25% of Sellers Reduce Asking Price

Sellers have dropped their asking prices on 25 percent of homes listed for sale on Trulia.com, according to a report the online real estate company released last week.

The average price-reduced home has seen a listing price cut of 10.6 percent.

Not only are cities with lots of foreclosures hard hit, but traditionally strong markets also are among those with large-percentage price reductions.

Among the 50 largest U.S. cities, the 12 locales with the largest percentage of price reductions are:

1. Jacksonville, Fla. – 36 percent
2. Tucson – 32 percent
3. Boston – 32 percent
4. Los Angeles – 32 percent
5. Columbus, Ohio – 31 percent
6. Dallas – 31 percent
7. Honolulu – 31 percent
8. Minneapolis – 31 percent
9. Austin – 30 percent
10. Washington, D.C. – 30 percent
11. Baltimore – 30 percent
12. Las Vegas – 30 percent

Source: Trulia.com (06/05/2009)

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