Microsoft officially dropped the price of all Xbox 360 Consoles yesterday. The rumors of a price cut have been circulating since early August on joystiq, ign, crunchgear, and every other video game blog and forum on the internet. Advertisements showing the new prices even came out from RadioShack and Kmart confirming the 360 prices (seen below).
With all the confirmations of the 360 price cuts to $199 for the Arcade, $299 for 60GB, and $399 for Elite, the resale prices didn't change much at all in August. Here is the chart for the 360 Elite's price over the last 12 months.
Why didn't the resale prices start dropping with all these rumors? New 360 Elite's are selling for $399 now and the average used price for an Elite is $399 so far in September. The price did drop 3% yesterday to $388 but that is still only $11 less than the new price. I assume the prices will continue dropping now but why didn't they drop earlier?