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Microsoft announced today that Xbox 360 consoles will be available at reduced prices. The Xbox 360 Elite will drop from $449.99 to $399.99, the standard Xbox 360 will go from $349.99 to $299.99, and the Xbox 360 Arcade will see a reduction from $279.99 to $199.99. This decrease in price comes months before the crucial holiday season, and places the Xbox 360 Arcade within shouting distance of Nintendo’s Wii. While these prices don’t seem to have reached the GameStop or EB Games websites just yet, you can reap the benefits of this price drop directly from Microsoft’s official Xbox website.