Home-sale discounts jump 24%, Chicago 5th Highest Share of Discounted Listings

Sellers cut asking prices on 2.1 percent more homes last month compared to August -- a total of 323,316 homes.

Meanwhile, total inventory rose 0.6 percent from August and 13.6 percent from September 2009 to a total of 675,872 homes. The share of discounted homes is therefore 47.8 percent, up from 43.8 percent in September 2009 when 260,358 homes had experienced a price cut.

On average, sellers had reduced their list prices twice last month. Median list price last month was $245,265, down 1.8 percent from August and 15.3 percent lower than in September 2009.

Markets with the highest share of discounted listings (of 26 markets surveyed):

1. Jacksonville, Fla. (55.8 percent)
2. Phoenix, Ariz. (55.4 percent)
3. Minneapolis-St. Paul, Minn. (53.2 percent)
4. Orlando, Fla. (52.8 percent)
5. Chicago, Ill. (52.1 percent)
6. Tucson, Ariz. (51.7 percent)
7. Baltimore, Md. (51.3 percent)

Markets with the lowest share of discounted listings (of 26 markets surveyed):

1. Denver, Colo. (34.4 percent)
2. Los Angeles (39.1 percent)
3. Richmond, Va. (42.9 percent)
4. Miami-Ft. Lauderdale-Palm Beach, Fla. (43.3 percent)
5. San Francisco (45.2 percent)
6. Charlotte, N.C. (46 percent)