Industry NewsMarkets & Economy

Price cut on 1 in 4 listings

Trulia finds July price reductions smaller than June
Published on Aug 14, 2009

One in four homes on the market as of Aug. 1 had its asking price reduced at least once, although price reductions were smaller on average in July than June, according to an analysis by real estate search site Trulia.It was the third straight month that the percentage of listings subjected to price reductions grew, Trulia said. The percentage of listings that saw price reductions exceeded the national average in 33 of the 50 top housing markets, including Jacksonville, Fla., where 38 percent of listings had seen price reductions; Portland, Ore. (35 percent); Milwaukee, Wis. (34 percent); Boston (34 percent); Seattle (34 percent); Albuquerque, N.M. (33 percent); Chicago (33 percent); Indianapolis (32 percent); and Raleigh, N.C. (32 percent).Price reductions averaged 10 percent from the original listing price in July, compared with 10.6 percent in June, Trulia said. Luxury homes -- defined as those priced at $2 million and above -- tended to take a bigger hit, with an average reduction ...

Comments