Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.


Daily Real Estate News  |  October 9, 2009  |   Zillow, Trulia See Price Cuts
Real estate Web sites Zillow and Trulia continue to see price cuts by home sellers in apparent efforts to attract buyers during a slower part of the year for house sales.

The listing prices of more than 25 percent of homes on the market Oct. 1 have been reduced, according to In all, sellers with listings on have cut asking prices about $1 billion since June.

Trulia CEO Pete Flint says home sellers are facing the season of the year when home sales are typically slow, and they are hoping that by reducing their prices, the properties will move.

In a statement accompanying the release, Flint said: “We are seeing the beginning of this trend in the Northeast and Western United States with discounting happening at all price points, and expect it to continue.”

Here are the 10 housing markets on with the highest percentage of reduced-price listings in October:
  1. Memphis, Tenn. 36 percent
  2. Minneapolis, 36 percent
  3. Portland, Ore. 36 percent
  4. Indianapolis, 36 percent
  5. Baltimore, 36 percent
  6. Milwaukee, 35 percent
  7. Jacksonville, Fla., 35 percent
  8. Tucson, Ariz., 34 percent
  9. Raleigh, N.C., 33 percent
  10. Boston, Mass., 33 percent

Meanwhile, a new study from shows U.S. home buyers inching closer to the asking price when they buy real estate. Buyers paid a median $6,525, or 3 percent, less than the last listing price when they bought a home in August, down from $7,018, or 3.3 percent, less for homes bought in July.

Buyer power peaked in January 2009, when buyers paid 4.5 percent less than the last listing price, a median of $10,096.

Buyers continued to cut prices with 24.7 percent of all homes listed for sale on undergoing at least one listing price reduction from the original price – a median of 6.6 percent – as of Oct. 1, 2009.

Markets where home sellers dropped prices the most compared to the last listing price were:
  1. Vero Beach, Fla., 8.9 percent
  2. Naples, Fla., 8 percent
  3. Sarasota, Fla., 7.9 percent
  4. Panama City, Fla., 7.6 percent
  5. Daytona Beach, Fla., 7.3 percent
  6. Atlantic City, N.J., 7.2 percent
  7. Miami-Fort Lauderdale, Fla., 7 percent
  8. Morristown, Tenn, 6.9 percent
  9. Ocala, Fla., 6.5 percent
  10. Lakeland, Fla., 6.4 percent

Source: U.S. News & World Report, Luke Mullins, and (10/08/2009)

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!