Sellers Continue to Cut Prices

Daily Real Estate News  |  August 14, 2009

Nearly 25 percent of all U.S. homes for sale on Aug. 1 had a price cut in July, according to data compiled by the real estate Web site

The percentage of price reductions has continued to increase month-over-month for the past three months. The total value slashed off active listings now totals $27.8 billion. The average reduction was 10 percent from the original price.

Cities showing significant increases in the percentage of listings with price cuts from June 1 to Aug. 1 were:

  • Fresno, Calif.: 67 percent
  • Colorado Springs, Colo.: 27 percent
  • Kansas City, Mo.: 25 percent
  • Oklahoma City, Okla.: 24 percent
  • Albuquerque, N.M.: 22 percent.

Cities with significant declines in the percentage of listings with price reductions included:

  • Dallas: -42 percent
  • Las Vegas: -33 percent
  • Louisville, Ky.: -33 percent
  • Los Angeles: -19 percent
  • Washington, D.C.: -17 percent

Price reductions on existing listings continue to happen in fairlly large numbers daily in Santa Fe as well.