SAN FRANCISCO (KCBS) — More home sellers are cutting prices these days around the Bay Area.
The real estate website Trulia’s latest numbers show that San Francisco this year has the highest percentage increase in price reductions of for-sale listings in the country.
Eight percent of properties saw price cuts – that’s up from five percent last year.
Nationally, prices cuts are up by half a percentage point.
The Chronicle reports brokers are noticing a shift, especially for properties valued over $3 million, and on new condos.
But they also say, single family homes priced under $2.5 million are still getting tons of offers and are generally selling for more than the asking price.