Sellers dropped their asking price on nearly one in four homes listed for sale on during the last year by an average of 10.6 percent, the company said today in a report identifying the markets experiencing the most and biggest price reductions.

Although Trulia’s analysis did not include foreclosure properties, it showed that asking prices are being slashed more severely in areas hardest hit by foreclosures.

Price reductions averaged 23 percent in Detroit, 16 percent in Las Vegas, 15 percent in Miami, and 13 percent in Phoenix and Mesa, Ariz., Trulia said.

But luxury markets like New York City also saw price reductions exceeding the national average. Homes with a selling price above $2 million were reduced by 14.3 percent on average, compared with 9.7 percent for homes under $2 million.

While 23.6 percent of homes listed for sale nationwide on Trulia between June 1, 2008 and June 1, 2009, saw at least one price reduction, the percentage was considerably higher in some markets. Among the 50 largest U.S. cities by population, the 12 with the greatest percentage of listings with price reductions were scattered around the nation, Trulia said. They were:

  • Jacksonville, Fla. – 36 percent
  • Tucson, Ariz. – 32 percent
  • Boston, Mass. – 32 percent
  • Los Angeles, Calif. – 32 percent
  • Columbus, Ohio – 31 percent
  • Dallas, Texas – 31 percent
  • Honolulu, Hawaii – 31 percent
  • Minneapolis, Minn. – 31 percent
  • Austin, Texas – 30 percent
  • Washington, D.C. – 30 percent
  • Baltimore, Md. – 30 percent
  • Las Vegas, Nev. – 30 percent


What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription