“Consumers have to be slashing the prices of the homes they list. There’s a significant inventory of homes for sale. You’re still going to see further price declines before the market stabilizes in 2010.”
– Pete Flint, chief executive officer of Trulia
>
This is in line with my experience and anecdotal research with Real Estate agents; There is still lots of anchoring, but it is starting to loosen up:
“U.S. home sellers cut their asking prices by a total of $28.4 billion to attract buyers as the real estate recovery stalled, Trulia Inc. said.
The average discount was 10 percent as of Oct. 1, the San Francisco-based real estate data provider said today. Homes listed for more than $2 million were cut the most, with owners taking an average of 14 percent off the original price. Luxury homes accounted for 25 percent of all of the reductions.
Sales of existing U.S. homes unexpectedly fell in August for the first time since March, according to the National Association of Realtors, signaling the recovery will be slow to gain speed. The median price dropped 12.5 percent from August 2008.”
Be sure to see the table after the jump . . .
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Sources:
HOME PRICE REDUCTION LEVELS STAY ABOVE 25 PERCENT FOR 4th CONSECUTIVE MONTH Trulia, October 8, 2009
http://info.trulia.com/index.php?s=43&item=73
Home Sellers in U.S. Cut Prices by $28.4 Billion, Trulia Says
Daniel Taub
Bloomberg, Oct. 8 2009
http://www.bloomberg.com/apps/news?pid=20603037&sid=aPKdx2VMGEBg
October Price Reductions – Top 50 U.S. Cities
|
Rank |
City |
State |
Percent of Listings with Price Reductions |
Average Reduction (%) |
Total Amount of Reductions |
|
1 |
TN |
36% |
9% |
$ 27,048,295 |
|
|
2 |
MN |
36% |
9% |
$ 26,925,756 |
|
|
3 |
OR |
36% |
9% |
$ 58,329,873 |
|
|
4 |
IN |
36% |
8% |
$ 35,428,503 |
|
|
5 |
MD |
36% |
11% |
$ 44,480,261 |
|
|
6 |
WI |
35% |
9% |
$ 19,047,006 |
|
|
7 |
FL |
35% |
11% |
$ 104,019,823 |
|
|
8 |
AZ |
34% |
11% |
$ 71,285,454 |
|
|
9 |
NC |
33% |
7% |
$ 44,580,508 |
|
|
10 |
MA |
33% |
8% |
$ 45,619,224 |
|
|
11 |
OH |
33% |
8% |
$ 17,343,846 |
|
|
12 |
WA |
31% |
8% |
$ 64,987,200 |
|
|
13 |
NC |
31% |
9% |
$ 106,244,826 |
|
|
14 |
MO |
31% |
8% |
$ 24,698,412 |
|
|
15 |
NM |
30% |
8% |
$ 26,936,075 |
|
|
16 |
IL |
30% |
9% |
$ 210,705,118 |
|
|
17 |
GA |
29% |
11% |
$ 190,220,820 |
|
|
18 |
CO |
29% |
7% |
$ 29,348,550 |
|
|
19 |
TX |
29% |
9% |
$ 104,327,580 |
|
|
20 |
TX |
28% |
7% |
$ 78,988,388 |
|
|
21 |
OK |
28% |
6% |
$ 12,859,875 |
|
|
22 |
HI |
28% |
10% |
$ 42,826,490 |
|
|
23 |
TN |
28% |
7% |
$ 29,959,106 |
|
|
24 |
PA |
27% |
9% |
$ 57,167,124 |
|
|
25 |
CA |
27% |
10% |
$ 68,841,603 |
|
|
26 |
NE |
27% |
6% |
$ 14,511,252 |
|
|
27 |
DC |
27% |
10% |
$ 68,321,587 |
|
|
28 |
AZ |
27% |
13% |
$ 102,105,905 |
|
|
29 |
CA |
27% |
12% |
$ 281,941,920 |
|
|
30 |
NY |
27% |
13% |
$ 716,758,762 |
|
|
31 |
CA |
26% |
11% |
$ 18,768,120 |
|
|
32 |
OH |
26% |
12% |
$ 11,193,888 |
|
|
33 |
AZ |
26% |
14% |
$ 26,088,525 |
|
|
34 |
VA |
26% |
8% |
$ 34,708,902 |
|
|
35 |
KY |
26% |
7% |
$ 12,962,532 |
|
|
36 |
OK |
26% |
7% |
$ 10,479,932 |
|
|
37 |
FL |
26% |
15% |
$ 215,268,441 |
|
|
38 |
CA |
25% |
10% |
$ 26,021,307 |
|
|
39 |
TX |
22% |
6% |
$ 4,849,236 |
|
|
40 |
CA |
22% |
8% |
$ 24,416,386 |
|
|
41 |
CA |
22% |
10% |
$ 9,707,016 |
|
|
42 |
TX |
22% |
8% |
$ 18,460,260 |
|
|
43 |
CO |
22% |
9% |
$ 50,467,081 |
|
|
44 |
TX |
21% |
8% |
$ 21,801,702 |
|
|
45 |
CA |
20% |
9% |
$ 48,435,840 |
|
|
46 |
NV |
19% |
16% |
$ 154,008,756 |
|
|
47 |
MI |
18% |
25% |
$ 11,956,168 |
|
|
48 |
TX |
17% |
6% |
$ 69,046,794 |
|
|
49 |
TX |
14% |
7% |
$ 35,460,120 |
|
|
50 |
CA |
14% |
12% |
$ 5,706,960 |
Source: Trulia.com
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