Price Cuts Continue on Homes Listed for Sale
The latest real estate trends are showing no foreseeable end in sight, for price reductions, in the US housing market. One
out of every four homes on the market in the US, as of August 1st, had the asking price reduced at least once. Half of
the nation's 50 largest cities have seen at least 30 percent of listed homes undergo a price reduction. In Minneapolis, Minnesota, a
staggering 43 percent of homes listed have been reduced in price, setting a record for reduced listings.
Among California cities, Long Beach led the way with 28 percent of listings reduced, followed by Los Angeles with a quarter of
homes listed getting a reduction in asking price. San Francisco was basically even with L.A., while Oakland had 17 percent of listings
reduced. In San Jose, 16 percent of homes listed had been reduced in July, and that number has risen to 18 percent early in August.
Luxury homes, or those valued at over $2 million have been discounted by an average of 14 percent, while the average discount for
more affordable homes is just under 9 percent. Among the nation's 50 largest cities, prices on homes listed have been reduced in asking
price by a total of just over $30 billion as of August 1st.