Sellers cut home prices across the country

About a quarter of the home listings currently on the U.S. real estate market have seen at least one price cut, according to a report.

Real estate website Trulia.com reported that one in four home sellers have reduced the asking price for their listed home at least one time as of August 1. The average discount on a price-reduced home is about 10 percent off the original price, while about $30.1 billion was cut from home listings across the country's 50 largest cities. That's creating a tough market for sellers, but a very affordable one for someone who is considering buying a new home to live in for a long period of time.

"With one out of every four homes experiencing at least one price reduction, sellers are feeling no relief this summer, in a market climate of fewer qualified buyers and widespread uncertainty about the job market," said Trulia.com CEO Pete Flint. "I stated at the beginning of the year that I did not expect to see the housing market stabilize or recover in 2010, and I believe that prediction is being proven true today."

Before moving, interested buyers should be sure they qualify for a mortgage.

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