Nearly a quarter of the number of homes for sale across the country have dropped their asking price according to Trulia… and, that number went up 9% in June.
Trulia, the real estate search site, announced that 24% of current listings for sale as of July 1, 2010 in the nation have experienced at least one price reduction representing a 9% increase from the previous month. The total dollar amount slashed was $27.3 billion with the average discount at 10% off of the original listing price.
Oakland, California, saw price reductions increase 38% month-over-month; San Diego’s increased by 25%.
According to Trulia, 30% of Seattle listings have been reduced in price an average of 9%. As of July 20, 2010, Trulia shows 288 price reductions in Bellevue, WA.
“Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” says Pete Flint, co-founder and CEO of Trulia. He says that buyers continue to have the upper hand with sellers as the spectre of a ‘double dip’ for home prices looms for the second half of 2010.