Sale! Sellers Cut House Prices by $28.4B

“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

Memphis

TN

36%

9%

$ 27,048,295

2

Minneapolis

MN

36%

9%

$ 26,925,756

3

Portland

OR

36%

9%

$ 58,329,873

4

Indianapolis

IN

36%

8%

$ 35,428,503

5

Baltimore

MD

36%

11%

$ 44,480,261

6

Milwaukee

WI

35%

9%

$ 19,047,006

7

Jacksonville

FL

35%

11%

$ 104,019,823

8

Tucson

AZ

34%

11%

$ 71,285,454

9

Raleigh

NC

33%

7%

$ 44,580,508

10

Boston

MA

33%

8%

$ 45,619,224

11

Columbus

OH

33%

8%

$ 17,343,846

12

Seattle

WA

31%

8%

$ 64,987,200

13

Charlotte

NC

31%

9%

$ 106,244,826

14

Kansas City

MO

31%

8%

$ 24,698,412

15

Albuquerque

NM

30%

8%

$ 26,936,075

16

Chicago

IL

30%

9%

$ 210,705,118

17

Atlanta

GA

29%

11%

$ 190,220,820

18

Colorado Springs

CO

29%

7%

$ 29,348,550

19

Austin

TX

29%

9%

$ 104,327,580

20

Dallas

TX

28%

7%

$ 78,988,388

21

Tulsa

OK

28%

6%

$ 12,859,875

22

Honolulu

HI

28%

10%

$ 42,826,490

23

Nashville

TN

28%

7%

$ 29,959,106

24

Philadelphia

PA

27%

9%

$ 57,167,124

25

San Francisco

CA

27%

10%

$ 68,841,603

26

Omaha

NE

27%

6%

$ 14,511,252

27

Washington

DC

27%

10%

$ 68,321,587

28

Phoenix

AZ

27%

13%

$ 102,105,905

29

Los Angeles

CA

27%

12%

$ 281,941,920

30

New York

NY

27%

13%

$ 716,758,762

31

Sacramento

CA

26%

11%

$ 18,768,120

32

Cleveland

OH

26%

12%

$ 11,193,888

33

Mesa

AZ

26%

14%

$ 26,088,525

34

Virginia Beach

VA

26%

8%

$ 34,708,902

35

Louisville

KY

26%

7%

$ 12,962,532

36

Oklahoma City

OK

26%

7%

$ 10,479,932

37

Miami

FL

26%

15%

$ 215,268,441

38

Long Beach

CA

25%

10%

$ 26,021,307

39

Arlington

TX

22%

6%

$ 4,849,236

40

San Jose

CA

22%

8%

$ 24,416,386

41

Oakland

CA

22%

10%

$ 9,707,016

42

El Paso

TX

22%

8%

$ 18,460,260

43

Denver

CO

22%

9%

$ 50,467,081

44

Fort Worth

TX

21%

8%

$ 21,801,702

45

San Diego

CA

20%

9%

$ 48,435,840

46

Las Vegas

NV

19%

16%

$ 154,008,756

47

Detroit

MI

18%

25%

$ 11,956,168

48

Houston

TX

17%

6%

$ 69,046,794

49

San Antonio

TX

14%

7%

$ 35,460,120

50

Fresno

CA

14%

12%

$ 5,706,960

Source: Trulia.com

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