Prices have been reduced by $50,000 and sometimes $100,000, on homes priced close to $2 million or more, she said.

The development is projected to include 215 homes, priced from $194,000 to $242,900.

There are not enough homes priced higher to be statistically significant, according to the report.

Construction of the homes priced $14,800 to $22,500 was completed by 1967.

"People are still pricing homes too high and changing their minds."

In these two areas the market has been overrun with new homes priced from $250,000 to $400,000.

She said attractive homes priced below $1 million were still likely to get multiple offers.

The community, now under way, contains 104 homes, with 1,850 to 2,550 square feet, priced from $174,900 to $211,900.

Many homes originally priced at $1 million, for example, now fetch $150,000 to $250,000 less.

But, he said, since construction and sales started in November contracts have been signed for 40 of the homes, priced from $390,000 to $450,000.