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 Trulia.com.
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.