This morning Trulia,the online real estate search company,announced that “25.6 percent of homes currently on the market in the United States as of October 1,2009 have experienced at least one price cut. More than one in four current listings on Trulia have been reduced in price for the fourth straight month. The total amount slashed from home prices is $28.4 billion,a $967 million increase from June 2009. The average discount for price-reduced homes continues to hold steady at ten percent off of the original listing price.
Before I go further,I should point out that not ALL homes for sale are listed on Trulia,in fact many MLS’s do not provide data to them. Having said that,Trulia does receive listing data from several MLS’s,real estate brokers and third party aggregators and is one of the larger online search engines so I do believe their data represents a fair sampling of the real estate market.
In the Trulia report the Northeast area of the U.S. saw the most homes reduced while the West saw the biggest cuts.
Five of the ten states with the highest percentage of homes with price reductions are in the Northeast —Massachusetts,Rhode Island,Connecticut,New Hampshire and New Jersey. One in three homes in these states has cut their list price at least once. Seven of the ten states leading the country with the biggest listing price cuts are in the West,where heavy foreclosures have taken their toll. In Nevada,Idaho,Arizona,Wyoming,Hawaii,Utah and California,cuts are an average of 13 percent off the original list price. Of the $28.4 billion slashed nationally,New York,California and Florida account for 35 percent of the total value of reductions.
Related posts:
- Home price reductions by sellers drop for second consecutive month
- Signs of Stabilization in U.S. Real Estate Market —Home Price Reduction Levels Drop 26 Percent
- Nearly half of homes for sale have reduced prices
- Sixty six percent of Major U.S. Metros experiencing home price reduction levels higher than national average
- Nearly half of all homes listed for sale in August had price cut
[...] Fourth consecutive month that over 25 percent of homes for sale have had price cut [...]
[...] week I did a post on another blog about a report th,at had just been released by Trulia indicating that over 25 percent of the homes [...]