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September 14, 2009 – Denver, CO – Following a month which saw the first year over year improvement in four years, August results in the REAL Trends Housing Market Report were level with August 2008. While these results were not as good as the July results, where units sales had been up marginally, it does show that the floor of housing unit sales may have been reached. Nationally, unit sales were down 0.2 percent in August 2009 over August 2008. The Western region again showed the greatest strength with unit sales up 7.0 percent while the

South region lagged other regions with unit sales down 3.3 percent. On the pricing front, the South showed the best results with average prices for all homes sold down 9.5 percent while the Western region continued to suffer the largest price declines with a decrease of 18.2 percent.

Unit and price declines were mixed across the regions. The Northeast region was down 1.5 percent in units a significant improvement over the prior months while the Midwest and South were down 2.0 and 3.3 percent respectively. The Midwest region saw average prices decline 10.4 percent while the Northeast was down 10.7 percent.

“The August 2009 results were not as good as July’s but were not off by much. What we are seeing is evidence of a bottoming out in unit sales on a year over year comparison with prices continuing to decline from the year ago period. The good news is that price declines do not appear to be accelerating but are staying similar on a month-to-month basis,” said Steve Murray, editor of REAL Trends. “With the economy continuing to shed jobs and incomes shrinking, this is likely the best result we can expect – that housing sales on a unit basis are flattening out and that price declines are at least not getting any worse for the moment. While we know that there are substantial challenges ahead, with a predicted rise in foreclosures and continued downward pressure on prices as a result, it would appear that we are closer to the floor of this recession in housing than we have been at any time in the last four years.”

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RISMEDIA, October 9, 2009—Home buyers in much of the U.S. are still paying thousands of dollars below the home’s asking price, but had slightly less negotiating power in August 2009 than they did in July, according to the August Zillow Real Estate Market Reports. Buyers paid a median $6,525, or 3% less than the last listing price on homes bought in August, down from $7,018, or 3.3%, less for homes bought in July. Negotiating power peaked in January 2009, when buyers were paying 4.5% less than last listing price, a median of $10,096. Meanwhile, sellers continue to cut prices on unsold homes. One quarter (24.7%) of all homes listed for sale on Zillow had at least one listing price reduction as of Oct. 1, 2009. The median U.S. price reduction was 6.6% off the original listing price.

Florida home buyers again in August had the most negotiating power, with buyers in the Vero Beach metropolitan statistical area (MSA) paying 8.9%, or a median $20,974, less than the last listing price. Buyers in the Naples MSA paid 8% less than list price. The Naples, Daytona Beach, Miami-Fort Lauderdale, Ocala, Lakeland, Punta Gorda, Melbourne, Gainesville, Tampa, Jacksonville and Fort Myers MSAs also ranked, in that order, as the top markets for negotiation.

But in two California markets, buyers paid more than asking price during August. In the El Centro MSA, buyers paid 2.2%, or a median $2,479, more than asking price. In the Stockton MSA, buyers paid 1.3%, or $2,515, more.

“Negotiating power is a clear reflection of inventory levels, which dropped nationally in August. Tighter supply in some markets is translating into less of a discount off listing price,” said Zillow Chief Economist Dr. Stan Humphries. “Unfortunately, the brisk spring and summer home shopping season is drawing to a close now, and with foreclosures on the rise again, inventory levels will likely head back up in the coming months, leading buyers’ negotiating power to regain the ground it lost in August.

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