For the second month in a row, homebuyers across much of the country negotiated bigger discounts off the last listing price of homes than they had the prior month.
Buyers in the United States paid a final sale price of 2.8%, or $5,823, less than the last listing price during January, up from a median discount of 2.7% in December and 2.6% in November. December marked the first time in 11 months that buyers gained back negotiating power; for much of 2009, buyer discounts shrank as real estate markets across the country improved.
One year ago, in January 2009, buyers negotiated a median 4.5%, or $10,178 off the last listing price of homes.
The biggest discounts continued to be found in Florida, although buyers in several New York City-area metros also found relatively large discounts during January.
However, sellers continued to do well in several markets, with most buyers in places like El Centro and Stockton, Calif., paying more than the last listing price of homes sold in January.
Fewer for-sale homes experienced price reductions in January than in December, with nearly one in five (19.8%) of homes for sale on Zillow experiencing at least one price cut as of the end of January.