Tomorrow morning, the latest Standard & Poor’s/Case-Shiller home price index (a measure of how a typical dollar invested in a local housing market is changing in value) will be released. Based on the most recent reports, home prices have been rising month over month since June, but they are still much lower than they were a year ago. Did this trend continue into August?
We’ll find out tomorrow, but in the meantime, here’s what happened in terms of price cuts during the last month of the summer in each of the 20 U.S. cities included in the Case-Schiller report.
Price Reduction Trends |
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| U.S. City(does not include metro) | % of Properties w/ Price Cuts | Avg Days Before First Cut | Avg Discount During First Cut | Probability of Multiple Price Cuts |
| Atlanta, GA | 28% | 70 | 9% | 46% |
| Boston MA | 35% | 62 | 5% | 36% |
| Charlotte, NC | 26% | 80 | 7% | 42% |
| Chicago, IL | 27% | 67 | 8% | 46% |
| Cleveland, OH | 30% | 100 | 9% | 37% |
| Dallas, TX | 36% | 70 | 6% | 41% |
| Denver, CO | 20% | 76 | 7% | 41% |
| Detroit, MI | 16% | 83 | 18% | 32% |
| Las Vegas, NV | 25% | 60 | 8% | 46% |
| Los Angeles, CA | 27% | 62 | 8% | 39% |
| Miami, FL | 13% | 92 | 11% | 38% |
| Minneapolis, MN | 37% | 53 | 7% | 49% |
| New York, NY | 26% | 83 | 6% | 39% |
| Phoenix, AZ | 29% | 57 | 8% | 50% |
| Portland, OR | 37% | 63 | 6% | 48% |
| San Diego, CA | 26% | 52 | 6% | 47% |
| San Francisco, CA | 21% | 57 | 6% | 35% |
| Seattle, WA | 30% | 58 | 6% | 42% |
| Tampa, FL | 26% | 71 | 9% | 47% |
| Washington DC | 23% | 76 | 8% | 37% |
NOTE: Price reduction trends for the 20 cities included in the Case-Shiller price index report. This data is based on live, non-foreclosure listings on Trulia.com as of Aug 1, and includes all price reductions from Aug 1, 2010 to Aug 1, 2011.
