13 July 2009 ? Trulia reports that nationwide as of July, sellers cut $27.1 billion from asking prices. This is the first month Chicago has made the top ten list nationally. The volume of price reductions in Chicago was $229,444,054, ranking the city at number seven. Thirty one percent of active listings took an average of a 9% reduction in list price. The price reductions appear to be having a direct impact in the increase in the number of pending homes sales. The cities that have been historically hardest hit showed the biggest improvements from a month ago such as Las Vegas and Los Angeles.
According to Pete Flint, Trulia Co-Founder and CEO, ?All real estate is local and we?re seeing glimmers of hope as price stabilization occurs in major cities across the nation, including some of the earliest hit cities that have experienced huge declines in the past few years. On the flip side, perhaps sellers are pricing their homes more rationally to get them off the market as soon as possible.?Email This Post To a Friend.