Wednesday, November 25, 2009

Sellers Continue to Cut Prices

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

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: (08/14/2009)

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