GAAR.com » News » Sellers Continue to Cut Prices
Sellers Continue to Cut Prices
Posted on Aug 13th, 2009
Nearly 25 percent of all U.S. homes for sale on Aug. 1 had a price cut in July, according to data compiled by the real estate Web site Trulia.com.
The percentage of price reductions has continued to increase month-over-month for the past three months. The total value slashed off active listings now totals $27.8 billion. The average reduction was 10 percent from the original price.
Cities showing significant increases in the percentage of listings with price cuts from June 1 to Aug. 1 were:
- Fresno, Calif.: 67 percent
- Colorado Springs, Colo.: 27 percent
- Kansas City, Mo.: 25 percent
- Oklahoma City, Okla.: 24 percent
- Albuquerque, N.M.: 22 percent.
Cities with significant declines in the percentage of listings with price reductions included:
- Dallas: -42 percent
- Las Vegas: -33 percent
- Louisville, Ky.: -33 percent
- Los Angeles: -19 percent
- Washington, D.C.: -17 percent
Source: Trulia.com (08/14/2009)
Reprinted from REALTOR® Magazine Online, http://www.realtor.org/realtormag, August 2009 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2009. All rights reserved.
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Comments (1)
This is the type of market that we are in....it is all about location, condition and overall PRICE. The proof is in this article that Albuquerque has 22% of active listings with price adjustments...one of the reasons properties are moving!
on Aug 19, 2009 at 1:40 pm
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