Sellers dropped their asking price on nearly one in four homes listed for sale on Trulia.com during the last year by an average of 10.6 percent, the company said today in a report identifying the markets experiencing the most and biggest price reductions.
Although Trulia’s analysis did not include foreclosure properties, it showed that asking prices are being slashed more severely in areas hardest hit by foreclosures.
Price reductions averaged 23 percent in Detroit, 16 percent in Las Vegas, 15 percent in Miami, and 13 percent in Phoenix and Mesa, Ariz., Trulia said.
But luxury markets like New York City also saw price reductions exceeding the national average. Homes with a selling price above $2 million were reduced by 14.3 percent on average, compared with 9.7 percent for homes under $2 million.
While 23.6 percent of homes listed for sale nationwide on Trulia between June 1, 2008 and June 1, 2009, saw at least one price reduction, the percentage was considerably higher in some markets. Among the 50 largest U.S. cities by population, the 12 with the greatest percentage of listings with price reductions were scattered around the nation, Trulia said. They were:
- Jacksonville, Fla. – 36 percent
- Tucson, Ariz. – 32 percent
- Boston, Mass. – 32 percent
- Los Angeles, Calif. – 32 percent
- Columbus, Ohio – 31 percent
- Dallas, Texas – 31 percent
- Honolulu, Hawaii – 31 percent
- Minneapolis, Minn. – 31 percent
- Austin, Texas – 30 percent
- Washington, D.C. – 30 percent
- Baltimore, Md. – 30 percent
- Las Vegas, Nev. – 30 percent
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