Home Listing Prices May Be More in Line with Homebuyer Expectations
Well, maybe. Or home sellers and banks are just waiting to see how aggressive (or passive!) home buyers will be this year. With the hottest months of the year arriving, both in real estate and in terms of the weather, listing prices have steadied. According to Trulia, 22% of homes on the market today in the United States as of June 1, 2010 have had at least once price reduction since they went on the market. This is a decrease from 23.6% of all homes that had a price reduction as of June 1, 2009. The average discount however continued to hold steady at 10% off the original listing price.
Cities in the Western United States experienced the largest decreases compared with the previous year with Las Vegas leading the way. Vegas had a 67% decrease. Yes, our very own Sacramento tops the secondary list there along with Oakland, San Jose, Los Angeles, San Francisco and San Diego with a price reduction of 24% or more.
Price reduction levels for luxury homes priced at $2 million of more held steady with 21% experiencing a price reduction and an average reduction of 14% off the listing price.
