, down from 19.8 percent in January, Zillow said.

Home sellers reduced prices by a median 6.7 percent in February, down from 6.8 percent in January.

The time that homes sat on the market edged down to a median of 105 days in February, from 109 days in January, Zillow said.