One-fourth of the U.S. homes on the market as of Aug. 1 have had at least one price cut, according to a new Trulia survey. Home prices have been reduced by an average of 10 percent off the original listing price, and the total value slashed from active listings totals $27.8 billion.
The largest U.S. markets continue to be hit hard by home price reductions with 66 percent of the top 50 markets experiencing reduction levels higher than the national average of 10 percent. Jacksonville, Fla. had the highest level of price reductions for the third consecutive month with 38 percent of current listings having at least one round of price cuts, followed by Portland, Ore., Milwaukee, Minneapolis and Boston. Luxury homes, those listed at $2 million and higher, had an average price cut of 14 percent from the original asking price.