My Real Estate Blog

Percentage of homes with price reductions declines in June

A new report found 22 percent of homes listed for sale nationwide experienced at least one price reduction as of June 1 compared with 23.6 percent in June 2009, according to Trulia.com.  The average discount for price-reduced homes remained unchanged at 10 percent of the listing price.

Cities in the Western U.S. experienced the largest decreases in price reductions compared with the previous year. Las Vegas led the way with a 67 percent decrease and six California cities (Oakland, San Jose, Los Angeles, Sacramento, San Francisco, and San Diego) experienced a price reduction of 24 percent or more, according to the report.  

Price reduction levels for luxury homes--those listed at $2 million and higher--continued to hold steady with 21 percent of homes experiencing a price reduction and an average reduction of 14 percent off the listing price.

Reprinted From C.A.R.