(9/17/2010) - Nationwide, the percentage of homes for sale with price
reductions rose to the highest level in 2010, but in 24 of the nation's 50
largest cities that percentage remained the same or dropped.
On the metro level, that's a 50 percent improvement over August, which
saw only 16 cities reporting improved or unchanged price reduction data.
Reporting the data, Trulia.com said, nationwide, 26 percent of sellers
reduced prices, on average, by 10 percent, or nearly $34,000. That's up from
25 percent of sellers in August who also reduced prices, on average, by 10
percent.
Trulia said the greater number of towns with an unchanged or smaller
percentage of price reductions is a modest sign of recovery, but the fire sale continues.
"On the surface, the latest price reduction data carries with it
conflicting messages," said Pete Flint, co-founder and CEO, Trulia.
"Nationwide, sellers continue to slash prices and this is
a worrisome trend. However, we're seeing gradual improvement in many U.S.
cities – several for consecutive months," Flint added.
Showing smaller August-to-September percentages of homes with seller
price reductions were Dallas and El Paso, TX; Kansas City, KS; Columbus, OH;
Arlington, VA; Nashville, TN; Colorado Springs, CO; Detroit, MI;
Sacramento, CA and Miami, FL among others.
Cities with the largest percentages of price reductions for September,
were Minneapolis, MN at 43 percent; Milwaukee, WI at 40 percent; Phoenix,
AZ, 39 percent; Mesa, AZ 37 percent and Albuquerque, NM; Memphis TN and
Boston, MA, all at 35 percent.
Cities with the smallest percentages of price reductions for September,
were Detroit, 16 percent; Miami, FL, 18 percent; Oakland, CA and El Paso TX,
19 percent and New York, NY and San Jose, CA, both 20 percent.
The towns with the steepest average price cuts for September were
Detroit, MI where prices were slashed an average 25 percent; Phoenix, AZ, 14
percent; Cleveland, OH and Las Vegas, NV, both 13 percent; and all at 12
percent Miami and Jacksonville, FL; Los Angeles and Fresno, CA; Baltimore,
MD and Mesa, AZ.
The smallest average seller price cut was 6 percent in Louisville, KY
and Raleigh, NC. Elsewhere, at the lower end, the average price cut was 7
percent in Boston, MA; Omaha, NB; Arlington and El Paso, TX; Colorado
Springs, CO; Nashville, TN and Oklahoma City and Tulsa, OK, Trulia reported.
Said Flint, "We're in for a long climb to bring stability back to the
housing market and while it's going to take time, that climb appears to at
least be underway in some parts of the country."
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