More than a Quarter of Listed Home Prices Cut

Real estate service provider Trulia said 27 percent of homes currently on the market have experienced at least one price cut since being listed, signaling the difficulty that remains for sellers.

The average price reduction ranged from $20,000 to $295,000 nationwide, with Houston representing the lower figure and New York City the near-$300,000 discount.

By percentage, the largest average reduction off the original sales price was in hard-hit Las Vegas, where prices were reduced by 16 percent, or nearly $50,000.

Miami was a close second at 15 percent, or nearly $60,000, followed by NYC at 14 percent, which had that previously mentioned six-figure reduction.

“It doesn’t matter if your price point is $200,000 or $2 million, in these difficult times people are searching for the best deals they can find on homes,” said Pete Flint, Trulia CEO and co-founder.

“Our new price reduction functionality makes it easier for people to find the home of their dreams without laboring through unwanted results.”

The company noted that home prices will likely be reduced even more as competition heats up in spring and summer, traditionally strong selling periods of the year.

With regard to homes priced over one-million dollars, New York City led the way in reductions with an average discount of $513,042, or 13 percent off the original price.

It was followed by Los Angeles and San Francisco, which both averaged 12 percent discounts, or $420,000 and $342,000 off, respectively.

It appears as if sellers are coming to terms with the fact that their property values were quite inflated during the housing boom.