Industry NewsMarkets & Economy

Fewer sellers slash asking price

Western cities see biggest drop in house-price cuts
Published on Jun 17, 2010

As of June 1, slightly fewer sellers cut asking prices on their homes compared to the same time last year, according to a report by real estate search site Trulia. The report found that 22 percent of the homes listed on Trulia's site had seen at least one price reduction, unchanged from the month before, and slightly fewer than in June 2009 when 23.6 percent of listings experienced a price cut.The report excludes foreclosures; it covers about 3 million listings on the site. Price reductions tend to fall as sellers feel less pressure to cut prices to make their listings competitive. "Sellers are optimistic heading into the summer season because of the strong sales figures from the spring. The spring sales were fueled by the expiration of the tax credit and my concern is that this heavy activity is providing sellers with a false state of optimism," said Pete Flint, co-founder and CEO of Trulia, in a statement. "We are already starting to see rising inventory levels a...

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