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June 8, 2009
Study: More than 30% of Dallas-area home sellers have to cut price
10:01 AM CDT on Friday, June 5, 2009
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
More than 30 percent of Dallas-area home sellers have to cut their price at least once, according to a new study.
Dallas had one of the highest home-price reduction levels in the country, the report by Internet real estate firm Trulia Inc. said Friday.
And almost 40 percent of sellers of higher priced homes here – those offered for $1 million and more – have been forced to trim their asking price, the research shows.
Nationwide, about 23.6 percent of home listings have had at least one price rollback, the just-released survey says.
The average price cut across the country is 10.6 percent.
But in the Dallas area, sellers prune their prices by about 8 percent.
“Everyone wants to think they are getting the best deal available, and price reductions are helping to spark a renewed interest in the U.S. real estate market,” Pete Flint, Trulia co-founder and CEO said in the report.
The biggest average home listing price reductions are in Detroit, -23 percent, and Las Vegas, -16 percent.
Markets with high numbers of foreclosed homes have seen the biggest reduction in home asking prices.
So far in 2009, almost 30,000 home foreclosure filings have been recorded in the D-FW area – an increase of 14 percent from the first six months of last year.
Pre-owned home sales in North Texas have dropped by 24 percent this year, according to local real estate listings.
