National Survey Reveals Housing Price Reduction Numbers and Possible Trouble for High-Priced Housing
A June 5th news release from Trulia provides some information on housing price reductions at the national level. According to the Trulia survey of the most populous US cities (my rough check shows that these are cities with populations of 300,000 plus), the following large US cities had the largest percentage of price-reduced properties on the market:
Jacksonville, FL - 36%- Tucson, AZ - 32%
- Boston, MA - 32% (Redfin’s number is 37.2%*)
- Los Angeles, CA - 32% (Redfin’s number is 42.1%*)
- Columbus, OH - 31%
- Dallas, TX - 31%
- Honolulu, HI - 31%
- Minneapolis, MN - 31%
- Austin, TX - 30%
- Washington, DC - 30% (Redfin’s number is 47.1%*)
- Baltimore, MD - 30% (Redfin’s number is 46.1%*)
- Las Vegas, NV - 30%
The Trulia survey also provided some information on high-priced home at the national level:
“24 percent of homes with a selling price greater than $2 million are seeing price reductions compared to 23.6 percent of homes on the market for the less than $2 million. While the percentage of homes seeing discounts are almost identical, discounts on luxury homes are significantly more with 14.3 percent being slashed off the original listing price compared to only 9.7 percent of homes under the $2 million dollar price tag.”
This information for the high end of the national real estate market coincides with information for the high end of the Orange County real estate market. But that’s it for this week. I will write about that on Monday.
Note: For information on reducing housing prices, see “When is the Tme Ripe to Reduce the Price?”