Trulia July Home Price Reduction Report - Sellers Cut $27.1 Billion from Asking Prices

Fri, Jul 10, 2009

Today, we announce our July national home price reduction report. Nationally, home listing price cuts are on the rise while some of the hardest hit markets are seeing stabilization. As of July 1st, 2009, there have been $27.1 billion in price reductions for all current homes on the market compared to $27.4 Billion in June.

According to Pete Flint, Trulia Co-Founder and CEO, “All real estate is local and we’re seeing glimmers of hope as price stabilization occurs in major cities across the nation, including some of the earliest hit cities that have experienced huge declines in the past few years. On the flip side, perhaps sellers are pricing their homes more rationally to get them off the market as soon as possible.”

Trulia Price Reduction Report Highlights

Hardest hit cities see biggest improvement from a month ago - Las Vegas 33% and Los Angeles 25%
Average price reduction In Las vegas = 16%
Average price reduction in Los Angeles = 12%
24.6% of all current homes on the market in the United States as of July 1st 2009 have experienced at least 1 price cut
$27 Billion in price reductions
National Average price reduced home = 10.4% list price reduction down from 10.6% last month
Markets where sellers more drastically overpriced homes = Miami, New York City & Detroit = more drastic cuts
Detroit, Michigan = sellers slashed 21% off original asking price
Miami, Florida = sellers cut 15% off original asking price
New York City, New York = sellers cut 13% off original asking price
Month over month - 4 new cities in top 10 major priced reduced markets = Milwaukee, New York City, Chicago and Illinois
Luxury market getting hit hard
25.8% of Homes over $1,000,000 seeing price reduction
24.5% of Homes under $1,000,000 seeing price reduction
Luxury Homes over $1,000,000 seeing 13% cut of asking price
Homes under $1,000,000 seeing 9% cut off asking price