Fewer sellers cut home prices in July: Zillow

NEW YORK (Reuters) - The percentage of U.S. home sellers who cut their asking price fell in July, and price reductions were smaller than in June, real estate website Zillow.com said in a report.

The prices of 29.1 percent of homes listed for sale on the Zillow website had been cut at least once as of the end of July, down from 30.0 percent in June, Zillow said in the report, which was obtained by Reuters on Monday.

Price reductions peaked last September, when nearly one-third, or 32.6 percent, of listings on Zillow had at least one price reduction.

The median price cut fell in July to 6.5 percent, from 6.6 percent in June, the report said.

The largest percentages of price reductions were in the Midwest, led by the Peoria, Illinois, and Minneapolis-St. Paul metro areas, with 39.1 and 38.9 percent of home sellers reducing prices, respectively.

The biggest price reductions were in Michigan, California and Florida. Prices in the Flint, Michigan, metro area were cut by 11.8 percent, prices in Detroit were cut by 10.7 percent and prices in Merced, California, were cut by 10.5 percent, Zillow said.

(Editing by Leslie Adler)