A real estate monitoring website has reported that fewer home sellers are lowering their asking price for their properties. This is the first time in many months that the number of home sellers asking less for their homes went down.

Website Zillow said U.S. home sellers reduced the prices of around 28.8% of homes listed with them for the month of August at least once. The figure stood at 30.1% in July. The percentage of home sellers reducing their asking price at least once was on a steady climb for five months until July.

The Portland, Oregon metropolitan statistical area (MSA) registered the biggest percentage of home sellers making price cuts with 39.5%. The Tucson, Arizona MSA also registered a huge number of sellers reducing asking prices with a 38.7%.

The biggest number of home sellers reducing prices was recorded last September, when 32.6% of properties listed with the website saw at least one price cut.

It was noted, however, that the gravity of August price cuts across the country was same as July, where a median price cut of 7% was recorded.

The El Centro, California MSA, registered the biggest drop with the price cut median falling from 9.1% in July to 7.9% the following month. On the other hand, the price reduction median in Grand Junction, Colorado MSA rose by 1.2 percentage points to 9.2% from July.

Does this mean that home sellers are becoming more confident with the values of their homes? Share your opinion by logging in on our forums right now. To register, simply enter your email below.