Gap between asking and selling closes

According to a Zillow real estate market report, the gap between asking price and selling price is closing.  Buyers paid 3.3% or nearly $7,039, less than the last listing price on homes for sale in July; down from 3.5%, or $7,630, in June; and 4.6%, or $10,260, in January.  Zillow reported 22.8% of all homes listed for sale on its Web listing service had at least one price reduction as of September 1 and the median reduction was 6.5% off the original listing price.  Negotiating power varied from region to region: Florida homebuyers had the most negotiating power in July, and California buyers, where some actually paid above asking price, the least.