As of Sept. 1, 26 percent of home sellers had lowered their asking price — a share that has increased for three straight months, to bring it level with the last year’s level — according to a monthly report by property search site Trulia.

That 26 percent share was up from 25 percent in August, 24 percent in July, and 22 percent in May and June. It’s also the highest price-reduction level measured so far this year in Trulia’s stats. In aggregate, sellers discounted more than $29 billion nationwide.

As of Sept. 1, 26 percent of home sellers had lowered their asking price — a share that has increased for three straight months, to bring it level with the last year’s level — according to a monthly report by property search site Trulia.

That 26 percent share was up from 25 percent in August, 24 percent in July, and 22 percent in May and June. It’s also the highest price-reduction level measured so far this year in Trulia’s stats. In aggregate, sellers discounted more than $29 billion nationwide.

The data include Trulia’s active, nonforeclosure listings. Listing information on the site comes from brokers, agents, third-party aggregators and multiple listing services.

Despite the rising rate of discounted listings, there were some "modest signs of recovery," the company said. Almost half (24) of the 50 largest cities nationwide reported that their discount rates remained the same or improved compared to the previous month — a 50 percent increase from August.

Also, the percentage amount of the average discount remained the same as last month: 10 percent, with an average reduction of $33,892.

"On the surface, the latest price reduction data carries with it conflicting messages. Nationwide, sellers continue to slash prices and this is a worrisome trend. However, we’re seeing gradual improvement in many U.S. cities — several for consecutive months," said Pete Flint, co-founder and CEO of Trulia, in a statement.

"What this shows us is that while we’re in for a long climb to bring stability back to the housing market and while it’s going to take time, that climb appears to at least be under way in some parts of the country."

Five California cities, which rank among the nation’s 50 largest cities by population, have lower price-reduction rates when compared with the national average: Oakland (19 percent); San Jose (20 percent); Los Angeles (22 percent); San Diego (23 percent); and, San Francisco (24 percent). Of those cities, only San Diego had a higher percentage of discounted listings when compared to September 2009.

Major Midwestern cities had a significantly higher proportion of listings with price cuts than other major cities, with the exception of Detroit, with a share of 16 percent of listings with price cuts as of Sept. 1. The national average was 26 percent.

About 43 percent of active listings in Minneapolis and 40 percent of active listings in Milwaukee had price reductions as of Sept. 1, according to Trulia data. In Cleveland, 31 percent of active listings had price cuts as of Sept. 1.

Trulia’s city data applies to listings within city boundaries, not to metro areas.

Trulia’s property search allows consumers to filter their searches by listings that have experienced at least one price reduction. The company began tracking home-price reductions in April 2009.

September 2010 Price Reductions (50 most populous U.S. cities)

Rank City Percent of Listings with Price Cuts  Average Price Cut (%) Total Discount
U.S. 26% 10% $29,016,286,766
1 Minneapolis 43% 10% $34,826,216
2 Milwaukee 40% 10% $25,842,596
3 Phoenix 39% 14% $115,935,148
4 Mesa 37% 12% $30,644,382
5 Albuquerque 35% 9% $39,179,787
6 Memphis 35% 10% $29,676,784
7 Boston 35% 7% $36,567,036
8 Tucson 34% 11% $66,893,904
9 Baltimore 34% 12% $43,636,440
10 Dallas 34% 9% $131,642,980
11 Jacksonville 34% 12% $94,106,475
12 Omaha 34% 7% $13,351,408
13 Kansas City 33% 9% $31,969,080
14 Virginia Beach 33% 8% $43,972,371
15 Chicago 33% 9% $232,593,933
16 Columbus 32% 10% $23,546,900
17 Indianapolis 32% 8% $37,338,876
18 Atlanta 32% 11% $185,201,827
19 Portland 32% 9% $48,694,557
20 Seattle 31% 9% $69,614,475
21 Cleveland 31% 13% $13,704,354
22 Arlington 29% 7% $9,271,976
23 Houston 29% 9% $150,068,050
24 Raleigh 29% 6% $30,488,304
25 Colorado Springs 28% 7% $41,520,708
26 Long Beach 28% 8% $23,420,802
27 Louisville 28% 6% $16,289,515
28 Nashville 28% 7% $29,087,548
29 Oklahoma City 28% 7% $12,303,450
30 Philadelphia 28% 9% $60,204,870
31 Austin 27% 8% $79,006,840
32 Washington 27% 9% $42,390,950
33 Charlotte 27% 9% $75,034,791
34 Tulsa 27% 7% $16,496,960
35 Sacramento 26% 9% $17,468,148
36 Fresno 26% 12% $15,163,281
37 Honolulu 25% 8% $36,711,804
38 Las Vegas 24% 13% $97,767,680
39 San Francisco 24% 9% $61,776,301
40 San Diego 23% 8% $74,852,136
41 Fort Worth 23% 8% $30,057,084
42 Denver 23% 8% $46,406,976
43 San Antonio 23% 8% $61,165,205
44 Los Angeles 22% 12% $194,117,068
45 New York 20% 10% $426,348,117
46 San Jose 20% 8% $32,582,829
47 El Paso 19% 7% $13,062,489
48 Oakland 19% 11% $11,034,364
49 Miami 18% 12% $123,851,000
50 Detroit 16% 25% $9,216,511

 

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Refer friends to Select and get $200 in credit.Learn More×
Connect Now is just days away. Don't miss out.Reserve your seat today.×